OIL AND GAS ACCOUNTING OUTSOURCING
Accurately described as, “pay for only what you use,” oil and gas accounting outsourcing allows producers to adjust business costs according to changes in production and business activity. Our firm operates on your monthly business cycle, adjusting to match your needs.
What does it take for a firm to match the services provided by Trinity Petroleum Management?
Outsourcing oil and gas accounting to an experienced, flexible firm like Trinity Petroleum Management provides producers optimal staffing efficiency.
To successfully setup and staff an oil and gas entity’s Accounting and IT Operations, you must:
- Purchase oil and gas accounting software
- Pay the associated software annual maintenance and upgrade fees
- Incur the time and cost to hire, manage and train more staff than it really takes to run core business operations
- Develop reliable, well-documented processes and procedures for every function performed in the back office on a monthly, quarterly, and annual basis.
- Secure all data from the modern threats of the internet
- Increase IT staff to support the technologies required
- Rent the additional office space to support the personnel and equipment
Portions of a FTE Accounting Hire
When oil and gas producers outsource accounting services they access the same skill sets, the same experts, and the same disciplines they would if they hired their own team. They also benefit from the efficiencies, personalized support, and expertise that only industry leaders can afford. In short, oil and gas accounting outsourcing provides producers the personnel for their daily needs while scaling up or down as needed, in a staffing model that provides “portions of a full-time equivalent” rather than hiring a full-time employee.
Quality Oil and Gas Accounting
The value of hiring an established quality outsourced accounting business is also demonstrated by established relationships with state and federal regulatory agencies. These agencies respond favorably to working with outsourcing vendors that have an intimate knowledge of the regulations and rules. Having an established reputation for providing timely and accurate filing data is invaluable. In the event of an audit, having the requested data readily available and supported by experienced filers results in an efficient and highly effective audit process for all involved resulting in fewer citations and faster remediation.
IT Support Against Cyber Threats
An established outsourced accounting business extends their internal controls to complement each client’s IT infrastructure providing reliable access to company data, state-of-the-art security against cyber threats, and built-in redundancy in the event of physical site disruption. These services are optimized over time, making the choice of provider critical. It is important for oil and gas companies to evaluate the scale, history, and experience of each accounting outsourcing provider and the scope of IT security provided, prior to entering into a service contract.
Data Conversion Following Acquisition
If your company is seeking to grow by acquisition, how prepared are you to convert and import data from the acquisition? The quality of this transition sets the tone for how effectively you process this new business and the quality of the reporting available from day one. Hasty, ill planned conversions run the risk of extended conversion time and cost and often require reprocessing of accounting transactions. An Oil and Gas Accounting Outsourcing provider with a history of successful conversions can mitigate the risk of never having time to do it right, but always having time to do it again.
Industry Wide Service
Trinity’s Oil and Gas Accounting Outsourcing business is time tested in supporting small family oil and gas operators, start-up entities with no assets and well-capitalized private equity backed operators throughout the western U.S. Collectively, these businesses generate billions of dollars of processed revenue and expenses annually and demonstrate a clear track record of the cost-effectiveness of the Oil and Gas Accounting Outsourcing business model. Our clients are happy to provide testimony to the benefits of our services.
While Oil and Gas Accounting Outsourcing (OGAO) is often the first thing our customers search, the full complement of services Trinity Petroleum Management provides are often referred to as Oil and Gas Business Process Outsourcing. These business processes include the very specific recurring functions performed over the course of each monthly cycle and listed below, but also the unscheduled and unpredictable services associated with audits, regulatory inquiries and unique needs of owners in the wells.
Trinity provides a full complement of Business Process Outsourcing services for E&P companies:
- Accounts Payable
- Accounts Receivable
- Division Orders and Decks
- Joint Interest Billing
- Revenue Distribution
- Federal and State royalty and tax reporting
- Federal and State production reporting
- AFEs with variance analysis
- Payout and gas balancing reporting
- LOS and Financial reporting
- Federal and State audit support
- Litigation support, expert reports, analysis and testimony