At Chainhand Financial Services, we provide a comprehensive range of bookkeeping services tailored to meet the unique needs of businesses in the oil and gas industry. With over 18 years of industry-specific expertise, we understand the complexities that come with managing financial operations in this dynamic sector. Our goal is to offer reliable, efficient, and high-quality solutions that ensure your financial operations run smoothly, reduce risk, and support your business's long-term success. Here’s an in-depth look at the specialized services we offer:

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Accounts Payable

   Effective management of accounts payable is crucial in the oil and gas industry, where companies often deal with numerous suppliers, contractors, and service providers. At Chainhand, we ensure that all invoices are accurately processed, tracked, and paid on time, preventing late fees and maintaining strong relationships with vendors. We also manage compliance with payments, ensuring that all vendor transactions are properly documented and reported in accordance with industry specific regulations.

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Accounts Receivable

   Managing accounts receivable is especially critical in the oil and gas industry, where companies rely on timely payments from joint venture partners, government agencies, and other stakeholders. We ensure that all invoices are issued promptly, monitored for payment, and that follow-ups are carried out efficiently. Chainhand specializes in managing the complexity of joint venture agreements and revenue allocation structures, ensuring that payments are tracked accurately and aligned with contractual terms. This allows you to maintain healthy cash flow and reduce the risk of delayed payments.

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Account Reconciliations

   We conduct thorough and regular account reconciliations to ensure that all financial records are accurate and up to date. In oil and gas operations, where numerous transactions occur across various accounts (e.g., operating, capital expenditures, and royalty accounts), reconciliation is key to maintaining integrity and transparency in financial reporting. Our team compares and verifies balances across the general ledger, bank accounts, joint venture accounts, and other financial records to identify discrepancies and correct any errors before they impact your business.

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Bank Reconciliations

   Bank reconciliations are an essential part of maintaining accurate financial records and ensuring the integrity of your company’s financial position. We reconcile your bank statements with your internal accounting records to ensure all deposits, withdrawals, fees, and other bank activities are correctly accounted for. Given the fast-paced nature of oil and gas transactions, timely reconciliation allows you to identify and resolve discrepancies promptly, preventing issues like missed payments or unaccounted-for charges that could impact your liquidity and decision-making.

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End-to-End Bookkeeping

   Our end-to-end bookkeeping services cover all aspects of financial recordkeeping, from initial transaction entry to financial statement preparation for review. We manage every detail of your accounting needs, ensuring accurate and timely reporting, so your company can focus on core operations. This service includes everything from accounts payable and receivable, financial reporting, to financial statement preparation. By handling your full accounting process, we ensure your financial records are clean, consistent, and in compliance with both industry standards and regulatory requirements.

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Overhead Management

   In the oil and gas industry, managing the overhead charged to wells is a critical aspect of financial tracking, particularly in joint venture agreements (JOAs). At Chainhand, we specialize in ensuring that overhead costs are accurately allocated to individual wells in accordance with the terms set forth in the Joint Operating Agreement (JOA). This includes tracking and managing overhead charges such as administrative costs, office expenses, and other indirect costs related to the operation of the wells. We ensure that these costs are properly recorded and billed to the respective joint venture partners, providing clarity and transparency in the financial statements. By closely monitoring and allocating overhead charges in line with the JOA, we help our clients maintain compliance, optimize cost management, and avoid discrepancies that could impact profitability or operational efficiency.

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Revenue Billing (Joint Interest Billing)

   Revenue billing, especially joint interest billing (JIB), is a critical service for oil and gas companies involved in joint ventures. We specialize in managing JIB processes, ensuring that all costs associated with exploration, production, and maintenance activities are correctly billed to each joint venture partner. Our team ensures that revenue billing is accurately calculated, invoices are promptly sent, and payments are tracked to ensure compliance with the terms of the joint venture agreements. This process requires precision to ensure correct cost allocations, billing cycles, and accurate royalty payments.

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Revenue Processing

   We offer specialized revenue processing services to manage the complex revenue streams typical in the oil and gas industry. This includes tracking and processing revenue from production, leasing, royalties, and joint ventures. We ensure that your revenue is accurately recorded in compliance with accounting principles, industry regulations, and tax laws. Given the complexity of managing multiple revenue sources whether from oil, gas, royalties, or other production Chainhand ensures your company has a comprehensive and transparent view of all incoming revenue, allowing you to make well informed financial decisions.

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At Chainhand, we are committed to providing the oil and gas industry with high-quality, efficient, and reliable financial solutions that help businesses grow, thrive, and maintain financial integrity. Our expertise in managing the unique financial challenges faced by companies in this sector allows us to deliver tailored solutions that support the long term success of your company while ensuring compliance with the complex regulatory environment in the oil and gas industry.