PakEnergy Unveils Latest Innovation to Eliminate Paper Data Problem in Oil & Gas Back Office, Announces WEBINAR to Showcase Accounts Payable Automation Success Story
âBrent J. Rhymes, CEO, PakEnergy
ABILENE, TEXAS, USA, Nov. 7, 2022 /EINPresswire.com/ — PakEnergy, a leading provider of business automation technology for independent upstream and midstream oil and gas companies, today announced the launch of PakEnergyâ¢ Exchange, a next-generation document sharing network that allows oil and gas companies to securely exchange documents with their suppliers, owners, investors and other partners. Built on PakEnergy’s acclaimed WolfePak DocVue platform, PakEnergy Exchange combines document management with intelligent workflows and social media technology to provide a secure network for carriers, early adopters and service companies to exchange invoices, division commands, execution statements, owner statements, 1099s, W9s. , certificates of insurance, ACH forms and change of address forms with their suppliers, owners, partners and other stakeholders.
âDespite everything we hear about the digital oilfield, our industry still relies on paper documents and emails when exchanging documents with its suppliers and other partners. PakEnergy Exchange will help our customers to significantly reduce their operating costs and increase the efficiency of their back-office staff while providing better customer service to their suppliers, owners, investors and partners,â said Brent J. Rhymes, CEO of PakEnergy. Teams that switch to PakEnergy Exchange for hotspot automation reap tremendous benefits in productivity, G&A optimization, and cash flow visibility, which can increase margins by enabling more accurate accounting expenses coming in. But unlike other AP automation solutions, PakEnergy Exchange supports all oil and gas documents. nciers can automate the distribution and fulfillment of Division Order Letters using PakEnergy Exchange’s secure portal and digital signature capabilities, eliminating wasted paper DOs and postage. Owner relations organizations can automate the distribution of owner statements. We can automate literally any B2B paper or email document exchange process. Â»
The inefficiency of physical couriers and emails results in substantial costs, delays and frustrations for oil and gas companies who must exchange a large volume of documents with a vast ecosystem of suppliers, investors, owners and partners. These documents are often urgent and require multiple approvals or signatures. Nowhere is this pain felt more acutely than in accounts payable departments that process hundreds, if not thousands, of paper invoices per month. For CFOs, this creates reporting delays that prevent a clear view of incoming spend while creating a never-ending challenge for operational accountants tasked with entering invoices, seeking approvals, satisfying vendors, and managing 1099. mailings.
Unlike typical document exchange networks, PakEnergy Exchange makes it easy to establish digital connections with suppliers, owners, partners and investors using a familiar social network-like interface. Users simply âjoinâ any participating organization on the network. Joining the PakEnergy Exchange network takes five minutes and is as easy as signing up on LinkedIn or Facebook.
âI normally receive over 300 invoices per month, and PakEnergy has reduced my processing and payment time for supplier invoices by approximately 60%,â said Lea Ann Stevenson of TYGR Operating Company. “This program is going to save you so much time and money in the business that you will be totally blown away.”
To learn more about how PakEnergy Exchange is accelerating trading performance and reducing costs, please register for the Oilman Magazine webinar with PakEnergy’s Joel Cox and co-presenter Tyler Barnett, CFO of Clear Fork, Inc., on 9 November at 10:00 a.m. CST. To register for the LIVE event or to receive the recording, please visit https://go.pakenergy.com/new-pakenergy-exchange.
PakEnergy, LLC offers the best cloud-based business automation software for independent upstream and midstream oil and gas companies, including E&P operators, crude oil buyers, carriers, transporters, investors and accounting firms. Founded in 1986 and based in Abilene, Texas, PakEnergy serves more than 2,000 customers, primarily in North America. With its team of experienced software developers, land management experts and oil and gas accounting professionals, PakEnergy automates the most complex business processes, reduces operating costs, saves time and increases profitability while providing customers with reporting, analysis and decision support systems. once reserved for large integrated oil companies. Land | Manufacturing | Accounting | Transportation. The Pak has your back! For more information and demonstrations, please visit PakEnergy.com.
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