#025: Compliance In A Post Covid Era with Steve Bailey

In this episode, Tom and Phil are joined by Steve Bailey, Project Director for Safire Oil and Gas consulting located in Houston Texas.They discuss the many changes brought to the industry by Covid, especially in the area of compliance. Steve offers his thoughts on where the focus should lie as the industry begins heading back to the office, and how to evaluate what’s working, what isn’t, and how to create an action plan to move through this “forced reset.”

Highlights:

3:58 What it means to be a compliance specialist and how relationship building has changed due to Covid

7:07 Upcoming initiatives that could impact compliance

9:55 Industry trends that are impacting compliance 

13:22 Where the focus of compliance departments should be right now

19:16 How relationships with superiors and employees impact the success of a company

26:23 Additional tips for dealing with the “forced reset” caused by Covid

About Steve Bailey:

Steve Bailey is the Project Director for Safire Oil and Gas consulting located in Houston Texas. Steve was raised in a rural area of Oklahoma and graduated with his Bachelor of Science in Accounting from East Central University and passed the CPA exam in 1988.

Steve recently retired from BP after a 35 year career in oil and gas accounting most of which was focused on various areas of severance tax and sovereign royalty accounting and reporting.

Steve is an active member of PASH where he currently volunteers on the golf-tournament committee. He has previously served as Education Committee Chair at both the National and Tulsa’s PASO levels. He also served on the Board of Directors for PASO in Tulsa.

Steve has had a front row seat for the evolution of severance and royalty reporting over the past three decades. He developed and deployed the first MMS royalty report filed in a CSV format; served on the committee that developed the ANSI standards for reporting taxes and royalties via EDI standard datasets; Chaired the Tax and Royalty Subcommittee for Industry’s SAP PROFOG user group; and has provided testimony on behalf of industry to the OMB regarding proposed federal valuation rules.

Steve currently lives in Houston, Tx with his husband Thom, dear friend Olivia, and a 5 lb canine princess named Bella. He has two grown and married daughters and three grandchildren.

Connect with Steve:

Website |LinkedIn |

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.

Find a society near you.

www.copas.org

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