As we said, some platforms can, at least in theory, serve an immense range of needs to different sized companies – from multinationals down to the two-person shop. However, pick one that’s well-suited to the size of your particular organization. In other words, a well-equipped ERP might be able to keep up with your volume in a decade, but will it still have the functionality you’ll need at that point?
- Tax minimization strategies and tactics for individual oil and gas company owners with a focus on opportunities under the new Tax Cut and Jobs Act and recent changes to State of Kansas tax requirements.
- Project management software will allow you to schedule your crews and subcontractors ensuring you have the right people on board at all times and performing the work they should be doing.
- Companies within the oil and gas industry often have very different business needs depending where their operations land in the value chain from oilfield discovery to end-consumer retail.
- Valor serves as an oil and gas back office for oil and gas operators and energy investors.
- Hari is a highly experienced professional who over 18 years has consistently demonstrated a passion for leveraging technology to achieve exceptional business outcomes in the Energy industry.
- In a way, these arrangements are somewhat similar to how sales taxes are handled in other industries.
Traditional ERP vendors are expanding vertically with acquisitions and feature development, changing the landscape for pricing and integration features with all vendors battling for pole position in the race for platform modernization. The Infosys Value Realization Method (VRM™) identifies areas of improvement and quantifies benefits. We help oil and gas enterprises recover up to 1 percent of production revenue through precise allocation and cost accounting. The nature of the complexity of the oil and gas operations makes the nature of its accounting reporting even more complex by new challenges such as horizontal drilling etc.
Ways Digital Technology Can Help Oil & Gas Companies
Mike Anello is dedicated to helping growth-oriented businesses maximize their operations by applying his extensive sales and marketing expertise to portfolio companies. Sean joined True Wind in 2018 and is a Director of Envoy Global, Sysnet Global Solutions, and W Energy Software. Prior to joining True Wind, Sean spent over a decade at Technology Crossover Ventures (TCV) where he led and managed growth equity investments and buyouts within technology. Sean was involved with various investments across the technology sector including Actifio, Cradlepoint, Datto, ExtraHop, Fuze, GoDaddy, Twilio, XRS and several others.
The bottom line – choose systems that can keep pace with your growth and evolve in lockstep with your expanding needs. To state the obvious, you want your selection to meet your needs, both today and tomorrow. Thus, look at the different modules available to ensure they address everything you’re looking to accomplish with the platform. Further, you’ll want to make https://www.bookstime.com/ sure these modules and functionality will play nice with your existing accounting tech stack. That is, assuming you don’t want to MacGyver your sparkling new system to work with your existing ones. Rich experience in implementing large projects using off-the-shelf HCA products such as Energy Components, P2 Energy Solutions, EnergySys, Avocet, and SAP PRA.
Natural Resources Exploration Related Software Needs
Our client portfolio is evidence of our excellent accounting services for oil and gas companies. Like we said up top, having so many solutions to choose from presents a definite challenge. Members of the Valor team hold highly regarded industry certifications including Certified Public Accountants (CPA) oil and gas accounting and Certified Professional Landman (CPL). We have operated oil and gas wells on behalf of ourselves and third-parties for generations and know what it takes to maintain proper oil and gas well files. We streamline data capture processes and simplify the storage and retrieval of pertinent information.