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Streamlines energy procurement decisions using detailed data from loadshapes and special energy reports to create well payout profitability reports.Ĭompares utility billed rates to alternative rate schedules, including those of competitors and other markets. Also includes the ability to estimate job costs and manage service contracts, inventory and purchasing through the dispatch management feature. Provides schedule and dispatch maintenance/repair workers information needed to optimize their routes by skill/location to improve efficiency and quality of service. Also keeps you updated on legal issues to support development and delivery of relevant, accurate compliance reports. Helps manage lease documents and receipts. Manages lease obligations like rentals and renewals and provides automatic notifications for payments or lease expiration. Includes modules all businesses rely on to manage finances, including a general ledger, tracking accounts payable (A/P) and accounts receivable (A/R), bank reconciliation and fixed assets.ĭefines tracts of land nationwide and documents the ownership and lease terms from initial offer to signing. Larger-scale companies might require additional features, such as multiple currency options.Įnergy accounting systems typically include standard features in addition to a number of industry-specific functions that buyers should be aware of.
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It can also track the status of leases and share it throughout a company while automatically posting land payments to the general ledger.Ĭompanies can also monitor the financial positions of each general or limited partner. Oil and gas accounting software focuses on tracking energy projects and partnerships, including the acquisition and development of land leases for natural resources. Keep reading if you’re interested in finding out how the right software solution can help your energy company become more lean, productive and profitable.Ĭommon Features of Oil and Gas Accounting Softwareīenefits of Oil and Gas Accounting SoftwareĮvaluating Oil and Gas Accounting Software The technology we’ll discuss automates tedious tasks so staff can focus more of their efforts on delivering excellent services and products to customers. In this guide, we’ll break down the energy software tools available in today’s market to help business leaders make decisions and identify trends in the company’s finances. Because of these demands, they need a user-friendly and effective accounting system that meets the field’s unique needs.
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Executives in the oil and gas industry are responsible for monitoring a wide variety of financial operations to ensure profitability in addition to overseeing different kinds of regulatory filings at the state and federal levels.