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How much of your Accounting should you Outsource?

How much of your Accounting should you Outsource?

So, you’re interested in outsourcing your accounting.

You’ve identified a few warning signs that your business might need assistance, and, intrigued by all the benefits of outsourced accounting you’ve been hearing about, you’re almost ready to take the next step and find the right outsourcing provider.

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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,...

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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...

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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. It seems like each producer, oilfield...

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All Consulting Posts

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. Also, adding to...

Why Choose a Joint Interest Audit?

Why Choose a Joint Interest Audit?

The oil and gas industry is becoming a competitive and expensive ecosystem. In this time, it's crucial to know exactly where your money is going in a joint operating agreement. If you have any concerns that your capital may be misallocated by an operator within this...

Accounting for Complex Joint Ventures

Accounting for Complex Joint Ventures

Joint Ventures are a crucial component of oil and gas production in the United States. In the simplest form, a joint venture is an agreement between invested parties to share in both the risk (expenses) and rewards (revenues) derived from the production of...

The Changing Tribal Regulatory Landscape

The Changing Tribal Regulatory Landscape

When a company gets into the Exploration and Production business, there are usually several drivers. The potential for massive revenue is chief among them, but do they always think about the costs? Like any business, you don’t get into business to lose money so the...

ERP Data Conversions for the Oil & Gas Industry

ERP Data Conversions for the Oil & Gas Industry

Let’s face it: oil and gas accounting can be complex. The right ERP solution can save you a lot of time and money by minimizing errors, streamlining processes, and giving you the reports you need to make solid decisions for your business. But what happens when you...

Identifying Fraud to Protect Your Business

Identifying Fraud to Protect Your Business

Small business owners often wear many hats, but the need to scale eventually prompts the need to delegate certain roles and functions. Not every entrepreneur or business owner is a financial wizard, and the business's accounting functions are often the first things to...

Outsourcing in a Pandemic

Outsourcing in a Pandemic

Following the move to remote work for our almost 100 employees in the Spring of 2020, two themes became clear for the Partners of PetroLedger Financial Services. The bond between our employees and their clients is strong, resolute and compassionate, and exists in a...

Navigating the New FORM 1099

Navigating the New FORM 1099

It’s time to begin thinking about 1099’s again, and our gurus at PetroLedger Financial Services have made it easy for you by compiling all the resources you need. The most significant change this year is the reviving of the 1099-NEC for any non-employee contractors....