New Features Available to Oildex OpenInvoice Customers

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Workflow Automation Streamlined in Current Release

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This enhancement cuts down on invoice processing time, increasing customer’s ability to capture early pay discounts and boosting their bottom line. -- Mike Weiss, chief technology officer, at Oildex.

Oildex, a service of Transzap, Inc. and the largest cloud-based financial supply chain automation solution in the oil and gas industry, today announced OpenInvoice release 15.3 is now available to customers. The fourth and final release of 2015, the new release addresses enhanced workflow automation, a key area of interest for OpenInvoice users.

“Oildex recently completed a series of four user conferences during which our customers stressed the importance of workflow automation,” said Mike Weiss, chief technology officer, at Oildex. “We are confident our customers will appreciate the benefits offered by OpenInvoice 15.3 in this regard, as well as other beneficial changes offered in the update.”

With the new release, users will have access to enhanced invoice workflow rules that allow them to set specific criteria to automatically code verify and approve invoices. When an invoice enters each process in the workflow, OpenInvoice evaluates the invoice against the company-defined rules to assess whether it qualifies for automated processing and/or approval. Invoices that meet the criteria will automatically be processed without user intervention. With the automated code verification and financial approval rules in place, users will benefit from reduced time spent processing high volume, low spend invoices from trusted suppliers.

“In the current economic environment, oil and gas companies are constantly searching for ways to cut costs,” explained Weiss. “This enhancement cuts down on invoice processing time, increasing customer’s ability to capture early pay discounts and boosting their bottom line.”

For more information about the release details, customers can refer to the release notes which are available in the Oildex Resource Center.

About Oildex
Oildex provides a complete, broad B2B automation offering for oil and gas companies. Services include: digital and scanned invoice processing (SpendworksTM and OpenInvoiceTM), owner relations web portals (Owner Relations ConnectTM), royalty check stub detail and reporting (CDEX), joint interest bill processing (JIB), crude oil data exchange (CODE), gas plant document exchange (GPEX), production and sales volume reporting and much more. Oildex is a privately held company backed by Accel-KKR and is headquartered in Denver, Colorado with offices in Houston, TX and Calgary, Canada. For a full view of Oildex offerings visit http://www.oildex.com.

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Julie Croce
@Oildex
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