Thanks to Spendworks we’ve drastically reduced the amount of time it takes to process our ever growing number of invoices. Our employees are able to process many more invoices than before. And because of this new level of efficiency, we can now take advantage of early pay discounts which we had difficulty doing in the past. This has saved us a bundle.
WPX Energy
Oildex's Spendworks is an A/P automation and electronic invoice processing system designed specifically to help oil and gas companies improve workflow and productivity. With Spendworks, businesses process invoices in days rather than weeks – allowing them to take advantage of early pay discounts and other cost savings. Spendworks is easy-to-use, integrates with all major accounting and ERP systems and can help companies dramatically improve workflow while reducing errors and delays.

With Spendworks, managers, engineers, and accountants can quickly and easily process and track the status of all invoices in real time, whether they are electronic or paper, speeding up the approval (or dispute) process.

And now, Oildex can deliver up to 100% of invoices electronically through its new Spendworks Complete module, a cost-effective alternative to scanning and indexing paper invoices in-house.
Spendworks streamlines the entire invoice handling process – from receipt all the way to approval – so workers don't have to manually enter, route, and code paper invoices. Suppliers just electronically upload an invoice directly into the Spendworks application, where users can electronically code and route it and managers can dispute or approve it. And if vendors cannot send invoices electronically, no problem. Users can simply scan a vendor's paper invoice and then process it using the Spendworks system.
With Spendworks, processing invoices is quick and easy. Whereas manually processing invoices can take weeks, the Spendworks system takes only days (sometimes only hours) to process invoices. And faster invoice processing enables companies to capture more early pay discounts.

Indeed, one of the great benefits of the Spendworks system is that it allows oil and gas companies to take advantage of suppliers' early pay discounts – even going so far as notifying users when an early pay discount is about to expire, so they can be sure to take advantage of it. And those savings can really add up. In fact, one Oildex customer saved more than 10 times its annual Spendworks bill thanks to its ability to take advantage of early pay discounts. See our case study for more information on our client's early pay discount success.

And now, with Spendworks' new smart terms and discount functionality, oil and gas operators can take charge of their cash flow and maximize their discounts. That's because, by virtue of Spendworks' tight integration with industry leading ERP systems, Oildex captures both the terms submitted on the invoice and the terms stored in the ERP system then intelligently chooses the best option for presentment right in the workflow, regardless of whether the invoice was submitted electronically or scanned from a paper original. This simple interface ensures operators are utilizing the best payment and discount terms saving them money and better managing their cash flow. See our news release for more information on Spendworks' smart terms and discount functionality.
Oildex understands that while Spendworks clients prefer to receive the majority of their invoices electronically, some vendors will continue to submit paper invoices. With Spendworks, those paper invoices can easily be scanned, and then indexed and processed the same way a digital invoice would be. Moreover, companies can choose whether to scan paper invoices using their own equipment, or outsource the management of this process to Oildex.
Supplier cooperation is key to the success of an ePayables system. That's why Oildex created a revolutionary vendor enablement training and support program. As a result of this program, vendors of all sizes can now send invoices electronically to their clients, and get paid faster than ever before. In addition, Oildex provides one of the largest supplier networks in the oil and natural gas industry, giving Spendworks users access to thousands of energy industry suppliers and service companies who send digital invoices.
Spendworks stores all invoice-related information, including field tickets, purchase orders, contracts, and audit history in a centralized electronic repository, which users throughout the organization and auditors can securely access to obtain the information they need when they need it.
All Oildex services are SSAE 16 Type 2 compliant. Successfully completing the Statement on Standards for Attestation Engagement (SSAE) 16 SOC 1 Type 2 audit process demonstrates that Oildex is committed to providing customers with a standard for system-wide reliability and data protection.

Click here to read more about Oildex's SSAE 16 SOC 1 Type 2 compliance.
Easy, on-the-go convenience of Spendworks in your pocket.

Oildex understands the real work in the Oil & Gas industry does not happen behind a desk but in the field and on the go. With Spendworks Mobile Approval, companies maximize productivity with anytime, anywhere access to Spendworks 4. Users review, approve, comment and route vendor invoices using iOS and Android powered smartphones and tablets.

On-the-go convenience to invoices means shortened approval cycles, greater opportunity to capture early payment discounts and better cash flow management.

Spendworks Mobile is a complimentary feature of Oildex’s Spendworks 4.

Click here to read more about Oildex's Spendworks Mobile Approval.
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