Oil & Gas - E&P: Case Study 2

Background

We were approached by an overseas national oil company because their existing outsourced accounting providers had limited E&P knowledge and had made some unusual requests for information from Operators. This company had no personnel based in the UK.

Our Approach

  • Transition the client's existing outsourcing arrangement before establishing a secure extranet for invoice approval and data transfer
  • Upgraded their software and provide a fully outsourced accountancy service which includes management accounts by the 5th of every month
  • Carry out all compliance and statutory reporting
  • Provide auditor liaison and advice on UK secondments / employment tax issues
  • Cash management, placing substantial funds on deposit
  • Joint Venture Audit services, generating significant savings by identifying incorrect charges to the venture

The Benefits to the Client

  • We help them by improving the relationship with the operator through "talking the same language"
  • We give peace of mind by reporting on the 5th of every month
  • We support the company by managing all indirect tax compliance, billing for secondments and leading UK Joint Venture Audits on their behalf

The Plus Factor in Action

  • We helped our client make money by identifying significant savings through our Joint Venture Audit work
  • We saved our client time by managing all their UK accounting requirements, including auditor tendering and liaison
  • We gave our client peace of mind by deploying a team with relevant industry expertise
  • We supported them now and in the future by managing all their compliance obligations and Treasury requirements