Unsure if outsourcing is right for you? You’re not alone! We’ve put together some commonly asked questions about our services so you can outsource with confidence.
Why would I need outsourced accounting?
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 out in the field to do what they love.
By outsourcing, you are also bringing a team of accounting experts into your operations. Oil and 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 help you streamline your internal controls and ensure that your books are always accurate and audit-ready.
How much do outsourced accounting services cost?
The cost of our services varies with each client; some clients choose to outsource only select parts of their accounting functions, while others choose to outsource everything. We work closely 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.
What accounting software do you use?
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, as of last month, provides PakEnergy with an extensive portfolio of cloud offerings.
W Energy offers their own 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, to name a few. 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.
Will I need to implement a software conversion to use your services?
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 is not used by our accounting experts, then our team 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 are currently using OGsql, it might be in your best interest to upgrade to OGsys On Demand.
When is the best time to start outsourcing?
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:
- The beginning or the end of a fiscal year
- When your company is experiencing rapid growth
- Following an acquisition or divestiture
- When there is a change in company leadership
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.