Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform. It seems like each producer, oilfield service provider, and vendor has their own way of doing so. Together, this can wreak havoc for a back office trying to efficiently manage the accounts payable function of an organization.
Thankfully, the digitization of accounts payable (AP) can lead to more efficiency, accuracy, and productivity. Transferring documents in the cloud or simply managing them electronically does a lot of good. It reduces waste, duplication, and the risk of lost paperwork, and also increases the speed of the entire process. Employing an accounts payable technology system allows for:
However, the technology— even with optical character recognition (OCR) tools that are designed to eliminate manual data entry— can’t work 100 percent autonomously. An AP Specialist needs to verify that invoices are coded correctly and flow through the approval and payment process on time. Inconsistencies in formatting, type, and invoice complexities can lead to errors that need an actual human to identify and correct. So, what do you do when you see the value of streamlining your AP functions, but you recognize that it can’t be 100 percent hands-free?
The AP team at PetroLedger Financial Services can help set up and manage an integrated program to make vendor invoice tracking, payments, and expense billing easy. Our team can oversee an inbound stream of invoices and either proficiently code the expense directly or engage in a prompt conversation with the operations team to correctly designate the expense. Once in the system, expenses are routed for approval and ultimately released for payment either electronically or by physical check.
You don't have to manage your AP functions alone. Let PetroLedger be your hands-on, oil and gas outsourced accounting back office and seamlessly streamline them for the digital world.
Think this technology could be a valuable resource for you? Contact us today to find out how we can help.
The journey from old to new oil and gas software can be an arduous one. On top of the complications that can arise during the data conversion process, many companies come to realize post-conversion that their new software may not be as good of a fit as they believed. But data conversions are costly, time-consuming projects; you really want to get these right the first time. With over 25 years of experience migrating client data, we’ll be there to help you make the decision that’s best for your business, whether your data comes from industry-standard applications, QuickBooks, legacy software, or any other unsupported systems. Our scoping process is thorough, and we’ll recommend the application we think is the best for you after some conversation about your needs. But before you decide to pull the trigger on a data conversion, here are three important questions your company should consider.
Nothing is scarier during Halloween season than knowing your 1099 filing deadlines are creeping closer. We know how much of an enormous headache the 1099 filing process is— that’s why it’s one of our most-requested services we offer to our clients. But there’s no need to stress this year: here is how outsourcing your 1099 processing can help you relax this season.
An inaccurate division order can spell a lot of trouble for all parties involved. Mispayments are not always detected expeditiously, and they can often create practical and legal challenges if they are not resolved quickly. However, the unfortunate reality for operators is that, without thorough oversight, inaccuracies are inevitable, especially when you factor in varying division order laws from state to state. These mispayments are usually caused by simple human error: miscalculations, typos, system errors, ownership analysis errors, and so on.
Our vision at PetroLedger is to be the partner of choice within the oil and gas industry for outsourced accounting and transaction services by employing the best-in-class people and processes across multiple technology platforms. Our most experienced and versatile staff resides in our Professional Services department. If you ask any of our staff, they will say it’s very rewarding to see the before and after version of their books. The PetroLedger team is a set of superheroes that transform and correct your data to better serve your organization.