Evolution of upstream oil and gas accounting

As an upstream oil and gas accounting department grows and evolves, it must move through distinct levels of complexity to scale and drive efficiencies. Understanding this evolution can help generate vast improvements. 

In this guide, we define the four typical levels of evolution that occur, and provide a framework for prioritizing technologies and processes that drive productivity in each level. Here are the four levels at a glance:

1. Initial – Small scale using manual processes and spreadsheets
2. Reactive – Oil and gas accounting system in place, but functionality not being leveraged
3. Managed – Standard processes are used with some automation and integration across departments
4. Optimized – All data and processes are integrated and connected through one system of record; significant automation in place