Blog

The Power of AP Business Process Workflow

Depending on the financial controls and size of an E&P company, there might be one approver or multiple approvers involved in AP invoicing, a process that is still heavily dependent on interoffice document shuffling.  And expenses may need to be approved by a manager if a certain limit is exceeded or even require controller sign-off.…

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Oil & Gas Accounts Payable Digital Transformation

A recent IOFM surveys suggests that 63% of financial professionals still cite paper-based processes and manual data entry as the top challenges to efficient operations. As the digital oilfield slowly evolves toward a completely digital invoicing ecosystem, operators continue to be flooded with physical invoices. And the fact is, the digital oilfield may never go…

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Inbound Expense Accrual: A Moving Target

Despite digital oilfield advances, the oil & gas business still runs on paper. This is especially apparent in field operations where the bulk of purchasing transactions take place, including services for drilling contractors, hydraulic fracturing, pumpers, equipment repair, and workovers. There are also a wide variety of tangible costs incurred, such as drilling mud, casing…

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Creating a Clear View of the Expense Pipeline

As an oil & gas operator, financial success is defined by both revenue generation as well as your ability to anticipate daily operating expenses and minimize costs. However, paper-based accounts payable processes, vendor invoicing complexity, time-consuming invoice coding, and manual approval workflows create uncertainty and poor AP visibility. All too often, the result is an…

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