Oil And Gas Industry
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Oil And Gas Industry

Gain Complete Control over Your Cash Flow… And Keep the Oil Flowing

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Gain Complete Control over Your Cash Flow… And Keep the Oil Flowing

 

As the global oil supply and demand becomes more balanced, the oil price crash that began in 2014 is poised to come to an end. With oil prices rebounding, the oil and gas industry looks to gain back stability, and usher in an improved investment climate.

 

Key focus areas

  • Achieving better cost efficiencies
  • Improving profitability through business process improvement
  • Ensuring compliance with evolving global regulations and corporate policies

However, given the current state of the market, enterprises continue to focus aggressively on boosting efficiency and driving down production expenses.

 

Faced with increased revenue pressures, oil and gas firms are adopting electronic invoice processing solutions to streamline financial operations and achieve real-time ontrol over payables.

Key challenges in oil & gas

 

Large capital projects define the oil & gas industry. That means huge volumes of invoices on a recurring basis. However, the real trouble is with manual, paper-based invoicing processes and lack of integrated solutions that can provide greater visibility into the value chain.

Industry-specific pricing and invoicing situations

  • Spend processes that occur remotely in the field or a distant facility
  • Issuance of handwritten, field tickets as a receipt for complex services rendered on-site
  • Varying price ranges for services across oil well sites
  • Reporting from multiple locations and disparate systems

 

KEY Challenges

  • Poor data quality and increased errors
    Poor data quality and increased errors
  • Higher Days Sales Outstanding (DSO) figures, leading to working capital shortages
    Higher Days Sales Outstanding (DSO) figures, leading to working capital shortages
  • Delayed approvals and payments, and increased escalations
    Delayed approvals and payments, and increased escalations
  • Lesser opportunities for early payment discounts
    Lesser opportunities for early payment discounts
  • Inability to plan resource allocation based on different locations
    Inability to plan resource allocation based on different locations

REDEFINE INVOICING STRATEGIES: THE INVOCUS ADVANTAGE

 

At Invocus, we understand Cash is King. To enable improved control over cash flow, we have crafted an end-to-end e-Invoicing solution. Our solution helps upstream, midstream, downstream or oilfield service companies manage complexities by replacing legacy systems and manual accounts payables processes with automated and touchless invoicing. From field-based employees to suppliers, every stakeholder across the value chain can achieve greater efficiencies with our solution.

 

It’s not just about reducing your invoice processing time.

By adopting our flexible and integrated solution, you can reduce complexities, and ultimately improve profitability.

WHAT YOU GAIN

 
  • Improved capital management
  • Reduced costs across operations
  • Improved risk management, effective regulatory compliance
  • Greater savings through optimal utilization of on-contract discounts
  • Upfront visibility across the lifecycle of invoices
  • Better cross system control for companies focused on M&As

BENEFITS OF INVOCUS PORTAL BASED TOUCHLESS E-INVOICING SUITE

 

SUPPLIER INFORMATION MANAGEMENT

  • Compliant onboarding via supplier portal for self-registration
  • Effective data management via centralized repository, hassle-free document tracking, and audit trail management
  • Supplier risk management through data enrichment, risk alerts and risk scores

SUPPLIER SELF-SERVICE E-INVOICING

  • Easy payment tracking along with status updates, and configurable alerts on pending requests
  • Any format invoicing, with ICR to extract invoices from images
  • Early payment discounts with automatic calculation of discount due dates and amount

TOUCHLESS INVOICE PROCESSING

  • Automated 2-way and 3-way matching, along with easy exception handling
  • Customizable and condition-based approval workflows
  • Downloadable pre-canned reports, with easyconversion to charts and graphs

DYNAMIC DISCOUNTING

  • Customization of your dynamic discounting program based on savings targets
  • Easy collaboration with suppliers on program roll-out, payment dates and discount values
  • Centralized tracking of program savings and supplier acceptance

See E-Invoicing In Action
 
Our Solution Consultants will show you the power of AP Automation, discuss use-cases, and help your business transform payables into strategic assets.