Aside from the cost-effective nature of outsourced accounting, outsourcing can save you an invaluable amount of time, especially if you are a small E&P business owner handling your own accounting. For almost 30 years, PetroLedger has helped small and midsize operators step away from their desks and get back to production.
By outsourcing, you are also bringing a team of accounting experts into your operations. Oil & gas accounting can be particularly tricky, but our team is well-versed in the industry’s accounting pain points, from joint interest billing and division orders to payroll and state filings. Our accounting professionals are prepared to streamline your internal controls and ensure that your books are accurate and audit-ready.
The cost of our services varies with each client. Some clients choose to outsource only part of their accounting functions, while others choose to outsource everything. We work with each client to determine their needs, consider any necessary data conversions, and develop a unique price model.
While we can’t give an approximate estimate of the cost of our services, labor costs for an outsourced accountant are significantly lower than the cost of hiring an on-site employee and providing benefits. Having an experienced team of accounting pros in your arsenal will also help you streamline your accounting functions and avoid any reporting errors or costly penalties.
PakEnergy’s family of business automation products includes their own platform, WolfePak Anywhere, which offers several scalable packages with integrated accounting functions to serve a broad scope of the Oil & Gas industry, including independent E&P operators, midstream clients, and investors. The acquisition of DocVue, Welltrax, ScoutFDC, and LandVantage provides PakEnergy with an extensive portfolio of cloud offerings.
W Energy offers a unified upstream to midstream SaaS ERP solution, which includes their Upstream ERP suite, Midstream ERP suite, and Transportation Management Software. Their fully-integrated, cloud-based suites are built on a single, unified database, which allows for speedy and intuitive user experience.
Quorum Software offers numerous software platforms for the energy sector, including land management, production, and transportation software. OGsys, a Quorum subsidiary, offers several cloud-based oil and gas accounting solutions, including OGsys On Demand built specifically for small and medium-sized E&P businesses, providing user-friendly design, reporting, and quality customer support.
PakEnergy, W Energy, and Quorum are all continuously developing and improving their software. If you are using legacy software, or if you’re using newer software that isn't used by our accounting experts, we can walk you through every step of your software conversion. Outsourcing with PetroLedger also provides the opportunity to easily upgrade to a newer platform. For instance, if you're currently using OGsql, you might want to consider upgrading to OGsys On Demand.
The simple answer: whenever you need it!
If you’re losing too much time to your accounting functions, spending too much money on in-house accounting, or experiencing repeated reporting errors, then why wait? The sooner you bring on our team to tackle any issues you may be having, the sooner we can resolve them. Our accounting pros are well-equipped to take on your accounting functions whenever you need to make the switch.
However, while there may not be a bad time to outsource, here are a few optimal times to start:
Is now a good time for your company to start outsourcing? Contact our Sales Team for more information on how PetroLedger can help you cut costs, recover time lost to paperwork, ensure reporting accuracy, and streamline your accounting functions.
Lauren, one of our youngest team members, comes to PetroLedger shortly after obtaining her Digital Media Innovation degree from Texas State University. Armed with knowledge of digital and social media trends, Lauren brings a fresh perspective to PetroLedger’s online identity and ensures that our company reaches new clients.
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.