Prepare Your Royalty Owner Support for Tax Season
Request Info The buildup to tax season can be a hectic and stressful time for operators. Every year, operators spend weeks processing and mailing 1099s and state tax documents to mineral rights owners, while handling related inquiries from owners (which could increase by up to three times normal volumes). Unfortunately, many operators are dealing with […]
Oil & Gas Consulting: Outsource Strategic Planning to Rake in Cost Savings
Request Info As a company grows, so does its process, administrative and technology needs. Operations become more complex, and the company must adapt to remain efficient in this new environment. At some point, oil and gas companies must examine and decide how they should evolve to meet the company’s growth, and if it makes more […]
What is Joint Interest Billing (JIB) in oil and gas accounting?
Joint Interest Billing, or JIB, is a form of accounting specific to the oil and gas industry. Because the industry can be high risk, high reward, it’s common for different parties to invest in a single drilling project. Shareholders within the joint venture have different responsibilities and privileges. A JIB statement divides the expenses and […]
Touchless Invoice Processing for Oil and Gas – Benefits of Doing More with Less
Even before the pandemic destroyed demand in oil and gas, margins were shrinking, shareholders demanded proof of returns and there was a resounding cry to “Do More with less” across the energy industry. As oil prices fell to sub-zero levels, lay-offs were prevalent and reduced internal teams were left to shoulder the workload. Fast-forward to […]
Innovation in Back-Office Efficiency Increases Profitability in Oil and Gas
SPARK Conference 2020 Highlights Each year, Enverus employees and industry experts convene with customers at the Business Automation User Conference. Cost control is a vital part of oil and gas profitability, so we look forward to this annual event because it brings together accounts payable, joint venture accounting and supply chain, and operations professionals […]
Put an End to Project Delays and Overspending
“Insanity is doing the same thing over and over again and expecting different results.” — Albert Einstein Energy companies continue to manage the procurement process using tedious, manual workflows that result in the same issues over and over — limited visibility to accounting teams on committed spend, duplicate invoices and payments, delayed payment to suppliers, […]