The Knowledge Nook

Major Issues Facing Oil and Gas Accounting Professionals Was Focus of NAPAC 17

Posted by Tami Russell on May 25, 2017 2:17:52 PM

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Today’s blog features guest blogger Ashley Owen from Houston-based Quorum (@quorumenergy), the maker of software for hydrocarbon and energy business management. Ashley shares information on #napac17 with a recap of “What’s Trending in Oil & Gas Accounting.”  Thanks, Ashley!

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:

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.

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.

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.

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.

From The Knowledge Nook editor:

NAPAC 17 is in the books, but mark your calendar now for NAPAC 18, scheduled May 17-18, 2018.  NAPAC is a proven showcase for vendors in the energy industry, and Quorum was both a featured exhibitor and sponsor of one of the receptions, and one of the charging lockers, at NAPAC 17.  For more information on the latest release of myQuorum AFE click the highlighted link.

The Knowledge Nook welcomes guest bloggers on the topics of paralegal studies, dental and medical assisting, medical billing and coding, private investigations, forensics, human resources, energy accounting and other continuing education topics.  For more information on submitting a blog for consideration, contact cperry@pdi.org. 

 

Topics: energy

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