Oil & 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.

Oil- and Gas-Specific Functionality

Energy accounting software typically includes standard features, such as accounts receivable and accounts payable. Specific features of oil and gas accounting software include:

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:

• Will the software have a project-by-project sorting mechanism?
• 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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