6 Oilfield Invoicing Strategies That Improve Your Cash Flow

Posted by Cantrell Jackson on Jan 2, 2019 1:00:00 PM

6 OILFIELD INVOICING STRATEGIES THAT IMPROVE YOUR CASH FLOW

Getting your invoices out the door is the only way your company can receive payments for oilfield work. So, removing any bottlenecks in the process is an important way to improve cash flow.

Regardless if you prefer paper tickets or if you’re looking to transition to digital process, we’ve outlined some effective strategies at improving your cash flow with the best oilfield invoicing strategies.

(Free download: The Key to Quicker Oilfield Payments in 2019)

 

1. Leverage New Technology

Arguably the best strategy for improving your oilfield invoicing is incorporating new technology, namely Roustabout Software. There are two ways you can effectively implement these digital methods using our software.

The first way is by going entirely digital and equipping your team with tablets in the field and the Roustabout Software mobile app. You’ll simply download the app and complete all of the ticketing steps via cloud-based software. 

We understand that not every team is ready for paperless ticketing processes, so the alternative way is by combining your paper ticketing system with our digital web-based software. This allows you to track tickets and submit invoices faster.

That means more visibility and transparency into your paper process, no more duplicate documents or endless chains of emails trying to keep track of all of your company projects.

 

2. Retrieve Required Signatures Faster

It’s frustrating when you are ready to submit an invoice, but there is one signature slowing down the process. With Roustabout Software, you can quickly receive the right signatures on the ticket from the field digitally, so you don’t have to wait for the paper tickets to make it back to the main office (and risk getting lost).

Also when it comes to getting invoices signed, Roustabout Software has a specific process designed to help know which invoices are waiting for signatures, and who is responsible for collecting those signatures.

 

3. Data Entry Batching

If you choose not to go full digital with tablets, our software allows you to scan field tickets into Roustabout Software and the software automatically combines them into one data entry batch containing each one of the tickets. We have made data entry quick and easy with our side-by-side display.

We also have a zoom-over feature to help read small print or bad handwriting to determine if the content is accurate.   Also after you finish one ticket, it’ll immediately bring up the next ticket for data entry, and you’ll start from the beginning. It’s that easy.

 

4. Classify Projects to Keep Work Organized

One special feature of Roustabout Software is its powerful organization capabilities. As you’re entering the data for your field ticket, there are two categories you can select items from for each ticket you process.

  1. Job Type - A broader category containing the job or services your organization will provide.
  2. Asset - Anything and everything billable you’ll need to get the job done, which might include something as small as a tube of grease to as large as a backhoe, or just the manpower it takes to accomplish the task. 

Roustabout Software will automatically calculate the ticket total based on the pricing parameters you’ve set within the Software.

 

5. Color-Code any Questionable Tickets

If your invoices are inaccurate, it’ll likely slow down your cash flow because you’ll have to correct it and resubmit. 

Using our data validation and verification strategies in Roustabout Software, certain elements of your tickets can be checked automatically and are flagged using our color coding system if something seems a bit off.

For example, if you have two tickets with the same ticket number, then you’ll have to determine which one is the correct ticket. After review, you might find one had incorrectly few missing assets and the second one was uploaded later as a corrected ticket.

You’ll determine accuracy by conducting a quick side-by-side analysis to review the tickets. Once you’ve fixed the error, then you can mark the accurate ticket for approval and void the inaccurate ticket.

 

6. Integrate Your Accounting Software with Your Ticketing Process

The most powerful feature of Roustabout Software is its ability to integrate with QuickBooks (or any other open accounting software). Rather than having to manually create individual invoices in your accounting platform for the tickets you’ve just processed, you can simply transfer the data directly to your accounting software.

So, after checking all of the line items once more, with a few clicks all of your invoices can be created automatically!

You’ll have each of the tickets for a particular job and all the relevant documents attached directly behind the invoice for quick and easy review.

To learn more about how to streamline your oilfield processes, download our FREE guide. It’ll outline strategies to improve your invoicing processes in 2019.

How to Optimize Your Processes for Faster Oilfield Payments

Topics: Invoicing, Ticketing, Oilfield