Published: November 20, 2019 |

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Quorum Software has released OGsys On Demand, a cloud-based oil and gas accounting software built to solve the challenges faced by small to medium-sized businesses. OGsys On Demand will be instrumental in driving operational efficiency for small to medium upstream companies that need industry-specific functionality for complex, regulated, and time-intensive accounting processes.

“Unlike Excel or QuickBooks, OGsys On Demand was built for oil and gas accounting to improve expense and revenue management as well as simplify tracking financial health,” said Tyson Greer, chief product officer, Quorum Software.

“We feel this is a core component for delivering on our vision of changing upstream software by integrating our entire Upstream On Demand suite and layering on capabilities around business intelligence, document management, and AP workflow,” added Greer.

OGsys was founded by an oil and gas accountant looking to provide a solution that could handle the specific finance and accounting needs of oil and gas companies.

Some key advantages include:

• Real-Time Financial Status:
OGsys On Demand allows for real-time analysis and reporting of financial status anytime during the month.
 
• Unmatched Customer Support:
With assigned account managers and CPAs on hand, OGsys On Demand provides unmatched support.
 
• Cloud-Based Infrastructure:
The cloud and web-based design allows for mobile, online access and lowers IT costs and implementation time.
 
• Priced and Ready:
OGsys On Demand is priced for smaller oil and gas companies looking to get up and running quickly or needing to match their growth and capital strategies.

“If I was using accounting software that was not built specifically for oil and gas production, I think it would be virtually impossible,” said Roy Jageman, chief financial officer, Caird Operating.

“Oil and gas accounting is a unique animal, where individual wells operate like separate businesses. For each well, you need to collect revenue, account for revenue, and then distribute revenue to the various owners of that revenue. You then generate expenses and process and pay invoices, and then bill the working interest owner for their portion of the share…it gets complicated,” added Jageman.

The launch of OGsys On Demand follows the acquisition of OGsys in August, a move which complemented Quorum’s expanding small business solutions with SMB accounting that helps address the needs of operators and non-operators alike. With more than 130 years of combined oil and gas accounting experience, Quorum is well-positioned to streamline accounting for small and medium-sized businesses, helping them save time and costs.

About Quorum Software
Quorum Software offers an industry-leading portfolio of finance, operations, and accounting solutions that empower customers to streamline operations that drive growth and profitability across the energy value chain. From supermajors to startups, from the wellhead to the city gate, energy businesses rely on Quorum. Designed for digital transformation, the myQuorum software platform delivers open standards, mobile-first design and cloud technologies to drive innovation. They’re helping visionary leaders transform their companies into modern energy workplaces.

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