Oildex releases updates for OpenInvoice and Spendworks

The releases are the first updates to the products since Oildex acquired the procure-to-pay (P2P) business and the OpenInvoice product from Automatic Data Processing (ADP) in June 2015.

The OpenInvoice release (15.2) is designed to enhance supplier engagement with the OpenInvoice platform. Specifically, for suppliers who submit paper invoices to buyers using OpenInvoice, it will provide the benefit of real-time visibility into the invoice processing cycle.

With this enhancement, OpenInvoice will automatically send an email to the supplier to alert them when a paper invoice is received by a buyer. The supplier can then click on a link to see the status of the invoice, whether it has been submitted, processed, approved and/or paid. Those suppliers who go on to register with the platform will be able to access an invoice processing summary — a way to check on the current status of any of their invoices that have been submitted into the buyers system.

The second benefit featured in the new release targets mobile functionality. Registered suppliers enabled for scanning invoices can create and submit invoices directly from their mobile device. By taking a picture of the invoice on a smartphone, the supplier can scan the invoice from his/her phone and submit it into the system.

For Spendworks customers, Oildex released Spendworks version 4.11.1 earlier in August. This release included the addition of performance enhancements, data security and other work specific to customer engagement. Current customer invoice workflow is business as usual and users will see only minor application changes related to this release.

Oildex provides a B2B automation offering for oil and gas companies. Services include digital and scanned invoice processing (Spendworks and OpenInvoice), owner relations web portals (Owner Relations Connect), 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 others. Oildex is majority owned by Accel-KKR, a technology-focused private equity company.