Many oil and gas software claims that they can manage the unique set of needs when it comes to oil and gas operators. When purchasing software, we suggest you look at the factors that make your company authentic, before defining- why do you need software. In most cases, the answer to the operators is not clearly defined when it comes to the software selection process.
The advancements of technology have changed the way of running businesses. Earlier, there were large rooms filled with a massive collection of servers running accounting systems and other software. One could see the armies of employees working- hard to track the joint interest royalty allocation, billing, and affiliations using Green Bar Paper along with handwritten ledgers. Now, there are many software available like Oilfield that operate either on a specific gadget or on the cloud- offering the amazing benefits that would not have been imagined years ago.
There is a lot to consider when it comes to choosing an oil and gas software. Keeping this mind, we have created this ultimate guide to help you through the entire process.
What is Oil and Gas Software?
An oil and gas system collects, stores, and analyzes the data related to the oil and gas operations. It also provides information in the form of reporting and other dashboard formats like profit, the cost involved, losses, payments due, taxes, and much more. It is also used by production pipeline, and plant operators along with equipment manufacturers, inspection services, and more.
While many oil and gas organizations generally underestimate their oil and gas software, it is the backbone and the secret ingredient of a successful organization. The right software streamlines your business and will directly affect your success. However, if you have picked up a wrong on then chances are that it will consume much of your time and money.
Features of Oil and Gas Software
The accounting system is developed to provide you with all the facts and figures and an ability to perform automated calculations. Moreover, every accounting system comes with a digital process that accounting departments can utilize to take on the menial tasks. These tasks may include number crunching, saving time, sending an alert, and more.
Oil and Gas Production Reporting
Oil and gas software delivers you with a timely and précised financial information in the form of a report whenever required. Efficient oil and gas software comes with a built-in reporting tool that is known to create a report on the go! You do not have to schedule a time to make a last-minute report.
The oil and Gas software helps companies like drilling & exploration, distribution companies, as well as the production and refining companies who need to maintain their asset up-to-date and to avoid equipment failures. In addition to this, the right software helps you to maximize asset performance by minimizing the downtime and controlling the costs involved.
An oil and gas software can help you make document management a lot less stressful and simple. It effectively keeps store permits, important documents, and lease information well-managed under a single platform. Oil and Gas software also helps to file your business taxes to track the high-influx of transactions.
Regulatory Compliance Management
Suitable software helps to manage the compliance requirements implemented by state, federal, and other organizations. For instance- when it comes to EPA air pollution monitoring, you will have to check with the authorities like the Bureau of Land Management Oil and Gas inspection & enforcement along with the Global Reporting Initiative Oil, and more.
The trucking maintenance software helps the execution of various extraction and refinement-related operations to make sure that the oil and gas are up to the mark. Besides, it also offers you the security so that you can protect your data and create a backup, and retrieve the files whenever required.
Managing Accounting Work with the Right Software Tools
You need to have the flexibility to verify and dissect financial and other accounting data for financial statements and to regulatory reporting needs. The ability to estimate key performance measures is said to be the basics when it comes to offering accurate and time-to-time deliveries as mentioned in the reports. Oil and Gas software also provides a thorough and comprehensive analysis of the financial insights so that you can prevent unnecessary penalties. What it has to offer:
- Detailed Reports
- Business Intelligence
- Business performance charts
- Regulatory Requirements
Automatic Payment Reminders
Oil and gas software helps you go through the disturbing experience when it comes to a dramatic increase in drilling. This process also requires additional focus from the employee so as to control the total expenditure. However, the pace of operations like drilling or more requires you to make timely reports and payments to control your expenditure.
With quality oil and gas software, you will get automatic notifications for payment reminder to ensure that everything is done on time- You don’t have to sit and wait for the emails.
Fixed Assets Management
Oil and Gas software continue to place an increased significance when it comes to tracking fixed assets. The success of operation needs scrutiny on availability in terms of delivery of pipe and equipment to the fields and sites. The software provides you with the ability to track deliveries and cost control. The software expansion provides challenges for oil and gas operators in terms of accounting for inventory, warehouse, property plant, and equipment.
Typical Software Needs for Oil and Gas Production Work
The market can be very fluctuating; you need to adjust your business according to customer demands. If you are not making the required profit, you may need to hire more employees or staff or bring in some more equipment. The production planning module will help you to understand the demand along with the material you are processing related to customer demand.
Logistics and Delivery
The process and other operational modules help you with all the logistics and delivery of the items. Therefore, tracking the price related to transportation of the equipment to the customer is important when it comes to understanding your productivity. Oil and Gas software will also help you to evaluate the mode of transportation in terms of price and delivery timeline.
Fuel Retail Sales
Delivering the products to customers is a very complex daunting process. Recognizing and tracking the data related to the customers can greatly help many businesses with customer-related software to manage your orders. Furthermore, this also allows you to manage customer’s information such as name, contact, address, and more along what purchases he/she made, the amount spent, the discount is given, etc.
Good software enhances your fleet productivity with advanced route planning along with optimization. Oil and Gas software provides you with strategic route planning which is known to address demand swings along with a delivery network reroute to enhance the capacity and lower the prices involved. You can also build comprehensive delivery plans to optimize the efficiencies and maintain strategic yet supportive customer service.
Need For Finding the Right OilField Management Software
From crunching numbers to data collection and engaging with super-complex analytics- these terms are nothing new for the energy industry. Today, the fast-paced upstream work, surroundings, connectivity, and compatibility are some of the really important key factors, especially when it comes to achieving overall efficiency. With the advancements, comes the ease of having even the most complicated process at just a click.
Video credit: Chapman, Hext & Co., P.C.
Because of the array of devices and platforms, you need software that is accessible where and when your employees need it the most. The cloud-based management platforms are known to produce managers with a greater amount of flexibility to determine the process of integrating new software and having it reach all the nooks and corners of your organizations.
You need the right oilfield management software to manage production as well as the operations, including land and oil and gas accounting. It also provides you with the compatibility and the ability to view & share the real-time data across your set of devices to make sure that your process if happening smartly, cutting down on the prices, and improving performances.