Oil and gas companies require back office software specifically designed for their industry in order to address needs like oil and gas accounting and land records management. Oil and gas back office software also delivers oil and gas reporting for regulatory purposes. By using this type of software, oil and gas companies can monitor financial asset depreciation; manage costing for complex operations like exploration, extraction and production; and track revenue from multiple locations and mineral deposits.
Customer management features aren’t always included which is why integration with CRM software is important. In order to accurately calculate costs and revenues, oil and gas back office software needs to consolidate information from multiple systems such as oil and gas asset management and oil production, as well as payroll and HR for labor costs.
To qualify for inclusion in the Oil and Gas Back Office category, a product must:
- Provide templates for lease and land management documents
- Track costs of operations and capital investments projects
- Include multiple asset depreciation methods (straight line, annuity, and more)
- Calculate sales volumes, and automate revenue valuation and distribution
- Deliver regulatory royalty, tax, and volumetric reports
- Generate oilfield invoices and process payments
- Manage contracts with customer, suppliers, or contractors
- Report and analyze sales, fixed or variable costs, and profitability
