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by | Last updated Jul 5, 2022 | Published on May 18, 2022

The oil and gas sector is going paperless— at the speed of molasses.

Field tickets, service invoices, production statements, and division orders all generate volumes of paper that need to be entered into an accounting platform, and it seems like each producer, oilfield service provider, and vendor has their own way of doing so. Together, this can wreak havoc on the ability of a back office to efficiently manage the accounts payable function of an organization.

Thankfully, the digitization of accounts payable (AP) can lead to more efficiency, accuracy, and productivity. Transferring documents in the cloud or simply managing them electronically reduces waste, duplication, and the risk of lost paperwork, and increases the speed of the entire process. Employing an accounts payable technology system allows for:

  • Reviewing, analyzing, and resolving any over or under billings
  • Maintaining an up-to-date log of unpaid invoices
  • Outing invoices for approval
  • Paying invoices via ACH or physical check runs
  • Receiving and responding to invoice inquiries
  • Enhancing visibility into accounts payable cash flow
  • Transforming transactions electronically to route for approval

 

However, the technology— even with optical character recognition (OCR) tools that are designed to eliminate manual data entry— can’t work 100 percent autonomously.  An AP Specialist needs to verify that invoices are coded correctly and flow through the approval and payment process on time. Inconsistencies in formatting, type, and invoice complexities can lead to errors that need an actual human to identify and correct. So, what do you do when you see the value of streamlining your AP functions, but you recognize that it can’t be 100 percent hands-free?

How can we help?

The AP team at PetroLedger Financial Services can help set up and manage an integrated program to make vendor invoice tracking, payments, and expense billing easy. Our team can oversee an inbound stream of invoices and either proficiently code the expense directly or engage in a prompt conversation with the operations team to correctly designate the expense. Once in the system, expenses are routed for approval and ultimately released for payment either electronically or by physical check.

You don’t have to manage your AP functions alone— let PetroLedger be your hands-on back office and seamlessly streamline them for the digital world.

Think this technology could be a valuable resource for you? Contact us today to find out how we can help.

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ABOUT THE AUTHOR

<a href="https://www.petro-ledger.com/author/jcarrollpetro-ledger-com/" target="_self">Jonathan Carroll</a>

Jonathan Carroll

Author

Marketing Manager

Jonathan comes to PetroLedger with over 12 years in marketing and sales. He has extensive experience in the corporate and non-profit sectors and is driven to develop innovative solutions to problems using data driven analysis and a sharp eye for detail.

Jonathan is excited to be a part of the PetroLedger team and looks forward to sharing the vision and services of PetroLedger with an even broader audience.

Email Jonathan: jcarroll@petro-ledger.com