Oil and Gas
Drilling into challenges and exploring financial opportunities
Dealing with commoditization, long periods of boom or bust, pricing fluctuations, and generational gaps in the workforce, among a host of other issues, makes how you manage the accounting, finance, and operations of your upstream oil and gas business a monumental challenge. Adding international politics and policies into the mix creates unknowns that change daily, all of which impact your top and bottom lines.
You may face critical challenges including dealing with commodity pricing, over burdensome regulations, and the quality and quantity of the workforce, to name a few.
Upstream energy businesses call on us to guide them through the multitude of obstacles they face like operations, production, regulatory, financial, and taxation issues. These businesses include small and medium-size independent oil field service companies, exploration and production, and refining companies, engineering (project management and construction) companies, and engineering consulting firms.
Though there are certainly challenges in the energy industry, the future is bright, and opportunities are abundant.
Adams Brown provides the following services to companies, partnerships and joint ventures in the oil and gas industry:
Agreed Upon Procedures, Review and Compilations
Services for providing insight into the accuracy and validity of your oil or gas business’ accounting and financial information to discover and correct issues, install controls, assist with financial decision making, and respond to 3rd party financial information requests.
Business Advisory and Consulting
For oil and gas businesses seeking guidance in areas such as strategic planning, growth opportunities, business transformations, or selling, merging, or transitioning their businesses in response to new situations.
Outsourced Client Accounting
For oil and gas companies seeking to make managing their business easier via outsourcing back office accounting functions like payroll, accounts payable and accounts receivable, analyzing areas for automation and implementing cloud-based solutions, and training staff on new software and procedures.
Tax Planning and Compliance – Business
Tax minimization strategies and tactics at the corporate level with a focus on capturing relevant Federal and State of Kansas incentives, credits and deductions for oil and gas companies.
Tax Planning and Compliance – Individual
Tax minimization strategies and tactics for individual oil and gas company owners or families with a focus on opportunities under the new Tax Cut and Jobs Act and recent changes to State of Kansas tax requirements. We also help with tax strategies related to succession planning and exiting the business.
We help oil and gas company owners or families develop and implement customized strategies for achieving long-term goals, strengthening your financial security and maintaining your quality of life.
Other Adams Brown Solutions
For a confidential discussion of your issues and needs, please contact our Oil and Gas Team Leader, Nicole Koelsch, using the fillable “Contact Us” form on this page.
Emerging technologies like artificial intelligence and robotics are beginning to change the way we do business in the Oil & Gas industry.
Though the space is slower to adopt new technologies, the industry is still faced with disruptors. Adoption of these new innovations is key to continued future success.
Oil and Gas Team Leader:
Year End Tax Planning is Paramount By Nicole Koelsch, CPA Back in June, Congress extended the Payroll Protection Program covered period from eight weeks to 24 weeks. With this extension,…
Adams Brown Partners with KIOGA for Industry Update Webinar On Monday, May 4, 2020, Adams Brown partnered with the Kansas Independent Oil and Gas Association (KIOGA) to provide our clients…
For more than 20 years we have had a strong, stable relationship with Adams Brown. Their knowledgeable team has a strong understanding of our business and have been great partners. They have been instrumental in improving our business and financial operations over the years. We have never considered changing firms and would recommend them to anyone without reservation.
Walt Hill – High Plains Mental Health Center
The prompt, personal service provided by the Adams Brown team is the best benefit in working with this firm. They offer knowledgeable advice and help my business plan for any eventual scenario. Their guidance and support show their commitment to helping our business succeed. I would recommend them to anyone looking for an accounting firm that has the best interest of the business and its success at heart.
John VonLintel – JROBB, LLC
Par Exsalonce has used Adams Brown for over 10+ years for our payroll needs and have found them to be informative, helpful and accommodating. The salon is quite large and we are constantly adding new employees to the two locations. In addition, they handle insurance, IRA, Aflac and other deductions we throw at them! The entire team is wonderful to deal with – from the receptionist to the accountants that handle our diverse business needs. We could not ask for a more knowledgeable and dependable group of people. Our thanks to them many times over!
Teri Mills – Par Exsalonce
“With Adams Brown, we don’t just get a financial advisor – we get a business partner. Our engagement team does an excellent job serving our needs and continually works with us to develop a plan for long-term success. When we come to them with a question, they go above and beyond to get the answer. Knowing we have that kind of support and dedication from our CPA is important. Our company has been in business a long time, and having a partner like Adams Brown will help keep us on a successful path for many years to come.”
Gary Shorman – CEO, Eagle Communications, INC.
“I own a small business that has been running for over 40 years. I am proud to say we have been with Adams Brown for many of them! I am very pleased with the service they provide and their commitment to helping me grow my business. When I first began working with Adams Brown, I received guidance and a set of guidelines to follow that helped me achieve my business goals. I have full confidence that if I am unable to reach my main contact, I will still receive the best service so that I can stay on track. I highly recommend the team at Adams Brown.”
Dan Woolard – Midway Manufacturing, INC.