Outsourcing has been around for decades but for many, the concept hasn’t been viewed in the right light. Come decision-making time, the pitch to management teams considering outsourcing as a solution was all about one word—cost. While cost is always a factor, it’s only one part of the equation. To truly compare your options between outsourcing and in-house support, you need to evaluate the total value, from experience to scalability, to overhead expenses.
Choosing to outsource your back office can allow management teams to stay hyper-focused on their tasks at hand. That may be executing on a drilling program, operating pipelines or gas plants, buying and selling hydrocarbons or negotiating the purchase or lease of additional properties. With all that going on, the processing of all the transactions behind the scenes still needs to be taken care of accurately and efficiently. We see the question as a choice between investing the time and effort to build your own team or choose an existing operation that can get started right away.
More Cost Effective
Outsourcing your back office, either fractionally or as a whole, can be more cost effective than hiring an in-house staff. You won’t have any attributed overhead costs that come with hiring additional employees such as payroll and training along with employee benefits like PTO, insurance, sick leave and retirement. Outsourcing also eliminates additional expenses like accounting software, hardware and office supplies. We know the oil and gas industry can be known to have notorious turnover rates and your businesses cannot afford to start from square one after a significant downturn. Outsourcing helps alleviate that pain point.
You can not only minimize large investments in human resources and technology with outsourcing but also have the opportunity to scale your back-office operations and react to changes more quickly. It gives your business the ability to handle surges in production and activity more efficiently but also plan for slow cycles and shift your focus appropriately without concerns of maintaining a full back office staff.
A back office, in-house or outsourced, is reliant on the same general needs—people, workplace and technology. Our team at Eddye Dreyer Financial Services consists of tenured, industry veterans who have experience working with organizations, large and small. As a premier Preferred Service Provider of WolfePak, we understand the oil and gas software’s complete breadth of functionality and know how to leverage it to the fullest extent for you. From customized bookkeeping and consulting to mineral interest management and regulatory compliance, our services are designed to supplement and enhance your staff. Let us help you take your business to the next level. Ask us about outsourcing today.