Invoicing and Accounts Receivable Management
” ofsERP Invoicing & Accounts Receivable Management was specifically to fulfill the needs of oil field service companies. “
Oilfield service invoicing needs can be complex:
At first glance, most people not familiar with the oilfield service industry would believe that a typical company’s billings & accounts receivable needs are not that complicated. We actually hear that statement all the time. Companies we meet say there’s nothing really special about our billing needs.
What these people aren’t considering is that it’s common everyday practice for our clients to be invoicing a customer for the sale of an inventory item, billing them for equipment rental, charging a customer for the damage done to a piece of equipment they rented & returned last week, invoicing a customer for an agreed upon milestone reached within a job and all the while we need to track & verify the customer’s credit limit and make sure they are up to date with payments before committing any resources for any of this stuff.
Often pricing is different, not only determined by customer, but by job, or by location. Rental rates may include a flat fee for a minimum number of days and a separate charge for each day beyond. Sometimes equipment is rented by the hour, day, month, run-time or other meter readings, and when standby charges may apply when not in use.
Field tickets, run tickets, and bills of lading may need to be attached with the invoice to complete an “invoice package” to send to the customer. And many operators require their oilfield service suppliers to translate the suppliers’ codes to the operator’s code and upload the invoice and tickets to Oildex, AD open invoice, and other portals.
Suddenly the oilfield service industry just became a whole lot more complex. In fact, solving ALL these challenges is nearly impossible for most systems.
ofsERP Invoicing & Accounts Receivable adds features to Microsoft Dynamics NAV specifically for the oilfield service industry and allows you to:
- Maintain Customer specific contract pricing for items, equipment rental, services rates, labor rates & more.
- Price separate pricing for different jobs and sites.
- Quickly create quotes and convert these to orders and invoices
- The ability to upload your invoices and associated field tickets to operators’ billing portals (e.g. ADP òpen invoice, oildex, cortex, and others)
- Handle the varied field ticket-to- invoice relationships: one to one , many to one, and sometimes further complicated with run tickets, drop tickets, disposal tickets, and bills of lading.
- Accurately track receivables and create mail merge statements, invoices, etc.
- Quickly process credit memos as needed.
- Handle prepayments.
- Operate with one fully integrated system that maintains accounting controls throughout
- Calculate sales taxes and the amount to remit on a cash basis.