When oil and gas companies are considering outsourcing part or all of their accounting or tax departments they want to know the firm they select has an in-depth knowledge of the subject matter. Our clients appreciate the fact that Petroleum Accounting Consultants specializes in only providing accounting and tax services to the oil and gas industry. With our laser focus on the oil and gas industry we are able to uncover opportunities to increase profit for our clients that other CPA firms simply miss because they don’t specialize in the oil and gas industry.
Our relationship with Petroleum Accounting Consultants spans more than a decade. During that time PAC has worked on various projects for us including severance tax refunds, sales tax refunds, joint interest audits and assessing internal costs that were not being billed out to the other working interest owners. PAC has been able to bring well over $1 million dollars to our bottom line just because of their knowledge of the oil and gas industry. Probably one of the most impressive things about PAC is they were able to achieve these results with very little of my time being required.
Petroleum Accounting Consultants was able to convert our old accounting system to SSI Oil and Gas Accounting Software. PAC kept me updated throughout the process and kept on schedule. We were so impressed we outsourced our monthly accounting function to them and as a by product of their involvement in the monthly accounting they were able to identify and recover over $350k in severance tax refunds. I highly recommend the professionals at PAC.
Petroleum Accounting Consultants has been handling our monthly revenue distribution and joint interest billing for over seven years. PAC has also been preparing over 50 partnership income tax returns a year for our various partnerships. Since we have been using their services for over seven year needless to say we are very pleased with the service they provide. I don’t know where we would be with out them.
When PAC approached us I really felt like we had filed on the severance tax refunds we were due in Oklahoma but they showed me there were some refunds we had left on the table. I was surprised they were able to get some money back on some wells we had done some work on but I was really pleased with the fact that took almost none of my time. I was pleased with the amount of money we got back and I would certainly use PAC again.
PAC contacted us about some refund opportunities that were about to expire we didn’t have the expertise in-house to spend the time to research the opportunities available so retained Petroleum Accounting Consultants to file our Oklahoma severance tax refunds. We spent about half an hour with them to show them where the files were and they go to work. We were pleasantly surprised by how little time of ours it took for PAC to file the Oklahoma gross production tax refunds.