Matt of Statera Services met John G. of Fairport Sand Hauling in 2014, when the oil fracking business was in the midst of a huge boom. John G. was desperately in need of a way to transform his trucking accounting system. After much research, he decided to look into outsourced accounting; especially using a freelance bookkeeper to handle his company’s books. At the time, Fairport consisted of a fleet of ten frack-sand hauling semi-tractors and trailers to haul sand for oil drilling operations in the Eagle Ford Shale region in Texas. The fracking industry was exploding in the Lone Star State, and Fairport, like many other smaller companies involved in the business, was having a difficult time staying on top of its financial records. Unfortunately, John G. had relied on Excel spreadsheets to track all of his company’s invoices, receipts, bank deposits, and truck repair records. As any business owner who has made the same mistake knows, keeping books within spreadsheets is a recipe for disaster!
Matt got in touch with John G., rolled up his freelance bookkeeping sleeves, and developed a way to get Fairport’s trucking accounting system cleaned up and updated using his outsourced accounting skills. Matt altered, then imported into the Quickbooks Online accounting system, the most significant spreadsheets pertaining to John G.’s business. Matt then manually entered transactions going back a full year that couldn’t be imported. Once this data was entered Matt was able to create separate tracking categories, one for each truck, within QBO. With this tracking system in place, John G. could see individual fuel and maintenance costs for each individual tractor. Not only that, but he could also see how much revenue each individual tractor was bringing in, using tracked invoicing. Using outsourced accounting turned out to be a cost-saving and revenue-gaining move for Fairport!
With a new and streamlined outsourced accounting system based within Quickbooks Online, Fairport began to focus on which routes and customers were generating the most (and least) revenues. Also, John G. now sees which maintenance issues are taking the biggest bites out of his operating budget, or which routes generate the least income, and can plan accordingly. Fairport increased revenues after weaning itself away from the “spreadsheet accounting system” it had been using and moving over to QBO. In addition, when the fracking business underwent its own recession of sorts when oil prices dropped sharply in 2015, Fairport managed to use its trucking accounting system to keep its liabilities and costs low. This allowed Fairport to weather a very tough period in the oil industry, which is only now just beginning to subside.
Fairport Sand Hauling, with help from Matt and Statera Services, is an oilfield and outsourced accounting success story! Get in touch with Matt to improve your own accounting system…