ABILENE, TEXAS — PakEnergy, a leading provider of business automation technology for independent oil & gas upstream and midstream companies, today announced the launch of PakEnergy™ Exchange, a next-generation document sharing network that enables oil & gas firms to securely exchange documents with their vendors, 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 deliver a secure network for operators, first purchases, and service companies to exchange invoices, division orders, run statements, owner statements, 1099s, W9s, insurance certificates, ACH forms, and change of address forms with their vendors, owners, partners, and other stakeholders.
PakEnergy unveils latest innovation to eliminate paper data problem in oil & gas back office, announces WEBINAR to showcase accounts payable automation success
“Despite everything we hear about the digital oilfield, our industry still relies on paper documents and email when exchanging documents with their vendors and other partners. PakEnergy Exchange will help our customers significantly lower their operating costs and increase the efficiency of their back-office staff while providing better customer service for their vendors, owners, investors and partners,” said Brent J. Rhymes, CEO of PakEnergy. “Teams who switch to PakEnergy Exchange for AP automation reap tremendous benefits in productivity, G&A optimization, and cash flow visibility that can uplift margins by enabling more precise inbound expense accrual. But unlike other AP automation solutions, PakEnergy Exchange supports any oil & gas document. Land Departments can automate the distribution and execution of division order letters using PakEnergy Exchange’s secure portal and digital signature features, eliminating waste from paper DOs and postage. Owner Relations organizations can automate the distribution of Owner Statements. We can automate literally any paper or email-based, intercompany document exchange process.”
PakEnergy Exchange helps our customers lower their operating costs & increase the efficiency of their back-office staff & provide better customer service for their vendors, owners, investors, partners” — Brent J. Rhymes, CEO, PakEnergy
Inefficient physical mail and e-mail create substantial costs, delays and frustration for oil & gas companies who must exchange a large volume of documents with an extensive ecosystem of vendors, investors, owners, and partners. These documents are often time-sensitive and require multiple approvals or signatures. Nowhere is this pain felt more acutely than accounts payable departments who process hundreds or even thousands of paper invoices per month. For CFOs, this creates reporting delays that impede a clear view of inbound expenses while creating a never-ending challenge for the operational accountants responsible for keying-in invoices, chasing down approvals, keeping vendors happy, and managing 1099 mailouts.
Unlike typical document exchange networks, PakEnergy Exchange makes it easy to establish digital connections with vendors, owners, partners and investors using a familiar, social media-style interface. Users simply “friend” any participating organization on the network. Joining the PakEnergy Exchange network takes five minutes and is as easy as signing up for LinkedIn or Facebook.
“I normally receive around 300+ invoices a month, and PakEnergy has cut my time in processing and paying vendor invoices by around 60%,” said Lea Ann Stevenson of TYGR Operating Company. “This program is going to save you so much time and the company money that you will be totally blown away.”
To learn more about how PakEnergy Exchange accelerates business performance and cuts costs, please register for the Oilman Magazine webinar with PakEnergy’s Joel Cox and co-presenter Tyler Barnett, CFO of Clear Fork, Inc., on November 9 at 10:00 AM CST. To register for the LIVE event or to receive the recording, please visit https://go.pakenergy.com/new-pakenergy-exchange.
About PakEnergy
PakEnergy, LLC offers best-in-class, cloud-based business automation software for independent oil & gas upstream and midstream companies, including E&P operators, crude oil purchasers, transporters, haulers, investors, and accounting firms. Founded in 1986 and headquartered in Abilene, Texas, PakEnergy serves over 2,000 customers, primarily in North America. With its staff of experienced software developers, land management experts, and oil & gas accounting professionals, PakEnergy automates the most complex business processes, reduces operating costs, saves time, and increases profitability while providing customers with the reporting, analytics, and decision support systems that were once exclusive to the major integrated oil companies. Land | Production | Accounting | Transportation. The Pak Has Your Back! For more information and demos, please visit PakEnergy.com.
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
- Energies Media Staffhttps://energiesmedia.com/author/oilmanwp/
Oil and gas operations are commonly found in remote locations far from company headquarters. Now, it's possible to monitor pump operations, collate and analyze seismic data, and track employees around the world from almost anywhere. Whether employees are in the office or in the field, the internet and related applications enable a greater multidirectional flow of information – and control – than ever before.