This article goes over the tools you need to make quickbooks work as a small oil and gas operator
Quickbooks can be amazing tool. But with certain industries (like oil and gas) it doesn't always play nice.
In our family business we were juggling both QuickBooks and OGsys (yeah, don’t ask). We weren't alone; I’ve heard similar gripes from small operators nationwide. Typically, you're cornered into one of two options:
1. Upgrade to an O&G-specific system: This might be Quorum ODA, W Energy, Wolfpak, etc. This is normally expensive, time consuming, and requires training on the new systems. Not necessarily a bad option, but it is a big lift.
2. Attempt to adapt QuickBooks to your needs: In the past this has been difficult due to the manual work required with JIBs, Division of Interest, etc.
To address this problem we built a native integration with Quickbooks online to make this process easier. It won't work if you are a larger operator, but if you are a smaller business like we were it could be a good fit.
In Joltly we track you expenses, Wells, AFEs, and Well Allocations. We also track the division of interest for each well. This means we have all the info needed to do things like create JIBS.
Because you're tagging each expense to a specific well, Joltly leverages that data to create Joint Interest Billings (JIBs) for your partners. Here's a step-by-step breakdown of how it integrates with QuickBooks (QB):
Scenario: Let's say you have a $10,000 expense for a work over done on an oil well, which we'll call Meyers Farms 2-12. You bill out 50% of that expense to your partners.
Workflow in Joltly:
By integrating Joltly with QuickBooks, you eliminate the manual hassle of JIBs and maintain precise financial oversight over each project. We handle the JIBS and allow for QB the handle the accounting.
Get quick answers to common queries in our FAQs.
JEL Resources example:
In the Roughneck tier, the user processes 25 documents, makes 10 ACH payments, and sends 2 checks. The total cost includes the $250 base fee for the Roughneck tier, $37.25 for document processing, $4.90 in ACH fees, and $3.98 for check-sending fees. Altogether, the total comes to $296.13.
Energy Investments example:
In the Wildcatter tier, the user processes 100 documents, makes 50 ACH payments, and sends 10 checks. The total cost includes the $500 base fee for the Wildcatter tier, $149 for document processing, $24.50 in ACH fees, and $19.90 for check-sending fees. Altogether, the total comes to $693.40.
Joltly aims for broad compatibility, especially targeting integration with major ERPs in the energy sector. We're dedicated to customizing these integrations to fit your exact needs for seamless financial operations.
Joltly streamlines your onboarding with dedicated Slack channels or email chains, offering immediate, tailored support from our team to address any setup queries or issues, ensuring a seamless integration process.
Yes, Joltly can be personalized to fit your business's unique needs, offering customizable workflows, reporting, and dashboard features to match your specific financial processes and requirements.
Give Joltly a try and see for yourself if it's a good fit for Saas needs.
