Oil and gas companies cannot control the price of their product, but they can control the amount of money spent annually (Forbes, 2021). To do so, they need to keep their books in order and ensure that revenue is accurately entered and distributed.
Baker Tilly collaborates with our clients to optimize accuracy, costs and timeliness to ensure revenue distributions and owner relations are managed.
Revenue (check stub) data entry
- Perform high volume of manual entry and electronic processing
- Support multiple electronic sources (Enverus/EnergyLink, direct from the purchaser, other)
- Use a standard set of quality assurance processes to ensure accuracy and validity of all check stub detail
- Maintain interest paid, well detail, purchaser well numbers and owners numbers
- Record deposits and reconcile/balance revenue received, taxes and other paid versus distribution
- Use custom processes to delineate taxes, state withholding and other charges and deductions that have key tax implications for your properties
Revenue distribution and reporting
- Support volume printing, stuffing and mailing with automated clearing house (ACH) and Positive Pay capabilities
- Perform purchase price allocations and corrections efficiently and accurately
- Offer a variety of owner/partner relations policy and process options to best clients needs
- Use lock box and deposit support with all distributions balanced to deposits
- Report by well and owner by product and interest type: gross, volumes, net, tax, deductions
- Generate and distribute annual 1099's and/or K1's for tax reporting
- Leverage custom reporting options supporting a full general ledger, variety of well operating statements and customized Excel extracts for owners share and well totals
Revenue owner, well, DOI, suspense maintenance
- Perform owner and DOI maintenance per agreed upon change request process
- Perform suspense maintenance, re-distribution and check void/re-issues as warranted
- Perform annual 'flush' of suspense for minimum payments and escheating reporting/payments
- Perform owner relations services with dedicated web site and 800 phone service
Are you ready to have the right level of involvement and control for your back-office services? Contact our back-office specialists today.