Accounting & Bookkeeping for Oilfield and Energy Companies
Job costing, multi-parish sales tax, contractor accounting, and tax preparation for Louisiana oilfield services and energy businesses.
South Louisiana's oilfield and energy sector creates accounting complexity that most bookkeepers aren't equipped to handle. Job-based cost tracking for field service work. Multi-parish sales tax for companies working across coastal Louisiana. Independent contractor classification for field workers — an active IRS enforcement area. Equipment depreciation and depletion for extraction companies. Each of these requires specialized knowledge and experience.
ASU has served Louisiana oilfield services companies, energy contractors, and related businesses for 25+ years. We understand the financial structure of day-rate service businesses, the tax treatment of oilfield equipment, and the multi-parish compliance requirements for companies working across Terrebonne, Lafourche, Plaquemines, and the rest of coastal Louisiana. We know this industry from the inside.
“In the oilfield, the job’s either profitable or it isn’t — and you need to know which before you price the next one.
”
Oilfield & Energy Accounting Services
Specialized accounting for South Louisiana oilfield services companies and energy contractors.
Job Costing & Field Accounting
- ✓ Day-rate job cost tracking
- ✓ Field service call costing
- ✓ Equipment utilization tracking
- ✓ Multi-parish revenue allocation
- ✓ Monthly job profitability reports
Compliance & Tax
- ✓ Multi-parish sales & use tax (all 64 parishes)
- ✓ Federal & state income tax returns
- ✓ Depletion deductions for producers
- ✓ Equipment depreciation schedules
- ✓ Independent contractor 1099-NEC
Payroll & Contractor Management
- ✓ Field worker payroll
- ✓ Per diem & allowance tracking
- ✓ W-2 vs. 1099 classification review
- ✓ Workers' comp audit support
- ✓ Multi-state payroll when applicable
ASU Guarantee
If we ever make an error on your taxes, we pay ALL penalties and interest.
Oilfield & Energy Accounting — Frequently Asked Questions
How does ASU handle accounting for oilfield service companies with job-based billing?
We configure QuickBooks with job costing for all oilfield service work: day-rate jobs, field service calls, equipment rental, project work. Every cost — labor, materials, equipment, subcontractors — is coded to the correct job. Monthly job profitability reports show you which jobs are making money before you bid the next one.
What are the sales tax implications for oilfield service companies operating in Louisiana?
Louisiana sales and use tax on oilfield services is among the most complex in the state. Service vs. product distinctions, contract type (lump sum vs. cost-plus), materials incorporated into wells vs. not, and parish-by-parish rate differences all affect your tax liability. ASU has navigated Louisiana oilfield sales tax for 25+ years and gets it right.
How does ASU handle independent contractor vs. employee classification for oilfield workers?
Misclassification of oilfield workers — particularly day-rate workers who have historically been treated as independent contractors — is an active IRS and Louisiana enforcement area. ASU reviews your worker classification, documents the factors supporting contractor status where appropriate, and handles proper 1099-NEC issuance for all qualifying contractors.
Does ASU handle depletion deductions for oil and gas producers?
Yes. Both cost depletion and percentage depletion are available to oil and gas producers, and choosing correctly can significantly reduce tax liability. ASU calculates depletion correctly and coordinates with engineers when reserve data is needed for cost depletion calculations.
Can ASU handle accounting for a company operating across multiple South Louisiana parishes?
Yes. Multi-parish sales tax compliance is ASU's specialty — we cover all 64 Louisiana parishes. Companies working across Terrebonne, Lafourche, Plaquemines, St. Mary, and other coastal parishes have different filing requirements in each. We handle all of them.
How does equipment depreciation work for oilfield service companies?
Oilfield equipment — drill pipe, pumping units, pressure vessels, vehicles, shop equipment — is subject to MACRS depreciation schedules. Section 179 and bonus depreciation allow you to accelerate deductions in the year of purchase, which can dramatically reduce your tax bill. ASU maintains complete asset schedules and identifies all available acceleration opportunities.
Does ASU have experience with offshore and marine oilfield service companies?
Yes. Offshore day-rate accounting, marine vessel crew accounting, Jones Act employment considerations, and the Louisiana offshore-to-land nexus questions are all areas we work with regularly. Our South Louisiana roots mean we understand the offshore oilfield financial environment.
Can ASU help a new oilfield services company get properly set up from day one?
Yes. Entity choice (LLC, S-Corp), QuickBooks job cost setup, payroll structure for field and office workers, sales tax registration in the parishes where you work, and first-year tax planning — all handled correctly from day one so you don't have to undo costly mistakes later.