RigER’s mobile invoicing allows you to create invoices in the field so that they can be approved on the spot and delivered as soon as the job is done. Everything is stored securely in the cloud so you’ll be notified when due dates are approaching or elapsed. You’ll avoid big mistakes like forgotten invoices, and smaller ones too like messy handwriting or a pesky ink smudge.
Time has always been money, but more than ever, efficiency is crucial to staying ahead of the curve.
Cashflow is crucial to a business’ healthy operations. Setting up digital invoicing ensures you’ll improve your DSO and keep the cash flow flowing.
We’ve all been the guy chasing people down for payments only to realize the invoice was never sent, or included an error.
One of the biggest mistakes we see in the industry is inefficient invoicing systems. Business growth relies on liquid capital, and that means cash flow. Every day spent waiting for an invoice to be paid is a day where that money could have been reinvested into your business.
In the environment where multiple employees are involved, dealing with various services, parts, equipment, performing different tasks based on numerous tickets – it is very challenging to create an accurate invoice for many oilfield service companies.
The ability to generate accurate invoices in a timely manner with no revenue loss has been one of the major benefits that RigER clients get. In the past several years the invoicing mechanism in RigER has evolved to a level that the system now successfully supports every possible Oilfield invoicing scenario that our customers require, enabling invoicing within 24 hours or as soon as the job is completed.
Just to clarify: the Invoicing Module in RigER can and will take into account everything that generates revenue or somehow affects it – be it service, daily equipment rentals (from simple items to complex assets), general rentals (with different rental periods), billing cycles, etc. The Rental Service Agreement (RSA) represents a client’s job and will act as a source for invoicing algorithm to gather pricing information, while tickets will define rental periods, service provision dates, quantities of services provided or equipment and so on.
Below, we will briefly discuss some of the invoices that RigER has to offer.
With a few clicks you can generate invoices the from single tickets or batches, by customer, job and date range. Whatever works best for you!
This is probably the simplest type of an invoice in RigER, which includes only information about service provision. Here’s how it works:
Start the job with the RSA
Generate Field (Service) Tickets to provide services
Generate Service invoice
Oilfield Rental Invoice
This is another type of an invoice in RigER, and probably the most widely used one. It can not only include service charges, but also equipment rentals, consumables, additional fees, etc. The main points to emphasize here are:
All prices are taken from RSA
Rental period starts and ends with different types of Rental Tickets (Delivery/Return)
Service provision can either be done through Field Ticket or a Rental Ticket of type Service
Get paid faster. RigER also integrates with most of accounting systems used in oil and gas, included OpenInvoice, QuickBooks, SAGE, Cortex, etc
General Rental Invoice
This type of an invoice can be based on daily charges as well as other rental period charges at the same time (for example – weekly/monthly). Rental periods should be defined in RigER beforehand. Different settings for prices are used in the GR Price Matrix to allow flexible calculation based on those rental periods.
Batch Drilling Invoice
This is a mechanism that allows users to generate invoices based on well utilization schedule. It means that equipment that you rent out will be utilized on different wells during the job cycle. Your client provides you with the utilization schedule based on well numbers, which you record in the system and generate a batch drilling invoice based on it.
There are other invoice types that RigER offers ranging from relatively simple ones, such as:
Sales Invoice – used when selling a piece of equipment as a direct sale to the client, or after the equipment has been damaged or lost during the rental job
Purchase Invoice – used to replicate the Vendor invoice in own database to keep track of information and have history for analytics
To more complicated invoice types, which have their own specific calculation mechanisms and logic, for example:
Multi-Well Invoice – used for multi-well jobs when there is a need to allocate the rental/service fees between different wells in one invoice document (everything is calculated based on rental/service tickets with their corresponding start/end dates for each well)
Master and Sub Invoices – this type of invoicing is somewhat similar to the Multi-Well Invoicing, but just a bit more complicated and customizable. Along with having the information about different wells in the RSA and Rental Tickets, there is also a Well Allocation Setup stage which defines the allocation rules for each well. Based on this information the Master Invoice is created in conjunction with separate Sub Invoices for each well.
RigER has it all covered and ready for you to use and reduce your invoicing time to less than 24 hours. But don’t just take our word for it, get in touch with us and see it by yourself.
See how RigER handles oilfield invoicing
Contact us, schedule a demo, and let us show you how RigER can reduce your invoicing time.
Features To Explore
Streamline weekly and monthly rental charges and let the system automatically prorate periodic fees for each billing cycle.