marklesIntroducing PakEnergy AI for Land Management

Learn More

Webinar - Guarding Margins: How Vendor Audits Protect Profits & Prevent Fraud in Oil & Gas | Oct 9

Register Now

Webinar - Become Mission-Critical: 5 Strategies to Secure Your Role in Oil & Gas | Oct 14

Register Now

Webinar - Year-End Success: Best Practices for 1099 & W-2 Processing in O&G Accounting | Oct 29

Register Now

Pandemic forces oil and gas accounting and finance teams to overhaul outdated financial systems

Share:

Accounting Today – September 25, 2020

Accounting Today

Many businesses have faced enormous challenges as they struggle to cope with COVID-19. The oil and gas industry has been particularly hard hit, at a time when operators are already dealing with a sharp decline in demand, an oversupply of foreign oil and plummeting prices.

The shutdown in March forced O&G firms to confront the inefficiencies of their financial processes. Though most have kept their production and processing technology up to date, they haven’t modernized their accounting and back-office operations, continuing to rely on paper trails and in-person interactions.

Read more on Accounting Today >