Use field service management software to invoice far quicker, way cheaper
Everyone wants to look good at work. We all want to be known as that top performer who gets things done.
What’s the best way to look good at work? That’s easy. Make your company more money.
How do you do this? Fact is, for an energy services company in North America, today’s low-price environment makes it challenging.
Even so, VistaVu knows and works with people who’ve become absolute superstars at the office. They’re using field services management software, such as our FieldVu solution, to improve their company’s operational speed, efficiency and profitability.
Where do you start? With the low hanging fruit. In the energy services industry, there’s none lower than invoicing process.
I recently went to speak with an energy services company with about $80 million in annual sales. It was a first-class operation, but not as profitable as it could be. This company has 80 people in its billing department. These are the folks who key-in the paper field tickets and assemble invoices for customers. In other word, for every $1 million in sales, they have one staff member doing billing. That person could be earning $50,000 per year and keep in mind there are 80 of them.
Contrast that with another energy services firm — a VistaVu client using FieldVu. They capture data in the field electronically and send it straight to FieldVu, which is set up to build invoices automatically. This VistaVu client has $150 million in annual sales – and a billing department (if you can call it that) with one single employee.
That’s not all. When you rely on paper field tickets, mistakes occur regularly in entering the data. When invoices have errors, customers don’t pay until they’re cleared up. With FieldVu, your invoices are more accurate and get to the client weeks sooner. You get paid sooner too. Your Days Sales Outstanding is – according to one study – 13.3 days fewer with electronic invoicing compared to paper.
In effect, a company using paper field tickets gets hit with a double-whammy. It costs them far more to get an invoice out the door, and it takes longer to get paid. Meanwhile, staff must be paid on time and the company either dips into its working capital or credit facility to do so.
If you want to look good at work, look at your company’s invoicing process and consider how FieldVu can transform it. You’ll build invoices quicker and get paid sooner. That’s the kind of thing a company’s owners tend to notice.