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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.
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.
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.Read More
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.
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.Read More
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.
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.
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.
The presence of the global economy has altogether made supply chain management the most crucial thing for modern businesses. One can find partner companies anywhere, dealing with numerous challenges everyday.. But, when it comes to supply chains, people generally tend to use the terms ‘supply chain’ and ‘logistics’ interchangeably.
Logistics are an essential part of the whole supply chain process. However, the majority of people usually exclusively use both of these terms. In other words, people are not aware that both these terms do not mean the same. Therefore, it is necessary to understand the difference between the terms.
Supply chain refers to the whole process through which a product or a service is delivered to a customer. The supply chain constitutes a primary position in commerce and plays a vital role in every business activity. The supply chain comes with a few elements. These elements are an essential aspect of the chain. The elements are as follows:
- Product Development
- Customer Service
All the elements mentioned above play an essential role in the whole supply chain. Without these elements, the entire process’s efficiency will be affected.
From a business point of view, logistics also hold immense importance. In simple terms, logistics refers to the series of activities that take place between the point of origin and the endpoint. The activities usually revolve around a product or a service that is being delivered to a consumer. These activities are undertaken to meet the needs and demands of the consumer and the business entities.
The Points of Difference Between the Supply Chain and Logistics
Here are a few points that highlight the difference between the logistics and supply chain. These are as follows:
Both the terms are different from one another. The primary and fundamental difference between them is that logistics are the supply chain’s sub-category. In other words, logistics are the series of activities that involve the flow and movement of goods and services from the point of origin to the endpoint. In general terms, logistics are responsible for the flow of goods and services from one place to another. Other than this, they are also responsible for maintaining the effectiveness of the whole chain. Thus, it would be correct to say that the supply chain is complete while logistics is just part of that process.
Movement of Goods
It is the logistics only through which there is a movement of goods from one place to another. Thus, the comprehensive supply chain functions because of efficient logistics management. Hence, better transportation and storage implies excellent supply chain management. The supply chain is a complete process, but brilliant logistics make the supply chain highly effective and exceptional.
Storage and Distribution
Logistics are also competent to store and distribute the goods to the end consumer. It is through logistics only that the goods are kept at a warehouse. As soon as the products reach the place, they are stored at a warehouse by the logistics manager. Once the required quantity is ready to dispatch, they are distributed effectively among the consumers. Among logistics, real-time software is the most used method for the distribution of commodities last-mile delivery.
Numerous Business Organisations
An efficient supply chain brings all the significant elements of the business together. When it comes to the supply chain, it functions in multiple or numerous business organisations. For instance, the supply chain brings transport, logistics, manufacturers, wholesalers, and retailers. At the same time, all these are part of logistics. However, it is the entire supply chain that brings every aspect closer to each other. Here, the other significant difference is that the supply chain works with multiple disciplines. However, logistics are limited in their approach. Therefore, they might look the same, but there is a difference in them.
Video Credit – Zmodal
The supply chain is the chain that connects everyone that is involved in the product development to the distribution phase. In other words, it is the supply chain that connects the entire business entity with the other parties involved.
The supply chain works in various areas and not in a single space or field. For instance, the supply chain enables partnerships and better relationships with the other parties involved in the business. For example, it improves relationships with other parties such as retailers, wholesalers, suppliers, and other parties. Inventory management and control are also possible through the supply chain. Therefore, it would be correct to say that the supply chain can also function in various fields and areas.
Hence, it would be fitting to conclude that both the supply chain and logistics are different from one another. However, logistics is a part of the supply chain. While on the other hand, the supply chain is an independent process that constitutes several other activities. Therefore, when the supply chain is solid and practical, a business organisation will also receive a competitive edge and other significant benefits.
Most people use delivery services today, and many will use them in the future. Online purchases are increasing every day in great numbers every day. People want to make online purchases then to visit stores and go through the hassle of shopping at multiple places. On-demand delivery is a significant component of real-time delivery.
