NetSuite Oil and Gas Accounting Software

Q: What is oil and gas accounting software?

Oil and gas accounting software combines core financial capabilities with the industry-specific workflows operators require—joint interest billing (JIB), authorization for expenditure (AFE) tracking, revenue and royalty distribution, division order management, and asset retirement obligations. A cloud-based system links production data and field transactions directly to the general ledger, giving finance teams a single, audit-ready record.

Complex ownership structures, partner disputes, and volatile markets put pressure on oil and gas finance teams. NetSuite delivers cost visibility and the controls needed to close faster across all entities.

NetSuite Oil and Gas Accounting Software Thumbnail

Oil and Gas Accounting Software Thumbnail

What is Oil and Gas Accounting Software?

Oil and gas accounting software is a system that combines core financial capabilities with the industry-specific workflows operators require—joint interest billing (JIB), authorization for expenditure (AFE) tracking, revenue and royalty distribution, division order management, and asset retirement obligations. A cloud-based solution links production data and field transactions directly to the general ledger, giving finance teams a single, audit-ready record.

Control costs, bill partners, and close books for complex portfolios

Drill deeper

Volatile commodity prices squeeze margins. Joint venture partners question every charge. Acquirers demand faster reporting. With NetSuite Oil and Gas Accounting Software, JIB, AFE controls, multi-entity consolidation, and operational data connect in one cloud system, so finance teams can respond with speed and precision.

NetSuite Oil and Gas Accounting Software features

NetSuite Oil and Gas Accounting Software provides the financial foundation and industry-aware controls oil and gas operators need to examine costs by well, allocate joint interest charges, and consolidate the results of complex portfolios.

General ledger

Track transactions by well, asset, partner, and cost center with audit-ready trails and flexible reporting segments that map operational events to financial entries—no manual workarounds required.

Cash management

Monitor receivables, payables, and liquidity in real time. Anticipate cash needs and make smarter AFE commitments.

Accounts receivable

Automate invoicing for JIB, royalty distributions, and production revenue while tracking disputed amounts and maintaining documentation to speed recoveries.

Accounts payable

Match field tickets, POs, and vendor invoices automatically. Secure early payment discounts and route approvals to control spend and block duplicated payments.

Account reconciliation

Reconcile bank accounts, partner balances, suspense items, and intercompany transactions with AI-assisted matching. Centralized dashboards show status by entity and asset to keep the close on track.

Tax management

Calculate severance, ad valorem, excise, and sales taxes at the line level for all jurisdictions. Automate filings and produce audit-ready documentation.

Close management

Accelerate month-end close by handling journal entries, intercompany eliminations, and variance analysis automatically while making sure preparers and reviewers are all working with the correct data.

Fixed assets management

Follow rigs, compressors, pipelines, and facilities from acquisition through retirement. Generate depreciation schedules, support ASC 842 lease accounting, and maintain records for asset retirement obligation calculations.

Payment management

Accept and issue payments via ACH, wire, or check while capturing early-payment discounts and gaining insight into cash position and days sales outstanding.

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NetSuite provides us with a lot of security around our financials and gives us one source to hold accounting functions and fixed assets as opposed to disparate systems. Those direct integrations are a complete game changer, so if you’re looking for something long-term, I’d go with NetSuite.

Baylee Vasquez, Controller, Pinnergy

NetSuite Oil and Gas Accounting Software benefits

Capital discipline. Tie AFE budgets to actuals and flag variances early, catching cost overruns before they erode returns.
Investor-ready reporting. Provide lenders, PE sponsors, and board members with consistent, timely financials for all entities.
Stronger partnerships. Deliver JIBs with clear cost lineage and supporting documentation to minimize pushback and accelerate recoveries.
Acquisition agility. Onboard newly acquired assets and entities faster by standardizing charts of accounts, workflows, and reporting.
Close efficiency. Automate allocations and intercompany eliminations to cut days off the month-end close.
Operational integration. Eliminate rekeying and bridge the field-finance gap by linking production data, field tickets, and land systems to the general ledger.

Challenges NetSuite Oil and Gas Accounting Software solves

Revenue leakage. Tie production volumes, tariffs, pricing adjustments, and deductions together in one system to spot discrepancies and recover revenue faster.
Spreadsheets and shadows. Replace error-prone workbooks and shadow ledgers with controlled workflows that stand up to audits.
Division order backlogs. Maintain owner records, track suspense balances, and issue accurate statements without the manual lookups that slow distributions.
Cost allocation disputes. Document every allocation with traceable lineage, giving partners the detail they need to approve charges faster.
Regulatory complexity. Meet SEC, FERC, and tax reporting requirements for all jurisdictions with configurable templates and built-in controls.
Forecast blind spots. Keep capex and operating decisions grounded in data by acting on current information instead of month-old spreadsheets.

SuiteSuccess – Your proven path to success

Leveraging more than 25 years of experience working with tens of thousands of organizations, across all industries and business sizes, our SuiteSuccess customer lifecycle methodology helps customers transform their business. It starts by building an AI-powered, integrated business suite with industry-specific solutions. Then we engage with your business to ensure that we’re addressing your specific needs and guiding you along the way on how to best consume and optimize NetSuite to solve challenges of today and the future. This approach helps ensure customers experience faster time-to-value, better ROI, and greater employee adoption.

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How much does NetSuite Oil and Gas Accounting Software cost?

Companies of every size, from prerevenue startups to fast-growing businesses, have made the move to NetSuite. Looking for a better way to run your business but wondering about the cost?

Users subscribe to NetSuite for an annual fee. Your license is made up of three main components: core platform, optional modules, and number of users. There is also a one-time implementation fee for initial setup. As your business grows, you can easily activate new modules and add users — that’s the beauty of cloud software.

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