How Henry Resources unified family office and oil and gas accounting with NetSuite

Following a period of organizational change, Henry Resources reduced its team from about 50 employees to 15 while still managing the same level of financial complexity, investment activity, and business value. The firm relied on QuickBooks, WolfePak, and Excalibur, along with SQL Server reporting and spreadsheets, to manage 30 to 40 entities with separate charts of accounts. As a result, consolidation, approvals, investment reporting, and oil and gas accounting required significant manual effort, creating visibility gaps, staffing risk, and delays in identifying issues.

Primary challenges included:

• Fragmented financial systems: Data was spread across three accounting platforms, SQL Server, and spreadsheets, with no single source of truth.
• Complex entity structure: 30 to 40 entities each carried separate structures and charts of accounts, making consolidated reporting difficult.
• Slow monthly consolidation: The controller spent roughly a week each month pulling files from multiple systems and manually assembling financial data.
• Limited investment visibility: Management could not easily drill into brokerage activity, revenue, yield, exposure, or well-level performance.
• Manual oil and gas processing: Revenue statements, JIBs, and lease operating statement data came in different formats across systems, increasing manual work.
• Paper-based approvals: AP and journal approvals relied on manual signatures instead of system-based workflows and controls.
• Staffing and continuity risk: Employees trained on one platform could not easily step in for someone working in another system.
• Late error detection: Disconnected books and spreadsheet-based tracking meant mistakes were often discovered months later during review or reconciliation.

Henry Resources now operates with a centralized NetSuite platform that reduces manual effort and gives the team greater confidence in its financial data. Monthly consolidation that once required pulling files from three systems and assembling the data manually is now supported by unified records and automated elimination entries, giving the controller more time to focus on analysis, reporting, and management insight.

Visibility and control also improved across AP, oil and gas accounting, investment reporting, and audit support. JIB and revenue activity now follows a standardized import process, source documents are attached directly to transactions, and multi-book accounting keeps cash, tax, and fair-market-value data in one database. Instead of searching through folders or spreadsheets, the team can drill from a number to the supporting detail and catch issues earlier in the review process.

• Consolidated three legacy systems into one NetSuite platform
• Unified 30-40 charts of accounts into a single chart of accounts
• Reduced monthly consolidation from roughly a week of manual work to a largely automated process
• Automated high-volume JIB and revenue imports for oil and gas activity
• Enabled line-item visibility into investment activity previously summarized in one entry
• Centralized cash, tax, and fair-market-value books in one system
• Replaced paper-based AP and journal approvals with system-based workflows
• Improved audit support by giving authorized third parties direct access to source documents in NetSuite
• Helped the team identify errors earlier instead of months later during review or reconciliation

For the first time, our cash, tax, and fair-market-value books live in one database instead of scattered across spreadsheets. I can show management exactly what an investment is worth versus its tax basis, side by side—and that kind of visibility simply wasn’t possible before. – Laza Assany, Controller, Henry Resources