SPENDWORKS SAVINGS

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The figures are staggering. Studies show that the cost to process a single invoice can range from $20 to as much as $100. When you consider the number of invoices your company handles, this can really add-up. With the Spendworks ePayables system, companies can reduce these costs by as much as 70%.

 

Spendworks, gives your company the tools it needs to work smart. The system transforms the paper-based invoice process into one that is fast, efficient and electronic.

 

Spendworks significantly reduces the time it takes to manage the invoice process from receipt all the way to approval. In a recent study an oil company tracked the steps it took to purchase and pay for a piece of equipment. They discovered that their process took over 60 steps and required cooperation and input from personnel in several departments and field locations. Spendworks streamlines the entire invoice process, enabling companies to reduce process steps and associated costs as much as 70%.

Spendworks also frees-up the time of busy engineers, accountants and procurement professionals so they can focus on higher-value tasks instead of mailing, faxing and tracking down invoices and field tickets.

 

Spendworks customers process their invoices quickly. This means that they can take more early pay discounts than ever before. Our clients saved millions of dollars last year in early pay discounts, in total. In fact, one client reported that they saved enough money in early pay discounts, alone, to pay for their Spendworks system usage.

 

We understand that the financial operations of energy companies can be complex. With field operations located far from headquarters, it can be a challenge for companies to get the right information to the right people at the right time. As a result, critical business decisions are delayed or put on hold.

With Spendworks vendor invoices arrive in real-time so companies understand their operational costs and obligations as quickly as possible. And since Oildex is software as a service (SaaS), authorized managers, engineers and accountants can easily access information, day or night, in order to make critical decisions and respond to business conditions fast.

	Paper-based	SPENDWORKS	Savings
Average steps	40	10	75%
Average time in minutes	26	8	70%

Benefits of ePayables and eInvoicing:

      Improved efficiency

      Reduced costs

      Faster payment cycles to achieve early pay discounts

      Real-time spend visibility

      Remote access

Spendworks customers have reported increased efficiency and dramatically lowered costs.

 

Click here for more information on how you can improve your invoicing process with Spendworks, or email us at info@oildex.com