Small and mid-size energy services companies deal with the same payables issues
the very large energy services companies deal with:
- High invoice volume per project
- Invoice receipt at multiple locations
- Tracking down and researching the status of invoices
- Monitoring project expenses
Energy companies, such as those in exploration and production, are usually responsible
for multiple projects and fields where invoices are received from many different
independent contractors and distributors. Typically, these invoices must not only
be reviewed by the project manager or engineer on-site, but also corporate. The routing of invoices
from the various on-site locations to corporate can result in invoices being paid
late or even lost, which can result in significant late fees. Payables Lockbox eliminates
these issues by providing one centralized receipt location where the extraction,
sorting, and processing of invoices can be done for them.
Since there are a large number of materials and services generally required for
a project, it’s important for a project manager not only to have insight into what’s
been spent on the project to-date, but also to what is outstanding and currently in
the approval process. The Payables Lockbox system allows a manager to easily find
invoices for a project that have already been paid, as well as those invoices that
are currently in the approval process or are being held for payment. When a vendor
calls and asks about the status of an invoice for payment, it’s only a matter of seconds
for a manager to find the answer in Payables Lockbox.