In just under two centuries, the United States grew to produce over 12.5 million barrels of oil on a daily basis. Global oil consumption rates have risen by over 2 billion metric tons since the year 1970. As the global demand for oil and gas continues to skyrocket to rise at unprecedented over the years, the demand for professional tax managers who can account for the immense financial figures involved in this industry has risen as well.
Research, Analysis And Record-Keeping
In preparation for the role of an oil and gas tax manager, a prospective tax manager naturally has to take some initiative in making sure that they understand the history and projected future of the industry. American oil and gas tax managers will be responsible for providing reliable analyses and predictions related to oil consumption in the fifth-largest oil-consuming country in the world.
As would be expected of a tax manager in any niche, an oil and gas tax manager will need to have the skills to ensure that all company practices needed to remain within tax regulation compliance are seen through on a consistent basis.
Tax managers need to be able to accurately review the tax return information of the company that they work for in order to draw educated inferences that help them make better tax plans for the future. Because company operations will naturally generate a great deal of financial paperwork, the oil and gas tax manager will have to make sure that these records are in good order and accessible at all times.
In addition to tax services, an oil and tax manager will provide a wide range of client relationship-fostering activities as well. A tax manager isn’t just a number cruncher, but also a highly important part of the company’s ability to build client loyalty.
As specialists in one of the most detail-oriented professions in the world, tax managers will also need to have a high level of planning, research, and consulting competence. Tax managers can’t just be capable of performing high-stakes math, however, but also need to possess a certain caliber of people skills to convey what they know in a way that is properly understood.
Communication will factor in heavily on an oil and gas tax manager’s ability to work in conjunction with the company’s accounting staff. By working with the staff, tax managers can make sure that their performance quality stays up the standard throughout the year.
Innovative Risk Management
It isn’t just valuable for tax manager to be able to operate by the books, but the certain level of innovation also comes in very useful. Being able to innovate while remaining within tax compliance should allow the ideal oil and gas tax manager to take the most creative and effective approaches to mitigating risks while opening up new opportunities at the same time.
Overall Role Of An Oil & Gas Tax Manager
An oil & gas tax manager largely fulfills the same fundamental role that the tax manager would in any other industry, making them a valuable asset in accounting for all details related to the highest sky-high fossil fuel figures.
Though it isn’t necessary for an oil and gas tax manager to have a mastery oil and gas science, having a significant level of familiarity with the industry is a base-level requirement for being able to manage the job. Competence in tax software operation, leadership skills, a bachelor’s degree in accounting (or a related filed), and strong leadership skills are all highly valued in the field.