Oildex is constantly evolving OpenInvoice to further optimize its invoice and field ticket automation capabilities. In Q4 2017, we made five key enhancements to the OpenInvoice product line to improve the way buyers and suppliers collaborate to streamline field ticket and invoice processes. These updates allow suppliers to reduce the number of days from work performed to Invoice submission by eliminating duplicate data entry and delays in the field ticket approval process, and by making it easier to submit fully populated and compliant invoices. They allow buyers to eliminate unnecessary steps and data entry when coding and approving invoices to reduce their invoice cycle times, pay their suppliers faster, and take advantage of more early pay discounts. Here are short summaries of five of these enhancements.
Automatic Field Ticket and Invoice Coding by Product Classification
Until now, field supervisors had to manually code their field tickets. At least that coding automatically flipped to the invoice, so a supplier using OpenInvoice Field Ticket did not have to code the invoice manually. In addition, buyers often had to apply additional coding to process invoices. This new capability simplifies the coding process for both buyers and suppliers. When suppliers submit field tickets and invoices that reference a Price Book that includes the purchase category and/or item master, OpenInvoice automatically applies the correct General Ledger code. In addition, based on the buyer’s OpenInvoice configuration, the software automatically applies the correct code to a field ticket or invoice line item whenever the AFE, Cost Center, Purchase category or Item Manager identifier changes.
Coding Field Ticket to Multiple AFEs and/or Cost Centers
With previous versions of OpenInvoice, field tickets could only be coded to a single AFE or Cost Center. For complex services, Accounts Payable departments often had to manually review and split invoices based on comments provided by the field approver on field tickets. OpenInvoice now provides operator field approvers with the ability to allocate a field ticket to multiple AFEs and/or Cost Centers. The split allocations are automatically copied to the invoice at time of invoice submission, eliminating the manual process.
Price-Validated Field Tickets
Field tickets can now be automatically validated against an OpenInvoice price book, providing field approvers with real-time price compliance validation. Prior to this update, field approvers had to wait for the associated invoice to be validated, which could take weeks or months. Now, the field approver is able to ensure price compliance when approving the work. This provides a higher level of confidence that costs are accurate when entered into reporting systems.
Invoice Auto-Approval Based on Ticket Approval
OpenInvoice buyers now have the ability to further streamline the invoice approval process and significantly reduce invoice cycle times. Past processes involved invoices being sent to the field worker for sign-off, accuracy verification, and financial approval, creating long cycle times and additional steps for invoice approval. This new capability provides buyers with the ability to automatically approve an invoice, if presented to the same user who had approved all of the field tickets used as backup on that invoice. New configuration settings verify if all field tickets associated with an invoice were approved by the current invoice owner and if that user has the financial authority to approve the invoice.
Buyer-Initiated Field Tickets
In previous versions of OpenInvoice, suppliers had to create field tickets. With this new feature, buyers now have the ability to create and submit a field ticket to themselves on behalf of their registered suppliers. When used together with an existing feature to approve a field ticket via API, buyers can leverage field tickets that were approved in an existing process and/or system by introducing them into OpenInvoice as approved field tickets. Registered suppliers are able to easily convert those field tickets into invoices, decreasing efforts in submission, coding, and review due to a higher level of compliance.
Stay tuned for more OpenInvoice and Field Ticket enhancements in 2018!