Oil And Gas Accounting Software - Features To Expect In Oil And Gas Accounting Software

The oil and gas industry is unique in its needs for accounting

. While accountants in this industry use the same basic principles as other accountants, the industry itself has a unique blend of asset needs along with normal functions of doing business. That makes the need for oilfield software unique to the industry. If you are looking for a comprehensive oil and gas accounting software package, what features should you expect?

1. Land Management Oil and gas leases are the backbone of a successful company in this industry. If you have even a single lease, you will want an accounting package that can record that asset and manage it. You can record lease payments, returns, and other financial information about the lease. It allows you to see what returns you are getting for the lease.

2. Fixed Asset Management Oil and gas companies have a solid inventory of fixed assets such as equipment, machinery, and other hard investments. A good company needs to track each asset and get the best tax break for its depreciation. It also allows for tracking asset locations and key information.

3. Production Accounting This oil and gas accounting software tracks the money going into a well and the amount of product coming out of it. It will offer a comprehensive view of how well it has done in the past and project how it should perform in the future.

4. Accounts Receivable After extracting the oil and gas, the company will want to sell it to another company. That is where the accounts receivable portion comes in. It tracks what oil went to which customers on which dates at what price. This allows for prompt billing and account tracking.

5. Revenue Processing As revenues come in, this portion of the oil and gas accounting software will track the amounts and then calculate the proceeds going to the owner and the lease holder. It can consolidate returns and issue checks on coordinated dates.

6. Multi-Currency Processing With the oil and gas industry being global, being able to track currencies from other countries is essential for oil and gas accounting software.

If you want a comprehensive accounting package, you want one that focuses on the needs of your industry. That is true for the oil and gas industry as it is in the hotel business. Get a package that will give you the information and formats you need for the oil and gas industry.

by: Derrick Trimble

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