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The Ultimate Guide to Upstream Oil & Gas Accounting Software

There are various functions of oil and gas accounting that are generally managed by diverse teams and everyone faces a unique set of challenges during the working day. The upstream oil and gas market is apprehensive with complications that can be confusing from another point of view. Also, the accounting system of oil and gas is no different.

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In this guide, we have provided you with all the facts and figures you need to look for in terms of oil and gas accounting systems and what is to look for when choosing the right software for your business needs.

All oil and gas accounting software claim that it can manage the unique requirements of upstream oil and gas operators. When making a purchase of the same, we recommend you to look at things or features that make your business unique and ask why you need a new accounting system.

“Play by the rules, but be ferocious.” – Phil Knight

What is the Oil and Gas Accounting Software?

The oil and gas data management software tends to focus on tracking the energy-related projects along with the partnerships. This includes the attainment along with the development of land and lease for natural resources. It can also help you to track the status of your lease and share it throughout the organization while automatically updating land-related payments to the general ledger.

Businesses can easily manage and monitor the financial positions of every general as well as the limited partner. The larger-scale businesses somehow might need some additional features like currency options and more to make things work more smoothly.

What are the Benefits of Using Oil and Gas Accounting Software?

Below are some of the major benefits that tend to explain how the energy of accounting software can provide you and your business with, read on to know more:

Well-organised Workflows: You can save your time and effort by using the most intuitive system that eradicates the requirement for duplicate entry. According to a recent survey, around 36% of businesses desired to buy an automated business system for their company.

Accurate: The right digital solution tends to reduce the margin of manual error, especially when it comes to performing the most complex calculations in terms of finances or even when it comes to tracking the fixed assets.

Quick Decision Making: An oil and gas software allows you to come up with the informed analyses on the key performance metrics and also helps you to make data-driven decisions to provide better outcomes to your business.

Why Use an Oil & Gas Accounting Software?

Many oil and gas organizations are finding new ways to become more tech-steady and efficient. However, it is quite a simple step when we talk about accomplishing this unique switch from a manual accounting process to an automated oil and gas software. As we all know, the manual accounting process can take a lot of your time, might confuse you, and can also be tiring. Well, it is just the opposite when it comes to digitally access and analyze the data without worrying about anything.

The right accounting software is designed specially to streamline the accounts and related processes of the oil and gas companies. It offers all the required tools as well as the insights that are tailored keeping the industry-specific requirements as a priority.

Video Source: Jay Flat Out

Here, the accounting department of an upstream oil and gas business is known to handle the record-keeping of all your finance-related products from every available department. Additionally, it also specialized in accounting only for the upstream oil and gas market. So, by using the oil and gas accounting software, you can easily focus on other important tasks of your company to increase productivity. With the right one, you can easily change your oil and gas organization and can receive better outcomes.

What are the Regulations?

The USA needs all the required information in terms of payment of production as well as the taxes on sales. However, the taxes may differ from one state to the other. Also, for oil and gas organizations working having production sites in various locations, it can be a little time-consuming to calculate such taxes.

An oil and gas accounting software will help you to take these regulations into priority and will automatically calculate the different values required for reporting in every state or location. This will provide you with the flexibility with an assurance that you will be in compliance following the tax codes no matter what your location is.

The pricing for oil and gas accounting software may vary from company to company and it can be influenced by several factors depending upon a company’s need. Remember, some software are upfront free to use, while others might ask you to subscribe to the pricing models. Just keep your priorities and choose wisely.

5 Freight Management System Benefits for Small and Mid-Sized Shippers

The freight management system allows the small and mid-sized shippers to deal with all the shipping related issues more efficiently and timely. The freight management system deals with everything, be it ground, air, or sea lines shipping. There are so many tasks to complete for shipping goods worldwide. Apart from the goods management, speed and efficiency are very important aspects of the shipping business.

Saving every single penny is the main target for small to mid-sized shippers. Freight management systems offer so many benefits to the small scale shippers to deal with their day to day work. Small scale shippers can achieve substantial business growth by using a decent freight management system. Here are discussed some of the benefits of the freight management system for small and mid-sized shippers.

1. Cost Efficiency With Minimal Investment

Freight forwarding software can help save a lot of money by keeping a proper inventory of stocks and commodities. FMS helps in cutting costs by using digital invoicing and billing. You can do more with less manpower, which again saves money for you. Cloud-based freight management systems are more pocket friendly as compared to the traditional FMS.

