6 best oil and gas accounting software in 2025

Oil and gas accounting software tracks production costs, manages royalties and lease agreements, automates joint interest billing (JIB), and ensures tax compliance with industry regulations.

These solutions often also integrate with land management systems and enterprise resource planning (ERP) platforms, offering real-time financial insights.

Why oil and gas companies need industry-specific accounting software

Relying on manual bookkeeping or generic accounting software can lead to inefficiencies, higher error risks, and a reduced return on investment (ROI). Companies using manual processes spend up to 30% more time on financial reconciliations, which directly impacts productivity and profitability.

On the other hand, automation improves accuracy, speeds up reporting, and supports better financial decision-making. With small businesses increasing their software spending by 4%, choosing the right solution becomes essential to maximize ROI.

1. Tracking multiple revenue sources

Oil and gas companies deal with multiple revenue streams, like working interests, royalties, production-sharing agreements, and transportation fees. Each revenue type has different rules for reporting and distribution.

A general accounting system isn’t built to handle these complexities, which can lead to errors, miscalculations, and compliance issues. Industry-specific software automatically calculates revenue, applies the correct formulas, and ensures accurate reporting.

2. Automating joint interest billing (JIB)

Most oil and gas operations involve multiple stakeholders sharing costs, including drilling, maintenance, and equipment expenses. These costs must be allocated correctly, or disputes and financial losses can follow.

Instead of relying on manual spreadsheets and adjustments, accounting software automates cost-sharing, ensuring each partner gets accurate bills with detailed breakdowns.

3. Staying compliant with industry regulations

Oil and gas companies follow strict financial regulations, including FASB, IFRS, and SEC standards. They also pay severance taxes, track lease obligations, and report royalties. A small mistake, like an incorrect production report or missing tax payment, can result in fines, audits, or legal trouble.

Industry-specific accounting software keeps track of tax rates, automates calculations, and generates reports that meet regulatory standards, helping companies avoid penalties.

4. Managing operating expenses and production costs

Drilling, land leases, transportation, and maintenance come with high costs. Without proper tracking, companies can easily overspend or miscalculate profits. General accounting systems don’t break down lease operating expenses (LOE), depletion, or asset depreciation in the way oil and gas companies need. A specialized accounting system can capture all expenses in real-time, helping to track profitability and to ensure accurate financial forecasting.

5. Integrating with land management and production tracking systems

Oil and gas companies work with land records, production data, and engineering reports. If accounting software doesn’t sync with these systems, businesses end up manually entering data and risking mistakes. An industry-specific solution connects accounting with land and production software, keeping financial records up to date without extra effort.

Best oil and gas accounting software

Oil and gas companies require accounting software tailored to their specific operations. Upstream businesses need tools to manage high capital costs and joint ventures, while midstream companies track transportation fees and long-term contracts. Downstream businesses focus on inventory and fuel taxes. The right software minimizes errors, streamlines financial tracking, and ensures compliance, allowing companies to focus on operations.

1. QuickBooks Online: Affordable accounting option with simple invoicing

QuickBooks Online (QBO) is a cloud-based accounting software built for small and mid-sized businesses. Developed by Intuit, it helps companies manage invoicing, expenses, financial reports, and taxes in one place.

Businesses in over 100 countries use QBO, making it one of the most popular accounting solutions available. While it’s not designed specifically for oil and gas, many companies in the industry use it because of its customizable features and ability to connect with other tools.

Key benefits

• QuickBooks Online simplifies invoicing and revenue tracking, helping businesses manage payments more efficiently.
• The software connects to bank accounts and credit cards, automatically tracking and categorizing expenses.
• It calculates and tracks sales tax, making it easier to stay compliant with tax requirements.
• Businesses can track income and expenses by project or partner, which helps with joint venture accounting.
• QuickBooks integrates with over 750 apps, including SOS inventory and Workflow.

Drawbacks

• The software does not include built-in joint interest billing, so companies must handle cost-sharing manually.
• It lacks production tracking and detailed asset management, which some oil and gas businesses may need.
• Companies must manually calculate depletion, asset depreciation, and severance tax, as these features are not automated.

QuickBooks Online works well for small and mid-sized oil and gas companies, including independent producers, oilfield service providers, and equipment rental businesses. It’s a good choice for businesses that need affordable, easy-to-use accounting software that integrates with other industry tools.

