The fact is all oil and gas companies need accountants to properly account for the revenue and expenses on a well by well basis; however, most oil and gas companies discover they simply don’t have enough work to keep a full-time accountant busy all month. Petroleum Accounting Consultants helps oil and gas operators reduce their accounting costs by providing contract accounting services instead of paying for a full-time Accountant.
Oil and gas operators usually experience a lot of turnover with their in-house Accountants. Since most oil and gas companies can’t keep one full-time Accountant busy they don’t have anybody on staff that can fill in when turnover occurs. Therefore, when turnover happens all the accounting knowledge and history walks out of the door on the in-house Accountant’s last day.
Most in-house Accountants don’t understand the big picture when it comes to how accounts payable are coded. Petroleum Accounting Consultants continually is able to identify tax savings opportunities merely by understating the complex tax regulations regarding intangible drilling costs (IDC), intangible completion costs (ICC), tangible costs, and lease operating expenses (LOE). The way accounts payable are coded has a direct impact on the amount of ordinary income tax is paid and whether or not alternative minimum tax (AMT) is paid.
Petroleum Accounting Consultants uses cloud computing technology to do monthly accounting for oil and gas companies so it doesn’t matter if your located in Oklahoma City, Houston, or anywhere else in the world PAC can operate as if they are in the office down the hall from you.