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. We can handle all your oil and gas accounting needs from revenue distribution, joint interest billing to accounts payable processing and everything in-between. Contact our office today to learn more about our oil and gas accounting outsourcing options.
Additionally, 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.