Simplify Joint Interest Billing Approvals And Payments
Challenges Handling Joint Venture Invoices
Process Inefficiencies
Validation exceptions, out-of-band approvals and manual voucher handling for JIB invoices consumes valuable employee time and complicates the monthly financial close process.
Lack of Consistency
JIB size and complexity warrants different systems and processes for approval and workflow handling, creating fragmentation and inconsistent views of data.
Complex Audit Controls
Financial approvals and payment processing are audit-sensitive; higher complexity adds cost and reduces transparency.
High Admin Costs
Supporting different processes and systems for operated and non-operated invoice processing increases overhead and total cost of ownership.
Benefits of JIBFLOW
Save Time & Money
Reduced time and effort and improved quality of monthly financial close processes significantly lowers total cost of ownership.
Simplify Processes
Reduce complexity and overhead costs in audit, controls, processes, training and administration.
Consolidate Data
Fewer systems, integrations and processes means less fragmented sources-of-truth and easier reporting.
Improve Communication
Decrease inquiries for JIB payment status from operators with ability to see OpenInvoice payment status in EnergyLink.
Red Wolf Natural Resources Significantly Shortens The JIB Approval Process.
Why JIBFLOW?
- Experience seamless approval workflow for operated AP and non-operated joint venture invoices.
2. Eliminate manual uploads of JIB data to your accounting system.
3. Streamline invoice correction and amendment workflow, preserving end-to-end audit history.
4. Realize efficiencies with enhanced validations against your master data.
HOW JIBFLOW WORKS
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.
Learn how JIBFlow delivers a seamless workflow by feeding joint venture invoices from operators in EnergyLink directly into OpenInvoice.
Solution Overview