Benefits of Tracking Your Delivery:
1. Optimizing Your Routes:
Most beginners and freelancers have gone through many troubles to find the best delivery routes for their business. You can use a delivery management software to select the best route planning for your daily business activities. People use softwares to get the best suggestions for road routes in a matter of minutes. This softwares helps with dispatch services to deliver shipments on time. Many tools and softwares provide details related to traffic conditions, weather, and road maintenance.
2. Make Shipments on Time:
It would be best to track your vehicles to assign your drivers to their delivery locations. It helps to identify drivers who are not doing their work efficiently and so that they can be replaced. In addition, fleet companies use it to assign the qualified driver to the nearest delivery locations automatically.
3. Keep an Eye on Your Delivery Persons:
Real-time tracking applications provide fleets with real-life data of their deliveries and supply chains. It even helps to deal with drivers’ emergencies. This helps you to deal with any disruptions in the delivery process in an efficient manner. Companies use such softwares to redesign their delivery processes and tend to deliver more packages each day. This assists freight to keep an eye on their deliveries and know their live location. In addition, the managers come to know if the employees are doing their work or merely sitting idle.
4. Improve Work Performance:
The softwares can identify the employees who are doing their work on time or sitting idle. Keeping a check on the driver’s performance is essential. Managers get to know when the deliveries are completed and how the customer experience was. It will help the company to reward the high performer and rebuke the under performer.
5. Guarantee Customer Satisfaction:
If the customer gets their orders on time and does not have to wait for a long time for their packages, they will surely use that company’s services in future. With real-time softwares, they can even keep an eye on their cargo. This creates clarity in the delivery process. Even if there is a delay in the delivery, the customer gets informed. This keeps people satisfied, and they recommend your services to their friends and acquaintances.
How to Select the Correct Delivery Tracking Software?
As of now, you may have learned that a delivery tracking solution is an answer to many of your problems. It will improve your delivery service and keep your customers happy. It is an investment that will surely help a company in the future. Before choosing a delivery software, you must know about your business needs and budget. Here are some features some companies must consider before selecting a delivery software:
1. Makes Data Available for Future References:
Having data comes in handy in many ways. It helps businesses to make working strategies and manage their delivery process. Companies can keep track of their employees through online records and also use them to solve customer queries.
2. You Can Access Information Anytime:
A delivery data system allows people to access their data any time and from anywhere. You can use browser-based delivery software or opt for a mobile-based one. In addition, all softwares allows the managers, owners, employees, and drivers to access data when needed.
3. Provides Reminders at All Times:
Customers appreciate it when you provide them with notifications of their delivery orders. Having a computerized system that sends reminders to your customers when their goods are dispatched and when they will be delivered keeps them happy.
Video Credit – AllTruckJobs.com
4. Acts a Delivery Proof:
Obtaining the process of delivery is essential in this competitive world. The advanced systems allow you to get proof through photographs, time, and barcodes. Fortunately, this leaves minimum chances of frauds or false customer complaints.
5. Easy Navigation:
New and advanced softwares contains the latest technology to fulfill your order on time and improve your warehouse management. A real-time delivery management software allows you to keep an eye on your drivers, vehicles, and equipment. This helps the driver to concentrate on the road and deliver the product to the customers on time. Before selecting any software, you need to identify your needs and then know about the features of the selected software. Only then is it wise for you to invest in a delivery software to add speed to the delivery process. After the pandemic, most businesses are working day and night to put their business on track. If you want to retain your old customers and attract new ones, you need to provide the best delivery service. Satisfied customers offer a good word of mouth, which helps shipping companies to build a good reputation.
For all the newcomers who have no idea about the construction business, you must know the types of construction equipment that will be used in the total process. Construction equipment comes in various different categories and one of the categories is hauling equipment.
