Customer Stories

Optimize Spend & Scale for Growth: Stay Agile During Unprecedented Growth With Accounts Payable Automation

During a period of unprecedented growth, Burk Royalty Co. was able to scale efficiently by deploying Enverus OpenInvoice®. By using OpenInvoice, Burk was able to automate its accounts payable processes, improve its invoice handling efficiency and ensure scalability for future growth.

Success at a Glance

Challenges

  • Keeping up with a high volume of invoices
  • Lack of standardized AP/AR processes with suppliers
  • Lack of automation and time-consuming manual data entry
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Solutions

  • Automation of accounts payable processes with OpenInvoice
  • Easy integration with suppliers of any size/tech stack
  • Reliable technical and customer service teams
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Results

  • More efficiency to manage a large volume of invoices
  • Improved days payable outstanding (DPO) and happier suppliers
  • Seamless implementation with ability to accommodate future growth
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Client Overview

Burk Royalty Co. is a family-office backed E&P company based out of Wichita Falls, Texas, focused on acquiring and developing producing properties. By marrying sound engineering decisions with sustainable financial objectives, they have been able to responsibly scale their operations while also maintaining a focus on what matters most – their frontline asset managers and operations staff – including pumpers, foremen, superintendents and production engineers. Over the past three years, this strategy has paid off – they have grown their operations from 150 wells to almost 4,000 through acquisitions and drilling in the Central Basin Platform, Northwestern Shelf, North Central Texas and the East Texas Basin. Their assets span across Texas, Oklahoma, Kansas and Wyoming.

Challenges

Market Uncertainty Demands a Nimble Approach Driven by Technology

Like many E&P companies, 2020 was a pivotal year for Burk Royalty. With oil prices heavily depressed because of the global pandemic, many operators were faced with tough decisions to make related to drilling and production. Burk decided to take a nimble approach, focused on using detailed data analysis to bring underperforming wells up to speed. Almost overnight, Burk’s AP team was required to process an exponential increase in invoices tied to their new acquisitions. By leveraging OpenInvoice, Burk Royalty ensures that their growth is constantly supported by automation in their source-to-pay cycle.

Everyone knows the benefit Enverus PRISM® can provide, but OpenInvoice, at least for us, was revolutionary from an accounts payable and back-office processing perspective. Our company experienced massive growth in a really short time frame that resulted in a quadrupling of invoice counts. We absolutely couldn’t have handled that change in scale and volume without OpenInvoice.
Weston Kingsley | Director of Technology
Weston Kingsley | Director of Technology

Solutions

Implement Accounts Payable Process Automation to Manage High Invoice Volumes Effectively

Burk Royalty partnered with Enverus to scale their AP process efficiently through automation. By working closely with the company and gaining an understanding of their unique needs, Enverus implementation staff worked to ensure that OpenInvoice perfectly integrated with their existing tech stack and workflow. From that point onwards, OpenInvoice served as the digital launchpad that gave Burk Royalty a competitive advantage through automated cost compliance and spend reconciliation, automatic coding and invoice approvals, and increased visibility into spend. The results? Less time spent on manual data entry, improved efficiency and a streamlined invoicing cycle capable of handling high volume.

I'm so thankful we got OpenInvoice because it provided us with a tool that could both scale with our company and free up back-office staff to focus on more important tasks, and that's just from the base OpenInvoice offering. We haven't even tapped into all the workflow assistance that can happen in smart coding and other automations— there's so much more inside of that package. Just the core standalone module was a complete game changer for us, and it really gave us enough headspace and breathing room to start thinking about our next moves strategically rather than worrying about how we were going to keep up with growth.
Weston Kingsley | Director of Technology
Weston Kingsley | Director of Technology

Results

Successful Growth With a Scalable Payables Solution Built for Energy

Burk Royalty leverages detailed well analysis and nimble field operations to increase production on underperforming wells, while maintaining mutually beneficial partnerships with their suppliers based on respect and transparency. By leveraging OpenInvoice, their operations teams were able worry less about invoices and focus on keeping production running. Back in the office, AP staff were able to standardize AP/AR processes across their suppliers, reduce time lost on manual data entry and invoice approvals, and efficiently manage their OFS spend during an unprecedented period of growth for the company. All this was accomplished while ensuring that suppliers were paid on time.

If somebody were to approach me and say that they were having an issue with AP, very frankly I would tell them to talk to Enverus about implementing OpenInvoice because the implementation was both very easy and widely accepted across the vendor landscape. One of the things I've also appreciated about OpenInvoice is the technical and customer service staff at Enverus. Their responsiveness and product and industry knowledge has been a huge help to our company throughout our relationship.
Weston Kingsley | Director of Technology
Weston Kingsley | Director of Technology

Customer

Burk Royalty

Industry

Company Size

83 employees

Location

Wichita Falls, TX

Product Featured

OpenInvoice

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