Uplevel Your Oil and Gas Upstream Accounting with Magnum Forge

This week’s episode is part one of a series that highlights oil and gas upstream consulting firms. Today’s guest is Russell Corl, a managing partner at Magnum Forge. Russell gives us an inside look at the struggles some of his clients face, especially with regards to becoming more efficient and automating as much backend as possible, and how his consulting firm partners with operators to do just that. Magnum Forge is always excited to meet new clients and help them do a better job of running their systems so they can focus on what they're best at, which is producing oil and gas. Tom, Phil and Russell discuss the top four areas of consulting that Magnum Forge provides to the upstream oil and gas industry and why building and cultivating relationships is so important to his company.

Highlights:

1:49 From the IRS to a boutique consultancy

4:36 Magnum Forge and the clients they serve

9:12 Why relationship building is so important at Magnum Forge

13:54 How Magnum Forge helps select and implement big software migrations and decisions

20:52 Some of the pitfalls that are possible when you don’t have the help of a consulting company

23:02 What precipitates the need for a consultant in the area of acquisition 

27:51 How to optimize the accounting platform you’re using

About Russell Corl:

Since beginning his consulting career in 1996, Russell has focused on developing strategies to ensure the effective use of IT. His background includes an in-depth understanding of accounting and finance, operations, and technology. He has led multiple IT and application projects focused on financial applications, ERP, custom development, and cross-system reporting and integration. His specialties lie in troubled ERP systems, complex system implementations, and significant financial or cost accounting reporting issues.

Russell’s clients include major international oil companies and independent E&P companies. He has assisted most of these clients with software selection, implementation, and enhancement projects that span the entire enterprise. He has also led efforts to redesign and implement new data collection and reporting processes, including technology, training, and change management.

Russell received a Bachelor of Science and a Master’s of Business Administration from The University of Texas at Austin.

Connect with Russell Corl:

www.magnumforge.com

https://www.linkedin.com/company/magnum-forge

About SherWare, Inc.

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SherWare creates software to simplify your accounting needs so you have more time to do the things that matter. We serve independent oil and gas operators, accountants and investors with a platform to manage their distributions and joint-interest billings on a platform -- and we’re the only software on the market that can integrate with your QuickBooks company.

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About COPAS:

COPAS provides expertise for the oil and gas industry through the development of Model Form Accounting Procedures, publications, and education. We are a forum for the active exchange of ideas which result in innovative business and accounting solutions.

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