Hauling equipment is used at the working site for moving materials from one place to another. Hauling equipment is specially used to move the building and drilling material along with the soil and gravel. There are many pieces of equipment that fall under the hauling equipment category.
Cranes are generally used to lift and move the heavier supplies at a construction site. A hoist, wire ropes and sheaves help the crane lift any type of construction material and move it easily to another place. Cranes can also do the demolition work. They can easily demolish the buildings and structures.
There are two types of cranes, one is a mobile crane and the second is fixed crane. Mobile cranes are fitted on top of the mobile platforms like construction trucks and flatcars. On the other hand, fixed cranes are much more useful due to their high lifting capacity. You have probably witnessed the cranes fitted on top of the steel tower. Those are the example of fixed cranes.
Bulldozer is a huge motorized equipment that travels on tracks and the metal dozer in front of it is used to move the soil, dirt, rubble and rocks at a construction site. Its main purpose is to loosen the tough soil and shift the dirt from one place to another. It can easily operate on the tough terrain and help create pilot roads by clearing land from trees and rocks.Track types bulldozers are better suited for sandy and muddy places. Bulldozer can be either wheel based or track based. But most of the times, the bulldozer is used at the tough terrains. Therefore, the track based bulldozer is the best option. Dump truck hauling tickets is used to keep record the details in hauling material from one place to another.
Excavators are heavy construction equipment that consist of boom, dipper, digging bucket and cab all attached to a rotatory platform called a house. This is one of the most versatile vehicles out of all the hauling equipment. It can be used for demolition purposes as well as for digging up the toughest surfaces and lifting the heavy gravel and materials. Excavators are so huge that they can fill the dump truck in a few scoops. Whether you need to dig holes or lift heavy load, excavators are the best choice. These excavators are also wheel or track based and can be utilized according to the terrain of operation.
Video Credit – Dan Klepper
Tractors are specifically designed for high tractive effort at slow speed. They are mainly used at the construction sites for pulling and pushing the other construction equipment from one place to the other. Tractor is a very versatile vehicle that comes with many useful parts to help complete various jobs at the site. Tractor’s hitches, backhoes and blades are very useful at the construction site. Tractors are also both wheel and track based. Track based tractors are more useful at the construction sites. The only drawback is that they operate at much slower speed as compared with other hauling or construction equipment.
Loaders are heavy vehicles that are mainly used to load the loosen material like sand, soil, debris, rocks, dirts and gravel to another transportation vehicle like a dump truck. Most of the time these other transportation vehicles or destination machines are at the high ground as compared with the loading material. Loaders can also be used in transportation of other heavy machineries. Depending on the terrain, the loaders can also be wheel or track based. But no matter what the base is, loaders always offer the best heavy machinery transportation services and you can transport them at ease.
Shovels are mainly used for the mineral extraction purpose because it can dig into very hard material or soil and lift heavy boulders as well as rocks. Shovels can be powered by electricity or can be hydraulic powered. Hydraulic powered shovels come with less parts while electric ones require a power plant.
On the already established roads, for quicker transportation, trucks are the most suited fast moving hauling equipment. Trucks hauling cost is relatively cheaper as compared with some other hauling options. Trucks offer high flexibility and maneuverability as well as low hauling cost. Trucks can be characterized in two types, one is dump trucks. Dump trucks are mainly used to transport soil, dirt, gravel and sands. Dump trucks dispose of the materials from the two bottom doors or side and rear doors. Articulated dump trucks are used for a tougher environment.
Second type is hauling trucks. These types of trucks are used for the transportation of other equipment from one place to the other. These hauling trucks move the equipment for military, general or construction purposes from one place to the other place.
There are many more hauling equipment available to discuss but these are the 7 major types of hauling equipment you need to know if you are planning to enter in the construction business.