2. Opens New Windows of Opportunities

Freight management system providers work with all types of shippers from small to large scale. When you use their system, they can help you negotiate the cost irrespective of the size of the load. Therefore, they open a whole new world of opportunities for the small scale shippers as well. They are now able to gain access to various FMS providers and thus can negotiate all types of expenses for all kinds of shipping jobs. Now, they can even select different carriers for individual jobs as per the requirements and needs.

3. Provide Real-time Data and Status of the Goods

Freight software provide the real-time data and status of the shipment. This data helps small scale shippers to keep an eye on the carriers’ performance. That way they can choose a different shipping carrier if someone is not doing the job properly. FMS also helps the shippers track the shipment and provide the live feed to their customers.

4. Latest Cloud-based Technology

Traditional FMSs were needed to be installed at both sides of the business, from shipper to the client, which was very expensive. But now, with the development of cloud-based freight management systems, to check distance covered by fleet and track all movements. It is required to be installed physically, neither by the shippers nor by the clients. Moreover, it is cost-effective too. You can access it from any computer, laptop, tablet, or even with your smartphones. That much portability saves a ton of time for small scale shippers.

Video credit: INFORM GmbH

5. Customer Satisfaction

A satisfied customer is key to the sustained growth of your business. FMS can help customers by tracking the shipment at each point and providing the correct ETA. It can help small and mid-sized shippers to sort out goods whether they are fragile, heavy, or some high-value items.

Based on that information, shippers can prioritize their particular shipments. That will go a long way to satisfy your customers.

By implementing a robust freight management system at a small and mid-sized shipper can provide a tactical advantage over their competitors. You always want to stay a step ahead of your competition. Therefore, go for the best available freight management system for your shipping business.

Freight Management and How It Works: Main Processes and Software

In today’s dynamic business environment, it is a must to use the latest technology to face competition with ease. It helps the business to survive in the long run and earn requisite amounts of profitability. Transportation is the backbone of any industry. It becomes essential to use the latest cargo management tools and programs to perform the transportation business efficiently. It is very important to keep your business organized. Not doing the same leads to wastage of time and money. It has a huge impact on the profitability of the business. Chances of manual errors are also reduced. The freight management system increases the efficiency of the business and improves the cash flow of the business.

What Is Freight Management?

Freight management refers to the process of keeping a check on the delivery of goods and services. All the businesses, big or small, need to transport goods and services. They need raw material to produce goods and ultimately transport the same to the parties concerned. The organizations can have freight management services in-house or can outsource the same to the third-party providers who manage all the freight operations on the behalf of the organization.

Other Names Of Freight Management

With the change in technology, the ways in which freight management functions are being performed has changed completely. The freight management programs have different names as follows:

Managed TMS
Inbound freight management
Managed logistics services
Supply chain management
Managed transportation services
Managed TM

Uses Of Freight Management

Transportation broker software is a significant part of the logistic process. It has in its scope a lot of supply chain functions such as inventory control and warehousing. You can outsource some of the functions to outside agencies while performing some other functions. Below are the areas of work that come under freight management:

Carrier Selection:

It is essential to pick the correct carrier in case you decide to outsource the freight operations.

Managing The Documents:

This includes formulating the books of accounts and other essential documents according to the legal rules and regulations. This saves the organizations from audits.

A good truck driver needs discipline. Traffic, weather, eating, sleeping, showering, fueling, getting work done on the truck; it takes a truck driver a long time to learn how to jungle everything.
Joanna Dunham

Optimizing The Routes:

Freight management includes selecting the best possible routes in order to safely deliver the goods and services on time. This ensures customer satisfaction. It also saves fuel and business costs ultimately.

Tracking The Shipments:

It is essential to track each and every shipment in order to know if it is being sent to the correct place. It also helps in knowing the fleet driver is working with efficiency as the tracking can be done on a real-time basis.

Data Collection

Freight management involves collecting the data and getting a detailed insight into the same.

How To Select Carriers?

Selecting the freight carriers is a crucial task and it depends on the type of business you have. Following are the ways in which freight operations can be managed:

Private Carriage:

Organizations can have their own carriage and drivers to manage their day-to-day freight operations. This method is generally useful for the businesses which have to perform a lot of transportation functions or who have fewer destinations to carry goods to. This method is generally used by big organizations.

