Blog | Oil and Gas Accounting

How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices

How to Efficiently Manage Your Revenue Accounting in Times of Low Oil Prices
08/19/2020
Formerly: Best Practices in Revenue Management Over the past eight months, the oil and gas industry has been impacted by low oil prices and low demand. This directly impacts the profitability of oil and gas producers and changes how they manage their operations. Many companies have had reductions...

P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting

P2 BOLO Continues as Leader in Upstream Oil & Gas Accounting
07/27/2020
P2 BOLO is the upstream oil and gas industry’s leading accounting software designed to achieve greater value for complex accounting operations. It was built by oil and gas accountants for oil and gas accountants. Features, benefits, and integrations abound, but a key differentiator for P2 BOLO is that...

Navigating the Complexity of Ownership Changes

Navigating the Complexity of Ownership Changes
06/23/2020
When you think of ownership changes in upstream oil and gas, a lot comes to mind and that’s because ownership changes is a broad topic. It spans both land and accounting, there are a myriad of types and challenges associated, and addressing them takes time, effort, and manpower,...

Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas

Low Oil Prices and COVID-19 Accelerate Digital Transformation in Upstream Oil and Gas
05/12/2020
As OPEC was increasing supply and driving down oil prices, the coronavirus was simultaneously setting in and reducing demand. The two have had earth-shattering impacts on upstream oil and gas, including the challenges of working from home and social distancing in the field, and more starkly, cutting drilling...

Optimizing the Financial Close Process Through Smart Reporting

Optimizing the Financial Close Process Through Smart Reporting
02/24/2020
There are many ways to manage the financial close process; it’s certainly not a one-size-fits-all approach. What is uniform in most cases, however, is that a sophisticated reporting tool can significantly improve the process to verify data and make it easier. A Common Accounting Scenario Because oil and...

Learn How to Save 30+ Hours/Month During the Revenue Process

Learn How to Save 30+ Hours/Month During the Revenue Process
12/17/2019
Disparate data is disgruntled data. It’s only valuable to one person at a time, at one specific point in time. Siloed data stored in spreadsheets on someone’s computer is risky because you don't know how old it is, and it may conflict with your up-to-date production data set...

Critical Time- and Cost-Saving Measures by Way of Journal Entry Automation

Critical Time- and Cost-Saving Measures by Way of Journal Entry Automation
07/23/2019
By definition, automation is “the technique of making an apparatus, a process, or a system operate automatically” (Merriam-Webster) . In other words, eliminating the most tedious and time-consuming work for an individual, group, or department. When applied to oil and gas accounting, automation means employing a process that...

Integrating Distribution & Approvals with Intelligent Finance Workflow

Integrating Distribution & Approvals with Intelligent Finance Workflow
05/29/2019
Revenue is a complicated and process-heavy, yet important part of upstream oil and gas accounting. To ensure proper revenue management, you’ll need time and resources. Here’s a list of items that can go into just one month of managing revenue management: Correcting decks Booking all new sales and...

Not All Revenue Systems Are Created Equal

Not All Revenue Systems Are Created Equal
03/05/2019
The purpose of this blog is to understand the depth of functionality needed in a revenue accounting system; distribution, accruals, escheat, and regulatory reporting that not all revenue accounting systems might have. People may feel that revenue distribution functionality is the same across upstream oil and gas accounting...

To Net, or Not to Net

To Net, or Not to Net
02/26/2019
What is netting? Derived from the terms and conditions in the operating agreement, revenue netting is the deduction of joint interest billing (JIB) expenses that are owed to the operator from the revenue distribution check that is sent to the working interest owners. When operating a well, the...