Source-to-pay best practices

For oil and gas

Source
Contracts
Order
Receiving
Invoicing
automate-oil-and-gas-procurement-with-OpenOrder

Invoicing

Best Practice #5

Digitalize your accounts payable process
  • Not all digital invoicing solutions are created equal.
  • Digital ordering, ticketing and invoicing are the cornerstone of streamlined supply chain and accounts payable processes for buyers and streamlined accounts receivable processes for sellers.
  • To scale your business, adapt to changing market conditions, and properly set your business up for future growth, it’s important you choose a solution that can grow with you.
  • Cloud-based, mobile-friendly software provides convenient, secure access anywhere, any time so company personnel can review and approve invoices securely from any device.
  • When electronic ticketing to verify scope and quantity and electronic price books to verify pricing are added to the process, operators can enable “touchless invoicing” automation for invoice auto-approval.
  • The capture of complete and clean spend data allows for detailed analysis.

True or False

Accounts payable automation is for large companies only.

True
False

You're incorrect. It's false!

Energy companies of all sizes can benefit from AP automation. In fact, Enverus also offers OpenInvoice Essentials for companies that process 10,000 or fewer invoices per year.

← Back to the question

Correct. It's false!

Energy companies of all sizes can benefit from AP automation. In fact, Enverus also offers OpenInvoice Essentials for companies that process 10,000 or fewer invoices per year.

← Back to the question

4 things you need for ap automation

Extensive supplier network

The best supplier-facing solutions make the supplier's experience better, enhance their ability to run their business, ensure participation in the network and are actively cultivated, connecting buyers and suppliers that actively do business.

Optimize operations

The platform should offer a free option for suppliers to submit tickets and invoices. Larger suppliers generally have the scale and resources to implement digital solutions for transactions. But mid and small-sized suppliers are a large portion of transaction volume. The best solutions offer options to the full range of suppliers, including those without the need for large, expensive software packages.

Touchless invoicing automation

A platform with electronic ticketing to verify scope and quantity and electronic price books to verify pricing enables “touchless invoicing” with configurable auto-approvals if the data meets certain criteria. This saves a significant amount of time for AP teams by reducing the number of manual touchpoints needed to process invoices.

About OpenInvoice

OpenInvoice is an accounts payable software solution that helps operators, service companies and midstream companies collaborate with their vendor network to automate compliance and reconciliation of invoices to purchase orders, pricing contracts, and field tickets.

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About virtual card

  • Access to the largest upstream vendor network – The Enverus network connects more than 400 E&P’s and 98,000 vendors transacting $190 billion in spend data through Enverus technology, resulting in a best-in-class network that elevates the industry standard in connectivity, data, and digitization value.
  • Scalable workflow solutions – OpenInvoice expands and contracts alongside your changing business needs, maximizing value at every stage of growth. Connecting PriceBook and OpenTicket streamlines the entire AP process, leading to higher processing efficiency, lower G&A costs, better cash management and improved supplier relationships.
  • Convenient, secure access anywhere, any time – OpenInvoice is a cloud-based, mobile-friendly SaaS application that allows company personnel to review and approve invoices securely with broadband or Wi-Fi internet access from any smartphone, tablet, laptop or desktop computer.
  • Access world-class spend data analytics to fully optimize your supply chain – Capture digital data at the line item detail level, turning OpenInvoice into a digitization launchpad for world-class spend data analytics solutions including Audit Intelligence and OpenInsights. These solutions turn your data into actionable insights to address the complex issues of the oil and gas supply chain.

4 things you need for ap automation

Faster invoicing

Automated compliance and reconciliation checks, supplier collaboration tools and the ability to quickly reconcile invoices with field tickets, POs, and pricing contracts reduce workload, enable faster payment, and allow for early-pay discounts.

Better cost management

Keep costs in line by detecting rogue spend and pricing exceptions, and gain early insight into budget problems.

Increase productivity

A streamlined process frees up time and enhances your vendor relations so you can focus on your operations.

Fast supplier adoption

OpenInvoice connects your company to the largest oil and gas supplier network for easy information exchange.

The openinvoice network

E&p and midstream companies

400+

Service providers

98K+

Annual spend transacted

$190B

Openinvoice case studies

Playlist

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