2. Deltek: Best for project-based financial management

Deltek is a project-based management software designed for the energy, oil, and gas industries. It helps companies manage the complexity of large-scale projects with tools for budgeting, resource management, and scheduling. Deltek enables businesses to streamline project execution, optimize resource use, and maintain financial control across multiple project phases.

Key benefits

• Deltek optimizes resource management, ensuring efficient use of manpower and materials across projects.
• Its budgeting and financial control features allow businesses to track project costs and maintain financial accuracy.
• Deltek enables project cost tracking, providing a clear view of expenses linked to specific project milestones.
• The software includes built-in compliance tools to help companies meet regulatory requirements.
• Deltek supports multi-entity management, enabling efficient handling of global projects from a single platform.

Drawbacks

• The software has a steep learning curve, which may require significant training for new users.
• Limited offline access can be a challenge for teams working in remote locations with unreliable internet.
• Deltek may be too complex for smaller projects or companies with less intricate needs.

Deltek is best suited for large-scale oil and gas companies that are managing complex projects and multi-entity operations. It is ideal for businesses requiring detailed financial tracking, budget management, and resource optimization across high-value, multi-location projects.

3. Enertia Software: Best for real-time operational insights

Enertia Software provides integrated solutions tailored for the upstream oil and gas industry. With over 40 years of experience, Enertia combines accounting, financial management, land tracking, contracts, and well production into one platform. By providing real-time data and a comprehensive view of company activities, Enertia helps businesses stay efficient, make faster decisions, and improve productivity.

Key benefits

• Enertia provides a single-vendor solution, streamlining data across different business functions for greater efficiency.
• The software offers real-time data integration, enabling faster and more accurate decision-making.
• With Enertia Cloud, businesses can scale their operations more easily without sacrificing efficiency.
• Enertia offers free training within 60 days of system purchase to help teams effectively use the platform.

Drawbacks

• Enertia’s legacy approach may be less agile compared to newer, more flexible competitors.
• The platform’s specialized solutions may require dedicated training to ensure full utilization.
• Enertia may offer less customization than some competitors.

Enertia Software is best for upstream oil and gas companies that need an integrated accounting and management solution to streamline operations and improve efficiency. It’s ideal for businesses seeking a comprehensive, unified system.

4. Sage Intacct: Best for scalable solutions

Sage Intacct is a cloud-based accounting firm that was founded in 1999. With its focus on automation and real-time financial insights, the software is designed to meet the dynamic needs of companies in the energy sector.

Sage Intacct offers flexible and scalable solutions that help oil and gas businesses manage everything from revenue recognition to multi-entity reporting. Its modular architecture allows companies to add functionalities as they grow, ensuring that the software evolves alongside the business.

Key benefits

• Sage Intacct provides real-time financial insights, enabling quicker and more informed decision-making across departments.
• Its scalable design allows businesses to easily expand and add new functionalities as they grow.
• The software automates revenue recognition, reducing errors and ensuring compliance with complex regulations.
• Project accounting features help track costs and profitability across multiple projects, making it ideal for oil and gas operations.
• Sage Intacct includes built-in compliance management, helping businesses meet industry regulations without the extra workload.

Drawbacks

• Sage Intacct may be too complex for smaller teams or businesses with straightforward accounting needs.
• Users might need specialized training to fully leverage Sage Intacct's advanced features.

Sage Intacct is perfect for medium to large oil and gas companies that require a scalable accounting solution to handle complex operations, multiple projects, or international financials. It’s best suited for companies that need real-time insights and a system capable of managing compliance and multi-entity operations.

5. Petrofly: Best for cost efficiency

Established in 2013 in Zurich, Switzerland, Petrofly specializes in oil and gas production management solutions. The company offers an all-in-one platform that integrates production data with financial management, owner relations, and more, enabling operators to visualize and analyze their entire operation efficiently. Petrofly's software is designed to help producers increase production while reducing lifting costs.

Key features

• Petrofly helps businesses reduce operational costs by automating financial workflows and minimizing manual data entry.
• The software tracks production in real-time, allowing operators to monitor performance and identify inefficiencies.
• Users can manage accounts payable and receivable with a simple interface that makes invoicing and payments easier.
• The system includes fixed asset management, helping companies track depreciation and calculate tax adjustments.
• The budgeting module helps oil and gas businesses set financial targets and control expenses.

