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Compare Oil & Gas Accounting Software

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Noel Radley, Market Research Associate
Last updated: October 18, 2014

Top 10 Most Recommended Oil & Gas Accounting Software Systems

 
Multiview Enterprise .NET n10 Multiview Corporation has been providing accounting solutions to buyers in over 40 vertical markets, including oil, gas, and energy. It offers affordable, straightforward accounting to small and mid-sized companies.
        1 Review
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66

Recommendations
in the last 30 days
Intacct Financials and Accounting System Intacct's Web-based accounting software is ideal for mid-sized oil and gas companies. With over 30,000 users, it supports financial reporting, billing and invoicing, forecasting, performance management and more.
        47 Reviews
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62

Recommendations
in the last 30 days
NetSuite Financials NetSuite partners with Hein & Associates, a systems integrator with 30-plus years of experience in oil & gas, to help firms get the most out of NetSuite. The system supports well listings, well payout reports and project tracking.
        3 Reviews
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53

Recommendations
in the last 30 days
Sage 100 Standard and Advanced ERP (formerly Sage ERP MAS 90 and 200) Sage 100 Standard and Advanced ERP software systems support remote access, so employees can tap into accounting and business functionality wherever they are. Ideal for organizations with 10 to 500 employees.
         5 Reviews
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37

Recommendations
in the last 30 days
Microsoft Dynamics GP Microsoft Dynamics GP is a financial accounting solution for small and mid-sized retailers. Includes HR, MRP, BI, SCM, compliance, and financial management applications to help retailers manage their business.
        4 Reviews
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34

Recommendations
in the last 30 days
 

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Epicor Financial Management Oil & gas operations need to keep track of a number of supplier and hazmat variables on top of core financials concerns. Epicor FInancial Management, with its petroleum industry add-on, can handle these needs.
       0 Reviews
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28

Recommendations
in the last 30 days
UNIT4 Coda Financials Coda Financials from Unit4 Coda is a comprehensive financial management system with modules for budgeting and forecasting, consolidation and cash management, spend management and core accounting (e.g. AP/AR, general ledger).
        2 Reviews
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13

Recommendations
in the last 30 days
Sage 300 ERP (formerly Sage ERP Accpac) Great for small and mid-sized organizations, Sage 300 ERP is a scalable enterprise resource planning (ERP) software system. With applications like customer relationship and contact management it can be installed on site or hosted.
        7 Reviews
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13

Recommendations
in the last 30 days
Sage Fixed Assets Sage Fixed Assets is an on-premise accounting solution designed to meet the unique needs of oil and gas industry professionals. The system is extremely secure and is appropriate for operations of any size.
        2 Reviews
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8

Recommendations
in the last 30 days
Xledger Xledger is a cloud ERP software that is scalable and user-friendly. Used by 6,000 companies, this integrated solution is great for companies seeking streamlined automation, business intelligence and the ability to track analytics.
       1 Review
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7

Recommendations
in the last 30 days
 
 


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Buyer's Guide

Here's what we'll cover:

What Is Oil and Gas Accounting Software?
Common Features of Oil and Gas Accounting Software
Evaluating Oil and Gas Accounting Software

What Is Oil and Gas Accounting Software?

Oil and gas accounting software focuses on tracking energy projects and partnerships, including the acquisition and development of land leases for natural resources. The software can also track the status of leases and share it throughout a company while automatically posting land payments to the general ledger.

Companies can also monitor the financial positions of each general or limited partner. Larger-scale companies might require additional features, such as multiple currency options.

Common Features of Oil and Gas Accounting Software

Energy accounting software typically includes standard features, such as accounts receivable and accounts payable. In addition to these features, there are a number of industry-specific functions that software buyers should be aware of. Specific features of oil and gas accounting software include:

Land lease tracking Defines tracts of land nationwide and documents the ownership and lease terms from initial offer to signing. Manages lease obligations like rentals and renewals and provides automatic notifications for payments or lease expiration.
Documentation & compliance Helps manage lease documents and accounting receipts. Also keeps you updated on legal issues to support development and delivery of relevant, accurate compliance reports.
Dispatch tracking Provides schedule and dispatch maintenance/repair workers information needed to optimize their routes by skill/location to improve efficiency and quality of service. Also includes the ability to estimate job costs and manage service contracts, inventory and purchasing through the dispatch management feature.
Energy procurement reporting Streamlines energy procurement decisions using detailed data from loadshapes and special energy reports to create well payout profitability reports.
Rate/tariff analysis Compares utility billed rates to alternative rate schedules, including those of competitors and other markets. May also include cost avoidance analysis to see potential solutions, as well as weather data to its impact on costs.

Evaluating Oil and Gas Accounting Software

Energy software packages can generate state and federal reports required by auditing government agencies such as the Department of Energy, Environmental Protection Agency or Department of Defense. Sorting profitability by site, activity, crew, geologist/engineer and customer is also a helpful tool in energy accounting software. Software dispatch systems can help with scheduling and recording load pickups while providing information such as directions and gate combinations.

When evaluating oil and gas accounting software, buyers should consider the following:

  • Can the software analyze the financial status of the company’s partners?
  • Can the software track lease status and integrate it with accounting?
  • Do the features fit the size of the company, as in multiple currencies?
  • Can the software generate the appropriate reporting documents for auditors?


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