eBook

Touchless Invoicing

Avoiding the high cost of low-value invoices.

Chapter 1

Why Touchless Invoicing Makes Sense

Process automation is a proven way for energy companies to significantly improve the efficiency of operations.

Accounts payable is seen as a value driver by many business leaders. Advances in business automation technology offer automation of the invoice intake, review and reconciliation process, but there is still tremendous opportunity to accelerate this process further.

  • How to capitalize on touchless invoicing
  • Making touchless invoicing possible
  • Maintaining control
  • Conclusion

In an Ardent Partners 2022 survey, 57% of business leaders said invoice payment and approvals take too long. In addition, AP’s top hurdles remain tactical in scope and are linked to everyday activities.

Touchless invoice processing, where an invoice is received and approved without an AP person manually opening and reviewing the invoice, presents an opportunity for AP departments in energy to massively improve both operations and financial efficiency. It is cheaper and provides more return than any other invoice workflow.

How to Automate Approvals by Invoice Type

Overhead & Utilities

Invoice characteristics:

  • Consistent, recurring, predictable
  • Coding the same
  • Always pay

 

How to automate:

  • Programmatically code invoice
  • Threshold-based system approval
  • Exception routing
Pre-Approved Spend

Invoice characteristics:

  • Financial control in the requisition process
  • PO updated as goods delivered, services performed

 

How to automate:

  • Automated rate, scope and quantity
  • Programmatically code invoice from purchase order
  • Three-way system approval
  • Exception routing
LOE & Capex

Invoice characteristics:

  • Negotiated price agreement
  • Digital ticket with scope and quantity
  • Field team codes digital ticket and approves with e-signature

 

How to automate:

  • Automated rate compliance enforcement on ticket and invoice
  • Automated rate, scope and quantity compliance enforcement on ticket and invoice
  • Programmatically code ticket from price book
  • Programmatically code invoice from price book or ticket
  • Exception routing

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