Oil and Gas Accounting Consulting

Expert Accounting Services for Energy-Related Businesses

If you run a small- or medium-sized business in the gas and oil industry and need professional help tracking your finances for a successful business, look no further than Southwest Accounting Pros, LLC. We specialize in providing expert accounting consulting services that allow you to focus on running your business without worrying about everyday accounting processes.

The oil and gas sector stands apart from other industries, presenting unique challenges that significantly impact accounting and business planning requirements. These businesses often contend with substantial speculative investments, leading to variable returns on investment. Oil and gas companies operate within a distinct framework encompassing six specific categories:

• Exploration
• Development
• Production
• Transportation
• Refining
• Marketing to end-users

Within the oil and gas industry, accounting and planning processes vary based on the specific segment of the business stream. Upstream companies are predominantly involved in exploration, development, or production, with activities that tend to be more intricate compared to downstream operations. Midstream companies specialize in transportation, while downstream companies engage in refining and marketing directed toward end-users.

For closely held oil and gas businesses, accounting and planning complexities are heightened, particularly considering variables such as market factors and demand. At Southwest Accounting Pros, LLC, we recognize it's imperative for business owners in today's competitive marketplace to access affordable, reliable, and meaningful accounting information.

Our services include all-inclusive monthly accounting fees that ensure stability for a year and cover a comprehensive range of requested services. Southwest Accounting Pros, LLC tailors our services to your needs and capabilities. Whether you possess the skills for data entry or require full-scale support, we customize our work to suit each unique situation.

With over 40 years of experience, our team of professional accountants, including multiple certified public accountants (CPAs) and certified management accountants (CMAs), brings unparalleled expertise to the table. Designed specifically for small to medium-sized businesses, Southwest Accounting Pros, LLC is your trusted partner in navigating the intricacies of the energy sector. Contact us today to learn more.

Bookkeeping Services We Specialize In

Complete your bookkeeping with ease when you rely on the professional team at Southwest Accounting Pros, LLC. Our comprehensive bookkeeping services include:

• Transaction inputs for deposits, checks, credit card receipts, and more
• Bank account reconciliation
• Important balance sheet account reconciliation for account payroll, taxes payable, insurance payable, note payable balances, and more
• Invoicing, monitoring of accounts receivable, assistance with transmitting late payment notices, and customer data base maintenance
• Preparing payroll, automatic payments to employee accounts, state unemployment and withholding reports, and all payroll tax reports, including federal 941, 940, W-2s and W-3s
• State gross receipts tax report preparation and submission
• Vendor invoice assistance, reconciliation of accounts payable totals, and bill payment assistance
• Monthly financial statement preparation with comparison to prior periods and comparison to budgeted amounts
• Automatic bank account and credit card information migration into software systems
• Automatically payroll transfers to employees and payments to federal and state agencies
• Annual financial results reviews and a comparison of results to industry averages

Our Comprehensive Payroll Services

At Southwest Accounting Pros, LLC, we want to assist you in steering clear of costly penalties associated with non-filing, nonpayment, and late payment of payroll tax obligations. Our competitively priced services aim to alleviate the burden and effort of payroll administration, providing you with valuable support. We offer our assistance in the following areas:

• Employee electronic payments
• Filing all relevant monthly payroll tax reports, including 941, 940, ESC, CRS-1, W-3, and W-2s
• Electronically making payroll tax deposits for small businesses
• Entering all payroll information into the accounting system and verifying amounts are correctly recorded in your system
• Assistance responding to any tax notices received regarding payroll taxes
• Dealing with IRS penalty and assessment notices

Taxes We Specialize in Filing

The majority of our client base consists of small closely held businesses, allowing us to comprehend and provide guidance to small business owners navigating the myriad of complex issues associated with tax compliance. We specialize in various tax filings, such as:

• 1065 (partnership income tax returns)
• 1120S (S corporation income tax returns)
• 1120 (regular corporation income tax returns)
• 1040 (individual income tax returns)
• 1041 (trust returns)