Invoicing is one of the few processes remaining
in our industry that is still largely paper-driven.
Most energy companies spend millions of
dollars a year just processing invoices. Studies
have shown that processing invoices by energy companies can cost from $30 to more than $100 per invoice. OpenInvoice reduces invoicing costs by 50% to 80%. And leading companies are achieving this savings today.

Problem: In a typical organization, the field ticket to invoice process is time-consuming and onerous. Many people are involved in the process – field staff, operations staff, invoice coders, accounts payable staff, and sometimes even senior management. A similar list exists in the supplier’s organization. What’s worse, the process becomes even more tortuous if clarification is required, possibly leading to a disputed field ticket or invoice. Many hours are wasted by administrative and senior technical staff dealing with these issues.

Solution: OpenInvoice is a web-based system that automates and improves this whole process. And it provides a collaborative environment, bringing operating companies and suppliers together, eliminating the need to resolve disputes through fax, phone, email and voice mail.

Problem: energy companies struggle to understand and manage operational spend. Corporate financial systems typically don’t store spend data in a way that can be used effectively by operations and procurement staff. And yet, the ability to analyze spend information is exactly what is needed to streamline operational processes and reduce costs. Unfortunately, valuable information contained at the line item level in invoices is lost immediately upon receipt.

Solution: OpenInvoice provides a level of detail that enables analysis of operational spend characteristics. Operations and procurement staff can look at spend in a way that reflects how they do their business. And it automatically codes invoices for upload to the corporate financial systems, saving time for accounting staff also.