Implementation of Depletion Schedule in Oil and Timber Business's Low Cost Accounting Package
Situation: A family run business with primary activity in Oil and Timber needed technical consulting services but wanted privacy and as such, as few people onsite as possible while adhering to a tight budget to create a method of tracking depletion schedules in their accounting package.
Solution: We started by speaking with the accounting software vendor, who explained that their software was not designed to handle depletion schedules and they could not see how it would ever work. We then researched several packages designed for the timber industry which included depletion schedules but the client believed they were too difficult to learn and expensive. We proceeded to use many features in their existing package and found a way even the software manufacturer could not believe worked. Our client maintained their simple accounting package while adding the much needed depletion schedule. Historically they had to wait until the first quarter for the accountant to produce the depletion schedule for the previous year, whereas now the schedule was produced real-time and was up to date all the time.