Source-to-pay best practices

For oil and gas

Receiving

Best Practice #4

Use digital field tickets
  • Not all digital invoicing solutions are created equal. 

  • Digital ordering, ticketing and invoicing are the cornerstone of streamlined supply chain and accounts payable processes for buyers and streamlined accounts receivable processes for sellers.

  • To scale your business, adapt to changing market conditions, and properly set your business up for future growth, it’s important you choose a solution that can grow with you.

  • Cloud-based, mobile-friendly software provides convenient, secure access anywhere, any time so company personnel can review and approve invoices securely from any device.

  • When electronic ticketing to verify scope and quantity and electronic price books to verify pricing are added to the process, operators can enable “touchless invoicing” automation for invoice auto-approval.

  • The capture of complete and clean spend data allows for detailed analysis.

True or False

Electronic field tickets, on average, provide between 10-20% faster visibility into loe spend.

You're incorrect. It's false!

Enverus customers using electronic field tickets report 30-50% faster visibility into LOE spend for improved cost management.

← Back to the question

Correct. It's false!

Enverus customers using electronic field tickets report between 30-50% faster visibility into LOE spend for improved cost management.

← Back to the question

4 ways digital field tickets improve operations

Shorter invoice cycles

Digital field tickets accelerate ticket approvals, suppliers can submit invoices for payment faster. Automatic price validation between a field ticket and invoice eliminates manual work.

Faster spend visibility

Access to ticket data provides visibility into accruals and operations spend, improving budgeting and forecasting.

Optimize operations

Digital tickets provide valuable, detailed data for field operations analysis and eliminate needless travel to deliver paper tickets.

Strengthen vendor relationships

Faster approvals, better communication, and shorter payment cycles strengthen vendor relationships.

About openticket

  • OpenTicket, a cloud-based field ticket management solution, empowers operators and suppliers to generate, review, and approve digital field tickets for faster invoice approvals and payment.
     
  • It integrates with the dominant morning reporting systems for ticket automation.  When engineers and field managers enter daily cost data that align with field tickets, the tickets can be auto-approved as they come in.
     
  • OpenTicket Mobile, the mobile app included with OpenTicket, accelerates the submission of that data by service providers, allowing two-way integration.
     
  • OpenTicket is agnostic and accepts electronic tickets from suppliers’ ticket generating system of choice.  The best integration is with the Oilfield Services Suite, the Enverus field ticket solution designed for oilfield service companies.
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Audit

Prevent overbilling before payment

  • Catching this overbilling before payment is a far better practice than audit and recovery.  It is cheaper, more effective and happens in real-time as opposed to a year or two down the road.

  • Use price books to verify pricing.

  • Automation can verify or dispute transactions represented by tickets and invoices. 

True or False

Billing audits result in 50% recovery rate of lost funds on average.

You're incorrect. It's false!

The industry average recovery rate on billing audits is only 30%. This doesn’t account for the extra time and expense to perform these audits.

← Back to the question

Correct. It's false!

The industry average recovery rate on billing audits is only 30%. This doesn’t account for the extra time and expense to perform these audits.

← Back to the question

About audit intelligence

  • Audit Intelligence prevents overbilling by automatically identifying scope and quantity issues and either automatically disputing or separating a problem ticket before invoicing.

  • Preventing the money from walking out the door in the first place, as opposed to audit and recovery, is far more effective.

  • Audits can only cover a certain percentage of the spend, typically recover only 30% of the overcharged amount and are typically 1-2 years after the charges.
     
  • Water hauling and roustabout service work are the most notorious sectors for overbilling. 

Want to learn more?

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We’ll follow up right away to show you a quick product tour.