Houston Business Owners: How Professional Bookkeeping Can Simplify Your Finances If You Work in the Oil and Gas Sector

Houston’s economy is one of the fastest-growing in the country, and the reason for this is the strong growth of the city’s energy sector and of the more than 4,700 Houston-based organizations that prop it up. Is your venture part of them? In that case, your bookkeeping necessities will be a bit different than those of a company active in a different domain, like e-commerce or manufacturing. Our team understands that your operations will require a strong collaboration between us, as bookkeepers, and your already hired CPA.

We will ensure that your financial data is properly cataloged, we will reconcile your past recordkeeping numbers with those recorded by the banks you collaborate with, and perhaps most importantly for a business in your sector, we will track your operational expenditures vs. your capital expenditures, which is perhaps one of the most crucial steps for evaluating the financial development of your long-term project. Yes, Texas has no individual income tax, but businesses active in the oil and gas industry are subjected to severance tax, sales/use tax, and depending on the location of your activity and the documentation you possess, even property tax.

Our highly-skilled bookkeeping team will ensure that your expenses and income are cataloged correctly, that tax deductions are applicable for your venture’s intangible drilling expenses (if your company is active in drilling). Plus, we’ll keep up with the IRS regulations for companies present in the oil and gas industry, collaborating when required with your CPAs and assisting them in any way necessary. Our team is experienced in working with companies operating through JOAs, we can give your operations more credibility for external investors, and we can anticipate audits or visits from the Texas Comptroller before they get the chance to affect your operations.

The oil and gas industry in Houston is competitive, and the margins for error and profitability for the companies present here are slim to say the least. Are you the manager of an organization active in this industry, and are you looking to expand your profitability, enhance your market position and perhaps even diversify your venture’s operations into new income streams? In that case, the last thing you should do is neglect your bookkeeping data. Why should you invest in Houston bookkeeping? It’s simple, really.

In order to keep up with the competition, you will have to invest in the services you offer, the overall training of your employees, and the professional tools you are using. This will give you a competitive advantage, yes. But it will also make you vulnerable to state fines or IRS sanctions in case your financial recordkeeping is not up-to-date.

Our firm specializing in affordable bookkeeping in Houston, could help you navigate the tax landscape applicable to Texas-based companies, keep an accurate record of your organization’s income and expenses, migrate your financial data from the offline medium to professional cloud solutions like QuickBooks, and investigate financial irregularities in your past books that could be flagged by the authorities.