Customer Stories
With more than 1,500 customers to date, Jet Specialty has seen steady growth in the volume of accounts payable invoices it submits each month. Its own supply chain includes inventory purchasing from leading manufacturers and distributors of pipe, coiled tubing, valves and fittings, among other products.
Variable vendor payment terms (e.g., net 30, early pay discounts) and lack of tools to report on its inbound expense pipeline also made it difficult for Jet Specialty’s accounting team to accurately accrue, typically leading to over-budgeting for vendor expenses that tied up cash flow and created risks for return on capital deployed.
Adding complexity to its AP process, Jet Specialty requires its procurement team to authorize buying decisions with a purchase order. Reliance on paper-based AP invoice processes and manual, multi-step approvals led Jet Specialty to seek a business automation solution that could simplify and accelerate inbound invoice processing, enhance vendor satisfaction and improve expense accrual.
Jet Specialty was already submitting invoices through OpenInvoice to its customers for payment as part of the supplier network. With the growing volume of AP invoices from its own suppliers, it decided to invest in OpenInvoice as its AP solution to solve its invoice processing challenges.
OpenInvoice offers advanced capabilities to code, validate, route and approve multi-step AP invoice processes with or without a PO. It empowers buyers and suppliers with a “network effect” where the value of OpenInvoice further increases as more companies in the oilfield supply chain choose to send and receive electronic invoices through the reciprocal data sharing network. Today, the OpenInvoice network can instantly link up to 70% of participating vendors to a buyer’s OpenInvoice account. Additional vendors can be invited with fast and easy tools to process paper-based invoices.
The OpenInvoice platform and buyer/supplier network enable faster collaboration, communication and dispute resolution. OpenInvoice also provides Jet Specialty’s AP team with self-service tools to track the status of invoices and perform monthly reconciliation. OpenInvoice boasts 25 pre-built connectors to leading ERP and accounting solutions and a flexible API that allow OpenInvoice to be integrated with other business systems. Leveraging this direct connection once an invoice is approved, it is automatically loaded into Jet Specialty’s financial accounting software, Sage Intacct, for scheduling and payment.
Supporting operations in three states and 20 locations, OpenInvoice has powered next-level AP processes for Jet Specialty on a journey that started more than 10 years ago. In this time, the oilfield supply company has benefited from rapid and transparent invoice processing, elimination of error-prone manual workflows and growth of the OpenInvoice network to more than 40,000 suppliers and 350+ buyers. More efficient AP invoice processes have improved cash flow by eliminating paper-based bottlenecks and allowing management to better understand where payments are at any given moment, reconcile and budget.
OpenInvoice has improved vendor satisfaction and loyalty while providing a complete audit trail for invoice processing and disputes, eliminating the distraction of email and phone-based correspondence. Additionally, Jet Specialty has gained clear visibility into its pipeline of inbound expenses by digitally managing invoices and understanding how much is due based on vendor terms. In turn, OpenInvoice has assisted the accounting department optimize accruals and better align budgeted with actual expenses.
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