The Expanding Role of Accounting Firms in the Oil and Gas Industry

Diminishing are the days when accounting firms provide only traditional accounting services, and this is certainly true in the oil and gas industry. Accounting firms and oil and gas companies alike are recognizing the mutual value received by working together. Firms are no longer just service providers; they’re integral business partners that can strategically contribute to organizational success.

Energy companies are increasingly seeking value-added services, and the accounting industry is prepared to provide them. The Oil and Gas Investor article, Beyond the Audit, featuring Dale Jensen, partner-in-charge of Weaver’s public company practice, digs into the trends of this budding relationship.

Contributing Factors to the Energy/Accounting Relationship

• Accounting firms are developing specialized, industry-specific practices to assist companies in need of dedicated oil and gas resources.
• Companies are often understaffed and unprepared for growth, thus accounting firms are filling the gap by helping build infrastructure and assisting in formalization of policies and procedures.
• Companies are engaging firms earlier, and longer, to proactively mitigate problems.

Value-Added Services Offered by Accounting Firms

• Depth of knowledge – serving as industry specialists
• Continuing education – providing industry updates and advising on regulatory changes
• Problem solving – proactively addressing client needs before problems arise
• Human capital – filling the gaps for companies under-resourced and ready to grow
• Consulting – offering guidance using deep, focused expertise
• Resource optimization – providing in-depth visibility into valuable operational efficiency

Learn more about these trends and developing offerings in the Oil and Gas Investor article.