Have you ever wondered what aspects of your field services business make you a more attractive vendor to major producers than the next guy? If you have, wonder no more.
We recently hosted a free online webinar with EnerVest – a large US Operator and MLP. Operating in 12 US States, and with over 18,000 wells – EnerVest offered some interesting insight around the key criteria they consider when looking to acquire service vendors. Turns out automating your invoicing could make all the difference when you’re being considered for that next job among your competition.
Operators love electronic invoicing because it helps them cut costs, decreases vendor calls for lost invoices and improves workflow management.
You’ll love electronic invoicing because it will lower your Days Sales-Outstanding (DSOs) and help you get paid faster. With increased cash flow your organization can react to new business opportunities with agility and confidence. No longer will your accounting and finance personnel struggle with the expense and hassle of physically mailing invoices to operators. Our clients have consistently realized immediate reductions in DSO’s with the implementation of an automated billing process between themselves and their operators. Overall, EnerVest has seen the time spent to process an invoice diminish from 8-12 weeks to 3-5 weeks. In other instances, at VistaVu – we’ve seen our clients reduce their DSOs with our field ticketing software, FieldVu, by as much as 50% – going from 45-60 days down to 15-30 days of Days Sales Outstanding.