Drawbacks

• Some users find that Petrofly requires additional training to understand all features fully.
• Generating reports can take longer when working with large datasets.
• Customization options for reports are limited, which may not work for businesses needing highly detailed financial reports.

Petrofly works well for independent operators, service providers, and equipment suppliers looking to streamline financial processes without high overhead costs.

6. PakEnergy: Best for comprehensive financial management

PakEnergy, formerly known as WolfePak, is an accounting and enterprise management software designed for the oil and gas industry. Since its launch, it has served a wide range of businesses, including operators, crude oil purchasers, transporters, and CPA firms. The software focuses on financial accuracy, compliance, and automation, helping companies handle complex accounting tasks more efficiently.

Key benefits

• PakEnergy automates data entry, reducing errors and saving time on revenue processing.
• The system allows companies to track unlimited books and financial reporting groups, making it scalable for growing businesses.
• Users can access real-time financial data with drill-down reports that help track cash flow and expenses more accurately.
• The built-in bank reconciliation tool simplifies cash balance tracking and connects transactions to the general ledger.
• The software offers customizable financial reports, allowing businesses to generate detailed statements based on their needs.
• The accounts payable module makes tracking vendor invoices, payments, and expenses easier.

Drawbacks

• Some users find certain reports harder to access compared to other accounting software.
• Customer support feedback is mixed, with some users reporting slow issue resolution or limited product knowledge.

PakEnergy works well for oil and gas operators who need a full accounting system with industry-specific features. It’s a good choice for businesses that handle complex revenue distribution, joint venture accounting, and vendor payments.

How to choose the right accounting software for your oil and gas business

Choosing the right accounting software for your oil and gas company often involves multiple decision-makers. Finance and operations managers are typically the primary users, while IT departments or third-party consultants handle the implementation.

It's important to have a clear understanding of your company's needs before choosing a solution. This helps ensure that the software can support both the daily accounting functions and the industry-specific challenges your business faces.

The implementation timeline for this software can vary. However, it generally takes anywhere from a few weeks to several months, depending on the complexity of your operations and the level of customization required.

• Scalability: The right accounting software should grow with your business. As your operations expand, you need a system that can handle more data, more users, and more projects without slowing down. Choose software that lets you add new modules or features as your needs evolve, ensuring you won’t outgrow the system.
• Integration capabilities: Your accounting system should integrate seamlessly with other essential business tools like land management systems, ERP platforms, and production tracking tools. This integration will save time, reduce errors, and improve workflows across different departments, such as procurement, finance, and operations.
• Compliance and regulatory support: Oil and gas companies must comply with strict regulations, including FASB, IFRS, and SEC reporting. Ensure that your accounting software supports automated tax calculations, compliance reporting, and tax audit trails. This reduces the risk of fines and simplifies meeting industry standards.
• Joint venture accounting: Many oil and gas companies work with joint ventures, and your software must be able to handle joint interest billing (JIB) and revenue-sharing models. Choose a system that automates these processes and generates accurate invoices for each partner, minimizing the risk of errors and disputes.
• Cost tracking and allocation: Effective cost management is crucial to profitability. Look for software that tracks costs in real time, manages lease operating expenses (LOE), and allocates costs across different projects and assets. This will help you stay within budget and maximize project profitability.
• Ease of use: The software should be user-friendly and easy for your team to navigate. An intuitive interface will make onboarding faster, and customizable dashboards will allow your finance team to access the information they need without complications.

Choosing the right accounting software to drive efficiency in oil and gas finance

The right accounting software can significantly streamline operations, reduce manual errors, and ensure compliance with industry regulations. With the oil and gas sector’s complex financial structures, such as joint ventures, multi-entity operations, and fluctuating revenues, it’s essential to have software that can automate repetitive tasks and integrate seamlessly with other tools.

For oil and gas companies, efficiency means spending less time on manual processes and more time focusing on profitability and growth. Ramp helps oil and gas businesses achieve this by automating routine accounting tasks, offering real-time data syncing, and enabling easy integration.

With Ramp, finance teams can automatically categorize transactions, track expenses across multiple projects and subsidiaries, and generate accurate financial reports faster than ever. It eliminates manual workflows, enabling your team to focus on strategic initiatives, shorten the month-end close cycle, and enhance operational efficiency.