Baker Tilly
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Oil pump drilling at sunrise

Oil and gas accounting services

We address the growing demands of oil and gas clients' evolving business and technology needs.

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We provide you with dependable, cost-effective solutions to reduce your overhead and effort spent managing day-to-day accounting tasks. Bringing decades of oil and gas industry experience to the table, we work with you to build a fully customized plan to meet your business needs and maximize profits.

    Our solutions

    Why outsource?

    Do what you know best and outsource the rest to our qualified specialists. We have helped our clients through the booms and the busts.

    • Cost savings: Reduce cost by employing partial employees versus full time hires. Reduce overhead such as office space, paid leave or benefits.
    • Labor flexibility and focus on core activity: Increase or decrease personnel depending on your needs. It is our responsibility to hire, train and manage to free you up to focus on your core business.
    • Best practices: We have processes in place that are proven and tested. We will work with you to review and customize implementation details to best suit your needs.
    • Tighter controls: Internal departments and personnel evolve over time and can frequently grow out of control. We have checks and balances for processes such as check writing, division of interest (DOI) maintenance and general ledger (GL) maintenance.
    • Quick start up: You can access your oil and gas accounting software on-line the day you sign and we will be cutting checks and running joint interest billings (JIBs) within days of start up.
    • Technology upgrade: Your critical business data is in a data center that is backed up nightly and offsite, with redundant power and communications. You have access to IT professionals that will help you get and stay operational.
    People, process and technology

    Oil and gas software

    Our approach is simple, we make sure your business gets the job done. Software alone does not make your back-office efficient, you need people who know how to make the software work properly.

    We deploy the people, process, and technology to provide you timely, accurate results. And, we combine leading software with knowledgeable, trained staff to get your work done accurately.

    We use several oil and gas applications as the platform for delivering results, including:

    • WolfePak
    • OGsys
    • Quickbooks
    • Land Administration software (various)
    • Mineral interest and royalty management
    • Field data gathering and morning report
    • Document management software

    Virtual IT department

    Our clients receive unmatched application and back-office services and access to a virtual IT department. Clients do not need to worry about back-ups, network security, systems administrators or other IT demands. The end result is that our clients receive hassle-free results.

    • End-user training online sessions and real time support
    • IT support by remote connection and on-site support where required
    • Data extraction and conversion
    • Custom development and reporting

    Security

    Application hosting is secure and redundant as it is built upon Microsoft Azure cloud services and data centers.

    Contact usarrowCreated with Sketch.
    In the current climate, controlling cost and delivering actionable data for both managing production and assessing partnership or transaction options is critical to managing your upstream business. Our oil and gas outsourcing solutions can reduce G&A expenses from 20-50% by leveraging partial FTE experienced resources, systems and automation, combined with less costly but highly trained offshore data entry personnel.
    Tom Black, Principal

    Oil and gas experience and best practice

    Contact usarrowCreated with Sketch.

    Our accounting software and back-office services are completely internet-enabled so that you select the right level of involvement and control to customize a partnership with our professional team.

    Revenue (check stub) data entry
    • Ability to perform high volume of manual entry and electronic processing
    • Support multiple electronic sources (Oildex, PDS , direct from the purchaser, other)
    • Standard set of quality assurance processes to ensure accuracy and validity of all check stub detail
    • SAS70 certified processes for revenue recognition services
    • Maintain interest paid, well detail, purchaser well numbers and owners numbers
    • Record deposits and reconcile/balance revenue received, taxes and other paid versus distribution
    • Custom processes to delineate taxes, state withholding and other charges and deductions that have key tax implications for your properties
    Revenue distribution and reporting
    • Volume printing, stuffing and mailing with automated clearing house (ACH) and Positive Pay capabilities
    • Variety of owner/partner relations web sites available
    • Lock box and deposit support with all distributions balanced to deposits
    • Reporting 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
    • 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
    • Ability to perform owner relations services with dedicated web site and 800 phone service