Video Credit – Master Boy TV

Various businesses take the help of third-party carriers in order to undertake their day-to-day transportation functions. These 3PLs and tms software for brokers make sure that your business functions smoothly.

Conclusion:

Freight management is essential for managing the logistics and supply chain of any organization. You just need to choose the best management tool out of the various things available in the market. This choice has to be made as per your budget. You should also contact the previous and already existing clients’ to know the efficiency of the program and get better insights regarding the same. Reviews available on the websites can also be checked. You can also visit the office and know the deals which the outside freight management agencies are offering you. You can request them for a free trial. All of this helps you with the proper functioning of your business, It saves costs and leads to timely delivery of goods and services, which ultimately increases your satisfaction and the satisfaction of the parties concerned.

What is a Transportation Management System?

Transport plays a very important role in the economic and financial growth of a country. Various types of transportation systems together to form an economy. A transport management system helps many businesses and shops to deliver their goods and services to people. In the modern world, transportation cannot grow without technology. When technology mixes with transportation, then it is termed as the transport management system. This system helps transportation companies in many ways. Things like fuel usage, tracking a vehicle, and routing can be done with its help. The transportation management system has become a necessity today. Many advanced and developed countries are using it.

It helps companies to keep track of their sales and services, which means less paperwork and fewer disagreements with customers. It helps transportation companies to grow their business and become economically stable. Most of the work in this system is done through the internet and technology. Previously transportation companies had to keep a record of a lot of things. They had to maintain a lot of paperwork and thus were required to employ a lot of staff. This created a lot of confusion and chaos. Sometimes, the records were not available, and there were communication problems between the staff. These factors combined caused big losses to many companies. Now by the establishment of the transport management system, things have become easier.

Things to keep in mind before going for a transportation management system :

1. Size: A company should consider the size of their business before opting for the transportation management system. Transportation management solution is more helpful for big and established businesses.

2. Budget: A company should make a rough estimate of their monetary investments before deciding to expand their business through a transportation management system. If it is putting a strain on their saving, they should consider it for later.

3. Needs: Companies who do their business overseas and cover various jurisdictions can go for it, smaller companies that do local business do not need it.

4. Rating: People should opt for an established transportation management company, which has good ratings and is highly reviewed by people.

5. Apps: While selecting a transportation management company, a person should also keep in mind information about their apps. The apps must be user friendly and could be easily used by drivers.

Advantages Of Having A Transport Management System:

1. Good customer service: It helps the transport companies to provide their best services to their customers. This keeps the customers happy and increases business.

2. Keeps track of expenses: The transportation companies can keep track of their expenses through this system. It helps them to keep track of their savings and expenses.

3. Keeps track of deliveries: This system helps the companies to keep track of products delivered by them. The companies can easily keep a record of their shipments with help of this system.

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The only driver for his work was desire, a kind of hunger for reality, for presence, and also for intimacy, as opposed to publicity. In a very wide sense, he was interested in transcendence.

Peter Stamm

4. Increases supply chain: This system also helps in increasing business by delivering products on time. This helps in creating supply chains for companies which help in expanding business.

5. Helps in providing the best service: It helps the businesses and companies to provide their best services to their customers.

6. Minimises paperwork: As most of the work is done online, the companies can easily keep a record of their deliveries and save time in the event of any manual tax inspections.

7. Helpful in future planning: This system is helpful for businesses to plan their future endeavors. The companies can plan their shipments and deliveries with their help.

8. Helps in tracking drivers: This system helps the companies to keep an eye on their drivers. They can see if their drivers are delivering the shipments on time.

Video Credit – Trend Max

Objectives of the transportation management system :

1. It provides relevant data: The transportation management systems provide the businesses with appropriate data, which seldom has any errors.

2. Builds good rapport with drivers: The transportation software helps a company to build a transparent relationship with its drivers. As the vehicles have tracking software the companies know what their drivers are upto.

3. Helps in evaluation: As most of the data get registered in companies’ databases, the companies and easily calculate their profits or losses. This is also helpful in future planning.

4. Helpful in timely fulfillment of orders. As the transportation companies combine their services with transportation management systems they can do their work in less time and more effectively.

Most businesses and companies have opted for transportation management systems. And it has proven very beneficial to them. They can easily keep control of their sales and profits. They are succeeding to provide their best services to their customers and keeping them happy. This has also increased customer input and helps in the timely solving of queries of their buyers. This helped in increasing the business of many companies. An increase in business has helped in the financial and the economic growth of many businesses.