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Petrofly is a modern, flexible, and advanced software company that primarily focuses on the Oil and Gas industry. Petrofly offers, but is not limited to, production management, accounting, interest partner management, analytics, optimizations, simulations ...Read more about Petrofly
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WolfePak ERP is an accounting solution for oil and gas enterprises, including operators, crude purchasers, service companies, and investors. This solution can automate accounting, revenue distribution, ticketing, production, plus more. WolfePak Pumper is a...Read more about WolfePak ERP
Upstream Energy Suite is a cloud-based platform that aims to streamline upstream energy operations. Upstream Energy Suite includes a field service management module that uses AI-driven scheduling and mobile tools to improve oilfield efficiency and reduce...Read more about Upstream Solutions
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MobiWork® is a B2B Software-As-A-Service (SaaS) technology company founded in 2010 and headquartered in Boca Raton, Florida USA. Since its inception, MobiWork® has become a leading provider of mobile workforce software solutions and is a perfect fit for...Read more about MobiWork
Commusoft is a cloud-based workforce management solution for field service companies of all sizes including plumbers, gas and heating engineers, electricians and oil technicians. It helps users to manage customer databases, quotations, jobs, engineer’s dia...Read more about Commusoft
Powered Now is a cloud-based field service management solution which assists small contracting businesses with team scheduling, invoicing and billing. Its key features include GPS tracking, budget estimation, offline data recording, inter-team communicatio...Read more about Powered Now
BOSS811 is a cloud-based One Call Locate Ticket Management solution for damage prevention software designed to help municipalities, contract locators and businesses in the utility sector manage service tickets, facility mapping and reporting operations. Th...Read more about BOSS811
Proteus is an end to end project management solution that can meet the needs demanded by complex projects, global teams, and ambitious targets. Proteus is a feature-rich low-cost solution that hard wires consistency, control, visibility, and accuracy into ...Read more about Proteus
Dashpivot is a cloud-based project management solution that helps construction businesses of all sizes manage workflow, teams, and projects. It allows users to capture, organize and track work via real-time updates, automation, and analytics. Prime fe...Read more about Dashpivot
Asset Infinity is a cloud-based asset management suite. The product is available on the web and mobile (Android and iOS). Asset tracking and management module offers features like location, department, employee wise tracking, documentation at check-in and...Read more about Asset Infinity
Greasebook is a cloud-based solution designed to help businesses streamline oil and gas reporting operations. The application provides mobile access to gauge sheets, inventory management, maintenance scheduling, resource management and equipment management...Read more about GreaseBook
TrueContext, formerly ProntoForms, offers cloud-based field service software that assists businesses via their web app and mobile interface. Field agents can fill out and submit invoices, work orders, and signatures within the mobile app. One of the featu...Read more about TrueContext
Productioneer is a cloud-based software for the oil & gas industry that helps with data collection, reporting, and analytics processes. The platform consists of a suite of applications that work together to deliver insights into the production operation. U...Read more about Productioneer
Cameyo is the secure and 70% more cost-effective alternative to virtual desktop products like Citrix & VMware. Cameyo's Virtual App Delivery (VAD) service provides ultra-secure access to all SaaS, legacy Windows & internal apps your people need to be produ...Read more about Cameyo
Synergist is an all-in-one agency management software that helps agencies find efficiencies, improve profit margins and grow intelligently. Synergist brings together everything you need to manage your agency – from new business to billing and everything in...Read more about Synergist
Omadi's towing management software platform increases visibility into company operations resulting in greater efficiency, decreased admin cost, and heightened control over the success of the business. This is accomplished through a comprehensive dispatch, ...Read more about Omadi
Evotix is a global ESG technology company transforming the way employees engage in workplace health and safety. Its market leading solution, Assure, is used by more than 400 customers across a wide range of industries including manufacturing, food & drink...Read more about Evotix
ETAP is an energy, power and distribution management solution designed to help businesses in manufacturing, mining, fossil fuel generation, transportation and other industries predict system behavior, schedule electrical transactions, manage, control, visu...Read more about ETAP
Inspectivity is an inspection and asset management software that helps energy, minerals and engineering businesses create custom checklists and inspection forms to record and validate data. Managers can use the inspection dashboard to connect with multiple...Read more about Inspectivity
Grooper was built from the ground up by BIS, a company with 35 years of continuous experience developing and delivering new technology. Grooper is an intelligent document processing and digital data integration solution that empowers organizations to extr...Read more about Grooper
UtiliSync811 is a fieldwork scheduling and document management solution for municipalities and utility owners. The solution provides users tools such as fieldwork document digitalization, ticket management, forms automation, workflow optimization, documen...Read more about UtiliSync811
Since 2016 Janus ERP (Enterprise Resource Planning) has been providing Project Management and Project Controls software solutions to the Oil and Gas, Mine and Minerals, Healthcare and small business industries. Janus was first created to bridge the ga...Read more about JANUS
RigER is a cloud-based field service software solution specializing in oilfield rentals. This product targets small to medium-sized service and rental companies. RigER allows users to schedule oilfield service, dispatch rental fleets, get operational ...Read more about RigER
RigReports is a solution that helps businesses in oil and gas industry track operations using reports and dashboards. Managers can configure access permissions for team members in order to view or edit reports. RigReports offers custom report templates, th...Read more about RigReports
SafeToLoad is a sophisticated Software as a Service (SaaS) platform, deployed in over 60 countries, designed for vehicle and equipment safety inspections. Tailored for high-risk logistics sectors, especially Oil & Gas, it’s equally adaptable across various...Read more about SafeToLoad
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Buyers Guide
This detailed guide will help you find and buy the right oil & gas accounting software for you and your business.
