Manage Service And Rental Invoices With riger®
In an environment where multiple employees are involved, dealing with various services, parts, and pieces equipment, performing different tasks based on numerous tickets – create an accurate invoice is a known challenge 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 of riger® for its clients. 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 completes.
Just to clarify: the Invoicing Module in riger® can and will take into account everything that will generate 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), as the document that represents a client job will act as a source for invoicing algorithm to gather pricing information, while the tickets will define the 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.
Probably the simplest type of invoice that riger® manages, the Service Invoice will only include 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 invoice in riger®, and probably the most widely used one. It not only can include the service charges, but also equipment rentals, consumables, additional fees, etc. Main points to emphasize here are:
- All prices are taken from RSA
- Rental period counting 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
General Rental Invoice
This is the type of invoice that can be based on daily charges as well as other rental period charges at the same time (for example – weekly/monthly). The rental periods should be defined in riger® beforehand. Also, 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 type of a mechanism that allows to generate invoices based on well utilization schedule. Meaning the equipment that you rent out will be utilized on different wells during 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 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 the Master Invoice document is created in conjunction with separate Sub Invoices for each well.
The main point is – we have it all covered and ready for you to utilize 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 for yourself.
Features To Explore
Streamline weekly and monthly rental charges and let the system automatically prorate periodic fees for each billing cycle.
Automatically assign equipment inspection tasks based on built-in workflows and manage rental fleet availability.
Generate operational job costing reports and view job profitability dashboard, analyze your profit margins and other.
See how with riger® you can:
Manage Equipment Rental Operations
- Generate Oilfield Rental Invoices in 24 hours!
- Know Where your Rental Fleet and Field Team is
- Schedule Oilfield Service Instantly
- Dispatch Rental Fleet Faster
- See Full Picture and Make Data-driven Decisions
- Streamline Business Processes and Documentation
- Solve Business Challenges (Sales, Service, Revenue)
- Analyse Performance in Real Time