Purchasing and Accounts Payable Management
” Purchasing is one of the most important functions in an oilfield service company, it can dramatically impact cash flow. “
Microsoft Dynamics NAV Accounts Payable functionality easily handles the day-to-day A/P entry and send payments by check or electronically via ACH. With A/P you can automate recurring bills, create G/L distributions for different vendors, scan in invoices to reduce data entry, manage prepayments, handle multi-currency, and much more.
Oil field service Purchasing:
Attempting to track purchasing activities for an oil field service company is not an easy task for most systems. Consider that it’s not uncommon for a company to have purchasing requirements for equipment rentals (and sub-rentals), job specific purchase, repairs & maintenance, inventory items, manufacturing requirements, and fixed assets. Maintenance costs, even fuel, can be tracked to a particular truck or driver. Serial and lot number tracking can be used when needed, and the Tracing feature will show all transactions from purchase through to the sale to the customer, including manufacturing if applicable. Handling all this without an army becomes challenging for any system that was not specially designed for these task.
Making sure your people have the tools, equipment, chemicals, and parts required when they need them is a complex job & very important part of oil field service.
Leveraging your buying power to ensure you get the best possible pricing can be overwhelming when not assisted by automation. Maintaining & managing alternative vendor options complete with their part numbers, lead times, etc. (just in case you need them in a hurry) can be a full-time job in itself.
Over ordering kills your cash flow. Under ordering can result in delaying the start of new jobs, and delay jobs already in progress, creating costly mistakes and loss of customer goodwill.
Microsoft Dynamics NAV Purchasing & Payables is fully aware of your inventory levels at all your locations. With ofsERP, it also knows where your equipment is located, and it’s status or availability to transfer to another location if needed. Everything is connected. Bolt on products (by design) lack the functionality, reliability, and the security required by today’s modern businesses. Not operating in “real-time” with up-to-the-second data is no longer an option is today’s competitive world. Making bad decisions based on obsolete or bad data can quickly kill a company’s profitability, reputation and cost you customers in the process.
ofsERP Purchasing & Payables was designed from the ground up for the oil field service industry and allows you to:
- Operate in Real Time.
- Operate with one fully integrated system that maintains accounting controls throughout.
- Maintain Vendor Contract Pricing for items, equipment, tools, & more.
- Create PO’s from Sales, Rental, or Maintenance orders.
- Maintain multiple location addresses and costs.
- Quickly create requisitions or orders.
- Handle & track drop shipments and sub-rents.
- Order non-stock items.
- Manage & track partial and blanket orders.
- Manages item substitutions and cross references.
- Accurately track payables and vendor performance.
- Track vendor fill rates.
- Receive & invoice as separate functions.
- Handle prepayments.
- And more …