Accounting Today – September 25, 2020
Many businesses have faced enormous challenges as they struggle to cope with COVID-19. The oil and gas industry has been particularly hard hit, at a time when operators are already dealing with a sharp decline in demand, an oversupply of foreign oil and plummeting prices.
The shutdown in March forced O&G firms to confront the inefficiencies of their financial processes. Though most have kept their production and processing technology up to date, they haven’t modernized their accounting and back-office operations, continuing to rely on paper trails and in-person interactions.