Last Updated on August 19, 2024Executives 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. Because of these demands, they need a user-friendly and effective accounting system that meets the field’s unique needs.
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. The technology we’ll discuss automates tedious tasks so staff can focus more of their efforts on delivering excellent services and products to customers.
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.
Here's what we'll cover:
What is oil and gas accounting software?
What are the common features of oil and gas accounting software?
What are the benefits of oil and gas accounting software?
How to evaluate oil and gas accounting software?
What are the deployment options for 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. It 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.
What are the common features of oil and gas accounting software?
Energy accounting systems typically include standard features in addition to a number of industry-specific functions that buyers should be aware of. Here are some examples:
Core accounting | 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. |
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 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. |
Well management | Stores everything you need to know about a particular well, including its lifting and status codes. |
Visual tools | Generates line graphs, pie charts and and other visual representations of data entered in the system. These are usually presented in a dashboard interface. |
Document imaging | Stores scanned versions of invoices so they can be routed and approved. |
What are the benefits of oil and gas accounting software?
Here are some benefits that explain how energy accounting software can empower employees to optimize financial operations:
More efficient workflows. Employees are able to save time and effort by using an intuitive system that eliminates the need for duplicate data entry.
Greater accuracy. A digital solution reduces the margin of human error when it comes to performing complex financial calculations or tracking fixed assets.
Faster decision making. With the dashboards and reporting functionalities we described above, executives can quickly drill down on the company’s finances. This enables them to come up with informed analyses on key performance metrics and make data-driven decisions to benefit the business.
These benefits to apply to every oil and gas company, regardless of its size or location. Solutions exist for startups, mid-size entities and global enterprises.
How to evaluate 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 systems. Software dispatch systems can help with scheduling and recording load pickups while providing information such as directions and gate combinations.
When evaluating these systems, buyers should consider the following:
Can it analyze the financial status of the company’s partners?
Can it track lease status and integrate it with accounting?
Do the features fit the size of the company, as in multiple currencies?
Can it generate the appropriate reporting documents for auditors?
It’s possible to start answering these questions before you contact any vendors. Simply check out the product profiles on this website to read real user reviews, get system overviews and watch demo videos for dozens of energy accounting systems.
What are the deployment options for oil and gas accounting software?
Energy accounting software can be implemented in one of two ways:
As a best-of-breed application
As part of an integrated solution that packages together accounting tools, in addition to other functionalities, such as oil and gas production reporting, gas balancing and/or human resources applications
Your ultimate selection will depend on your needs and budget. For example, integrated systems are often more robust and expensive than best-of-breed solutions, so they may not be ideal for smaller companies who only really need core accounting tools.
Pricing for oil and gas accounting software varies from vendor to vendor and it may be influenced by the number of modules a company needs or the amount of users that need to access the solution. Some software licenses require an upfront lump sum (also known as a perpetual license), while others use subscription-based pricing models.
Buyers must choose from cloud-based or on-premise solutions. Cloud software is typically hosted remotely on the vendor’s servers, so it’s especially appealing to smaller businesses with tighter budgets. On-premise systems are more traditional. These are hosted on-site, on the company’s own servers.