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Recent Accounting Basics Posts

5 Signs for E&Ps to Start Outsourcing their Accounting

5 Signs for E&Ps to Start Outsourcing their Accounting

If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.

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Outsourced Accounting FAQs

Outsourced Accounting FAQs

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,...

read more
Why Transparency in Accounting?

Why Transparency in Accounting?

Despite how far the field has advanced into the digital sphere, the Oil and Gas industry is still overrun with legacy software notorious for a lack of transparency. In addition, many companies are still using manual processes such as physical spreadsheets to manage...

read more
Digitizing Accounts Payable

Digitizing Accounts Payable

The oil and gas sector is going paperless— at the speed of molasses. Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform, and it seems like each producer,...

read more

All Accounting Basics Posts

5 Signs for E&Ps to Start Outsourcing their Accounting

5 Signs for E&Ps to Start Outsourcing their Accounting

If you read our Outsourced Accounting FAQs blog, you might have an idea of the optimal times for a business to start outsourcing, but how do you know if you need to outsource in the first place? In this blog, we’ve gone over some of the biggest red flags that small and mid-size E&Ps should be wary about in their accounting operations. If your business is suffering from one or more of the issues described below, now is the time to consider outsourcing your accounting functions.

Outsourced Accounting FAQs

Outsourced Accounting FAQs

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,...

Why Transparency in Accounting?

Why Transparency in Accounting?

Despite how far the field has advanced into the digital sphere, the Oil and Gas industry is still overrun with legacy software notorious for a lack of transparency. In addition, many companies are still using manual processes such as physical spreadsheets to manage...

Digitizing Accounts Payable

Digitizing Accounts Payable

The oil and gas sector is going paperless— at the speed of molasses. Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform, and it seems like each producer,...

Fall Into the GAAP

Fall Into the GAAP

Whether you’re an E&P operator, part of a private equity firm, or a midstream company, you’re probably expected to be GAAP compliant. But fully understanding GAAP procedures can be a tall task— albeit an important one— especially if you don’t handle your own...

Why You Need a Production Accountant

Why You Need a Production Accountant

Production allocation is the process of accurately accounting for the oil, gas, and other products of a well. This production accounting contains the crucial data for the well and is therefore elemental in nearly all aspects of an oil and gas company. To perform this...

Operator Gas Balancing 101

Operator Gas Balancing 101

There is nothing common about producing and selling natural gas. E&P teams are finding molecules thousands of feet below the Earth’s surface, lifting them out of the ground and selling what comes out to an end-market buyer yielding the best price. To add to that...

Why Choose a Joint Interest Audit?

Why Choose a Joint Interest Audit?

As the oil and gas industry evolves and becomes a more competitive, more expensive ecosystem, knowing exactly where your money is going in a joint operating agreement has become crucial. If you have any concerns that your capital may be misallocated by an operator...