Top 3 Oil & Gas Accounting Trends from NAPAC 2017

That’s a wrap for NAPAC 2017. We’d like to thank all the familiar and new faces who stopped by the Quorum booth and used our mobile charging station throughout the event. Your enthusiasm for Quorum and our software is why we attend these events – thank you!

What’s Trending in Oil & Gas Accounting

NAPAC highlighted what’s on the mind of oil and gas financial professionals. This year’s attendees represented a mix of industry veterans, experienced pros, and industry newcomers, making for engaging and timely discussions about key issues. Read below for a recap of three key trends from NAPAC:

1. State of the Oil & Gas Industry

People were hungry for industry information, especially around issues of job security and economic recovery. With the volatility of the past few years and the shifting demographics of the workforce, attendees wanted to know how to be prepared personally and professionally. NAPAC 2017 speakers presented their lessons learned from the challenging past two years, but also painted a brighter picture for the future.

2. Rules & Regulations

Whether the topics covered being audit ready or adapting to changing regulations, sessions detailing the regulatory aspect of accounting and the industry garnered the most attention from attendees. New standards and the new presidency are impacting how the oil and gas industry does business and what opportunities we can pursue, especially with regards to accounting. Christi Craddick from the Texas Railroad Commission and former US Senator Kay Bailey Hutchison presented on day one to inform attendees about local and national hot-button issues.

3. Technology & Innovation

Reporting topics dominated the sessions, as companies determine the best ways to gather and present their data. With companies handling enormous amounts of data, attendees were looking for the best way to manage information. Mobility was also a big topic with attendees, who were heavily relying on their phones to keep them connected with work while they were out of the office (and to help them choose which sessions to attend). People were drawn to sessions that explained how to leverage mobile technology in their everyday jobs.

Featuring myQuorum AFE

NAPAC also served as the launch pad for the latest release of myQuorum AFE. myQuorum AFE is part of Quorum’s integrated oil and gas accounting suite that also offers financial accounting, cost accounting, joint interest billing, revenue accounting, and division order. Built on the energy industry’s leading user experience platform, myQuorum AFE leverages standard web technologies to ensure users have access across all modern browsers to the functionality and data they need to perform their daily tasks.

Additionally, by taking advantage of responsive design methodologies, myQuorum AFE has a consistent user experience and interfaces across smartphones, tablets, as well as laptop and desktop computers. myQuorum AFE lets you work anytime, anywhere, from any device. NAPAC attendees experienced myQuorum AFE mobility up-close with Microsoft Surface tablet demos at our booth.

Wrapping It Up

NAPAC featured two days of intense learning, and we are already looking forward to 2018. Next year’s show promises to be even busier as the industry continues its turn upwards, and optimism continues to grow.

Questions, Comments? Contact Us!

Feel free to drop us a line with any questions about your experience at NAPAC or if you have any questions about myQuorum AFE.