The oil and gas sector is going paperless; at the speed of molasses. Field tickets, service invoices, production statements and division orders all generate volumes of paper that needs to be entered into an accounting platform. And it seems like each producer, oilfield service provider and vendor has their own unique format. Together, this can wreak havoc on the ability of a back office to efficiently manage the accounts payable function of an organization. Thankfully, the digitization of accounts payable (AP) can lead to more efficiency, accuracy and productivity. Transferring documents in the cloud or simply managing them electronically reduces waste, duplication and the risk of lost paperwork, and also increases the speed of the entire process. Employing an accounts payable technology system allows for:
- Reviewing, analyzing and resolving any over or under billings
- Maintaining an up-to-date log of unpaid invoices
- Routing invoices for approval
- Paying invoices via ACH or physical check runs
- Receiving and responding to invoice inquiries
- Enhancing visibility into accounts payable cash flow
- Transforming transactions electronically to route for approval
However, the technology, even with optical character recognition (OCR) tools that are designed to eliminate manual data entry, can’t work 100% autonomously. An AP Specialist needs to verify that invoices are coded correctly and flow through the approval and payment process on time. Inconsistencies in formatting, type and invoice complexities can lead to errors that need an actual human to identify and correct. So, what do you do when you see the value of streamlining your AP functions but recognize it can’t be 100% hands-free?
The AP team at The Resource Group can help set up and manage an integrated program to make vendor invoice tracking, payments and expense billing easy. Our team can oversee inbound stream of invoices and is proficient in coding the expense directly or engaging in a prompt conversation with the operations team to correctly designate the expense. Once in the system, expenses are routed for approval and ultimately released for payment either electronically or by physical check. Let us be hands-on so you don’t have to manage it.
Think this technology could be a valuable resource for you? Contact us today to find out how we can help.