P2 Outsourcing manages your organization’s back-office functions so you and your team can remain focused on what matters most – promoting company growth and profitability. Oil and gas companies of all sizes outsource their accounting and administrative tasks to P2.
P2 Outsourcing customers gain access to a deep pool of expert resources performing services using the industry standard in financial, operational accounting and land management software. The system is upgraded biannually, providing P2 Outsourcing with the most up-to-date, state-of-the-art oil and gas software. You are able to choose a service agreement with a predictable fee structure, improving the bottom line with cost-effective transaction processing.
P2 Outsourcing provides you with access to documents in a secure Web environment anywhere and anytime you need them. Our services are compliant with regulatory and Sarbanes-Oxley and undergo a SSAE 16 audit each year. P2 Outsourcing produces timely and accurate joint interest billings, revenue disbursements and management reports more efficiently and at less cost than an in-house accounting team, allowing you to focus on optimizing your return on assets.
Remain focused on growth, profitability and increasing your return on assets and leave your back office to P2 Outsourcing, the largest oil and gas outsourcing service in the United States.
Services of P2 Outsourcing include:
- Revenue Accounting
- Accounts Payable
- Accounts Receivable
- Ad Valorem Tax Services
- Joint Interest & Property
- Land Records
- Finance & Treasury
We use a P2-owned accounting solution – not a third-party solution – to record and make interest-owner distributions for the sale of oil and gas products. Because we own this solution and know it through and through, we are able to make these distributions in a seamless and timely manner.
Based on run tickets and gauge reports, we compute production and sales volumes, and report that data to the appropriate state and federal agencies. Our software maintains an accurate database of production and sales information for your use.
By allowing us to process your accounts payable, your administrative staff can provide support in other core business areas and continue to focus on building value for the company.
We generate and mail payments to interest owners on a mutually agreed upon schedule. Using P2 Outsourcing for check processing frees you from having to have a dedicated printer for check writes, or separate check stock for each account or bank.
Joint Interest Accounting
We generate and mail invoices to interest owners, providing a detailed account of all charges by well or prospect, at the gross and net levels for both you and project investors.
Whether you need a general ledger, monthly trial balances, income statements, or any other kind of report, our Outsourcing team provides custom financial reports based on your specific business requirements.
Property Reports and Records
We create and maintain ownership records for new and existing wells and leases based on title documents and other instruments that affect ownership.
Land Lease Administration
Because not every company is equipped to employ a full staff of lease and division order analysts, we can serve as your lease and division order analysts and manage all mineral-related tasks.
DocVue, our scanning solution, provides easily accessible images of a variety of important documents, including invoices and journal entries for approval. No more combing through stacks of paper to find the documents you need.
Tax and royalty regulations continue to increase in volume and complexity. The high number of taxing jurisdictions adds yet another piece of complexity to the equation. Our Outsourcing team manages these intricacies for you by preparing and filing required reports and returns, as well as serving as your first line of contact with governmental agencies.
P2 has provided outsourcing services since 1991. Featuring a seasoned team and a no-surprises cost structure, P2 Outsourcing is an attractive option for emerging and established oil and gas companies alike.
Our Outsourcing team has 250-plus years of industry experience among them. This veteran team works on behalf of you and your organization.
We’re the only outsourcing provider that owns the system that’s used to perform these services. That means we’re very familiar with it and know how to derive the most value from it.
Unlike most outsourcing providers, we don’t charge by the hour. Instead, we provide a monthly cost structure that makes for easy and predictable budgeting.
SSAE 16 Audit
An independent CPA firm performs the audit every year.