Time is money, save both
Joint interest billing is the #1 reason why accounting gets difficult in the oil and gas industry. Not only are you tracking your own expenses, but you also need to track your partners expenses and make sure they get billed the correct amount. And once they have been billed, you then need to make sure you get paid. In the past, it has been extremely difficult to do this with a platform like quickbooks.
This means that if you were looking to streamline this process, you would have to use one of the industry incumbents like Quorum, Wolfpak, or OGsys. If you are a large operator this is likely your path of least resistance. These companies will do a great job of getting all you data in one place and streamlining your process.
But, what if you aren’t a big operator and can’t justify the cost of one of those systems? You are left with a couple of options. If you are on quickbooks, one option is to adopt a product like Joltly. Joltly will create the JIBs for you outside of quickbooks, and then import your expense data into quickbooks once JIBs have been sent out.
The other option is to have a book keeper who is very experienced with Quickbooks. The book keeper will need to code each expense to a specific JIB and keep a close eye on the coding to make sure it works okay. I have seen operators make this work, but it will require extra time and be quite manual.
Industry specific ERPs - I would expect to pay between 750 - 1500$ per user per month for and Oil and Gas specific accounting system
Joltly - Joltly is a flat rate of 250$ per month if you have less than 200 invoices per month. Unlimited users
Quickbooks - Quickbooks will range between 75 - 300$ per month depending on company size and needs.
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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.
