Oildex Invests in Upgraded Early Payment Discount Functionality for its ePayables Solution
DENVER and HOUSTON – November 19, 2013 – Oildex, the innovator of smart information management solutions for the Oil and Gas industry, is pleased to announce the release of its smart terms and discount functionality for its A/P eInvoicing and workflow solution - Spendworks.
With the Spendworks software, oil and gas operators receive their suppliers' invoices electronically
and efficiently move the invoices through the coding, routing, commenting and approval processes. Oildex's new "smart terms and discount" functionality works within this A/P process and makes it simple for companies to ensure they're capturing the best payment terms and discount opportunities available. By virtue of a tight integration with an operator's ERP system, Oildex captures both the
terms submitted on the invoice and the terms stored in the ERP system then intelligently chooses the best option for presentment right in the workflow, regardless of whether the invoice was submitted electronically or scanned from a paper original. This simple interface ensures operators are utilizing the best payment and discount terms saving them money and better managing their cash flow.
"Oildex continually evolves its Spendworks product with the goal to meet, if not exceed, our customers' needs," said Dana Pasquali, Director of Product Management. "Adding smart terms and discount functionality allows oil and gas operators to take charge of their cash flow and maximize their discounts."
About Oildex. Oildex provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and gas industry. The Oildex suite of services streamlines operations, enabling companies to shift from paper-based processes to electronic, and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: electronic and scanned invoice processing (Spendworks™ and Spendworks Complete™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ - CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB
processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information, please visit www.oildex.com.