We all know QuickBooks as one of the most popular software for accounting and financial operations trusted by millions of accountants. Many small and medium size companies in the oilfield industry are using QuickBooks to bill customers for services and equipment rental charges. Simple and straightforward calculation of rental charges and/or service fees based on a unit price and quantity – that’s what QuickBooks is good for.
Why QuickBooks does not help with complex oilfield operations?
Oilfield rental equipment and energy services operations tend to be very complex because of their nature: counting rental days and billing breaks, variable volume-based and customer specific pricing, flat charges for time-period rentals with prorates and so on.
Businesses that decide utilizing QuickBooks for their oilfield operations also miss the main point – the accounting platform is not designed for complex assets and inventory management. Tracking hundreds and thousands of asset numbers at different clients’ locations, performing oilfield maintenance, repair and inspection transactions, scheduling field technicians jobs with field tickets – all of this should be managed in a specific operations management system with a focus on the oilfield industry.
How an integration with QuickBooks solves the problem?
Being able to seamlessly send information from an operation system to the accounting one saves enormous amount of time for accountants and let them focus on reporting, analytics and control procedures. Modern software solutions allow exchanging information almost instantly with a few clicks.
On average an accountant spends 10-20 minutes to enter one complex oilfield invoice. Small and medium size companies may have 50-300 invoices per month. The riger® software is capable of generating an invoice in seconds (based on the previously entered tickets by operations department) and send it to QuickBooks within next couple of seconds, so it saves an accountant many hours per day on entering information manually into the QuickBooks.
Benefits of having the integration with QuickBooks
Reduce a risk of manual data entry error
Send as many invoices to QuickBooks with a click of a button
Save time on entering data into QuickBooks
Accountant can focus on reporting, analysis, and control procedures
Ability to easy scale your business
See how riger® integrates with QuickBooks and other software