Transforming financial operations while cutting costs
A modernized approach to accounting for a changing energy landscape
Client background
The client is an established upstream oil and gas operator requiring high-precision financial management to support exploration and production activity. The organization manages a sizable, non-operated portfolio and depends on timely, accurate financial reporting to support operational and strategic decision-making.
Business challenge
Following divestitures, asset changes and personnel transitions, leadership needed to reduce accounting and back-office overhead while modernizing systems and processes to better align with its go-forward operating model.
Existing systems, processes, and staffing models were no longer aligned with the organization’s evolving needs. The client requires a more efficient and cost-effective accounting structure to improve reporting visibility and support ongoing operational demands in a dynamic energy environment.
Baker Tilly approach
Baker Tilly delivered a fully outsourced upstream accounting solution, working closely with the client’s internal stakeholders. The engagement included, converting to a lower-cost enterprise resource platform (ERP) platform, reducing ERP expenses by 50%, automating non-operated portfolio data processing, leveling staffing requirements through controller and assistant controller support, and streamlining reporting and back-office workflows for consistency and efficiency.
Client CEOI can confidently say that our partnership has not only improved our financial stability and visibility but has also allowed us to focus on what we do best – exploring and producing energy.
Results achieved
Baker Tilly's managed services for the oil and gas industry have significantly reduced back-office and system costs while gaining clearer financial visibility and more predictable support for the client.
Ready to modernize your financial operations?
Our outsourced upstream accounting specialists help energy organizations streamline operations, reduce costs and build scalable financial processes.