Accounting software for oil and gas companies
Oil and gas accounting software has to keep track of large receipts from purchasers and costs shared with partners. Adopt keeps the books and monthly close current, and your team approves every entry.
How oil and gas companies handle this today.
Revenue arrives late and lumpy. Purchaser payments land a month or two after production.
Costs are shared. Partners owe their share of what the operator pays.
Many entities. Operating companies and holding entities each keep their own books.
Large, infrequent items. Equipment and lease payments do not follow a monthly pattern.
Oil and gas accounting, entity by entity
Adopt prepares the work in the background. Your team reviews and approves it, and every approval stays on the record.
Connect your accounts
Link bank and card accounts, or upload statements. Adopt starts from your opening balances.
Receipts and costs coded, with reasons
Purchaser receipts, partner payments, lease costs and field services each get a suggested account and the reason behind it.
Review and approve
Approve in bulk or one at a time. Nothing posts until you do.
Close and report
Reconciliations and month-end statements are prepared for you to sign off.
What changes for oil and gas companies
Every entity kept separate
Each operating entity keeps its own books.
Your chart of accounts, as written
Account codes are kept exactly as you wrote them.
Every account tied to the bank
Each bank account reconciles to the cent every month.
FAQs
It keeps an operator’s books: receipts and costs recorded, accounts reconciled and statements produced for each entity. Adopt prepares that work and your team approves it.
No. Joint interest billing and revenue distribution stay in the system you use for them. Adopt keeps the accounting books and bank reconciliations current.
Yes. Each entity keeps its own books, and you can review one entity or all of them.
No. Adopt works on its own. A business without any accounting system can start on Adopt and keep its books there.
More software for oil and gas companies
Accounting software for other industries
Operator books, reconciled every month.
You approve every entry.
Start free and connect your first account. Adopt works on its own, so you do not need another accounting system to begin.