The world is moving towards complete digitalization and the supply chain and logistics industry is no longer untouchables from it. Technology is influencing our everyday affairs in the logistics industry. Past few years have completely changed the outlook of the logistic industry. Shipping companies are utilizing the latest technologies to make their businesses reach new heights. In the past few years, the digitalization of the logistics industry has helped to automate a lot of tasks to enhance the speed and efficiency of the shipment process. No matter how much the technology advances but for some people human involvement is very much necessary. Now the question is do we still require a freight forwarder in this era of digital dominance. To answer this question in a better way, first one needs to understand the role of freight forwarders in the shipping and logistics industry.
Freight Forwarder and Its Role in Logistics Industry
In layman terms, you can consider freight forwarders as the travel agents of the cargo. His role is plain and simple. He has to schedule, arrange and execute the trips of shipments. He also has to look after the necessary documentation to make sure there are no more hiccups in completion of the trip. Freight forwarders also have to maintain close relationships and connections within the logistics industry. One can say that a freight forwarder on behalf of the shippers looks after the complete process of shipment from scheduling to transporting the shipments. Let’s go a little deeper to see the role of freight forwarders in the shipment industry.
Custom Clearance With Proper Documentation
To get the customs clearance for the cargo, you need to pay close attention to the details of the documents and must possess a thorough knowledge of the international laws. There are also some sort of licensing requirements too. These days, from the shippers point of view, a freight forwarder takes care of all these matters and eliminates a lot of headaches.
Freight forwarders also act as export advisors for the exporters and help them maintain compliance standards as required by the international regulations and advise them regarding the marking and packaging allowed by the individual countries.
Network of Connections
A freight forwarder’s job is to build and maintain the connections among shippers, carriers, customs and port officials along with other freight forwarders to ensure the smooth movement of goods all around the world. This network of connections and relations ensure fast processing of shipments and less obstacles throughout the supply chain. An inventory tracking system’s value can only be judged by the type of connections and network he possesses.
Based on his networking, a freight forwarder can expedite the shipment with relatively better shipping rates.
Negotiation of Rates and Scheduling the Shipment
Negotiation skill is as important as the networking for the freight forwarder. He has to find a balance in such a way that neither the carriers nor the shippers complain about it. Ensuring competitive rates can only guarantee the repeated business and jobs for a freight forwarder.
Once the rates are fixed and the cargo is ready to move, then the freight forwarder has to arrange the space for the cargo through multiple modes of transportation. This requires a smooth understanding among shippers, carriers, manufacturers and other players involved in the whole supply chain. Therefore, a freight forwarder has to be a good negotiator and also an excellent planner for better scheduling to eliminate any obstacle in the whole supply chain.
Video Credit – Dispatch Trucks
Freight forwarders have to take the pain of administration for their clients. Throughout the supply chain cargo movement, it requires a lot of necessary documents to carry along with it. It is the freight forwarder’s duty to ensure the documents are well prepared and the shippers are thoroughly guided about all the international laws and regulations.
As you can see, a freight forwarder has a very important role throughout the whole supply chain. He not only manages all these aspects of the shipping industry but also acts as an adviser to the shippers.
Digitalization of the Logistics Industry and the Relevance of the Freight Forwarder
Evolution of technology is changing the looks of the logistics industry. It is fascinating how technology is making the shipping industry’s daily tasks very easy. But still the logistics industry is not ready for complete digitalization. You still require a human element to better utilize the latest technology.
There are a lot of people involved throughout the supply chain and you cannot simply rely on technology to take care of all their needs. Digitalization is helping the freight forwarder make better decisions quickly and offer better services to their clients.
There are times when something goes wrong, a cargo goes missing or misplaced, then you need human involvement or someone you can talk, so as to figure out the problem. There are also some clients who prefer to talk to real people when making decisions about their cargo. Digitalization can only fast forward their shipment but the need for freight forwarders will always be there.
These days, AI or artificial intelligence has taken control of the whole shipping process. Meanwhile you still need a trusted freight forwarder to handle your daily shipment needs.