Thelma and Louise, Chewbacca and Han Solo, the Blues Brothers…these are just a few famous dynamic duos from the big screen. Dynamic duos are fun to watch in the movies because they work better together.
Like these big screen duos, Enverus is excited to launch its own dynamic duo with EnergyLink and OpenInvoice integration. JIBFlow provides a single streamlined solution to handle JV and AP approvals in one system. The upgrade, available to users of both EnergyLink and OpenInvoice, simplifies the complex JIB administrative process by combining key strengths of both platforms. EnergyLink handles a huge amount of account level detail on complex invoices. In fact, over the last 12 months, over 4.5 billion lines of data were exchanged through the platform. OpenInvoice handles a high invoice volume and offers a robust approval workflow and automation capabilities for an organization.
Customers using both EnergyLink and OpenInvoice can seamlessly feed their joint venture invoices from operators directly into OpenInvoice. With the JIBFlow upgrade, customers gain advanced approval workflows and automation for JIBs with OpenInvoice’s validation and ERP integration capabilities, while maintaining coding and disputes in EnergyLink.
See the seamless transfer in action at the video below.
Challenges of the JIB Process
As back office digitalization continues to evolve in oil and gas, companies require more flexible and complex approval workflows. Historically, the size and complexity of JIBs lead most companies to introduce different processes and/or tools to manage JIB approval workflow separately from AP invoice approval workflow. Some of the many flavors include accounting system add-ons, 3rd party software applications, emails and even paper signatures. This disjointed process is inefficient and raises total cost of ownership.
A Dynamic Duo That Provides a Single Source for Invoice Approvals
With JIB integration from EnergyLink, OpenInvoice can now be a single source for invoice approvals. When a JIB invoice is ready to be approved, an accountant can send it from EnergyLink to OpenInvoice via a seamless connection. Clients can now benefit from the automation capabilities in OpenInvoice including automatic routing, automated code verification, and even automatic approval of low value invoices.
With the JIBFlow upgrade, companies can:
- Save Time – Reduce time and effort spent processing JIB invoices and improve quality of monthly financial close processes, significantly reducing total cost of ownership.
- Consolidate Data – Fewer systems, integrations and processes mean less fragmented sources-of-truth
- Simplify Processes – Lower complexity and overhead costs in audit, controls, processes, training and administration
- Streamline Communication – Alleviate phone calls and emails for JIB status from operators by providing them the ability to check the status of their JIB payments in EnergyLink.
While the dynamic duo that makes up JIBFlow might not be a comedic act like Jake and Elwood Blues or The Lion King’s Pumbaa and Timon, the integration of OpenInvoice and EnergyLink simplifies a historically complex approval and payment process, giving oil and gas accountants the last laugh.
Are you interested in streamlining your JIB processing with JIBFlow? Fill out the form below for a free demo.