With customers, branches and subcontractors spread worldwide, oil service company Sub Sea Services chose eye-share Invoice to achieve better control of, and save time on the accounts payable process.
”The invoice will be ready for payment at due date the very same day it is received from one of our subcontractors,” says Chief Accountant Kristen Kildal at Sub Sea Services.
Considering his company receives approximately 10 000 purchase order invoices from a variety of subcontractors each year, it is easy to imagine the time and cost saved when all invoices are being automatically processed.
Now a lot of the information is captured automatically and additional coding only needs to be done once, and we can keep track of all invoices at any given time
More efficient than before
Kildal explains how the new system rationalizes day-to-day administrative tasks at Sub Sea Services.
”Until now we have spent a lot of time processing purchase order invoices. Our secretary received all invoices in envelopes, opened them, and had to send them to a variety of locations for approval and coding. When receiving them for the second time, she had to punch the information into our accounting system. There was always a backlog of invoices, it was hard to keep track of them, and they were not always paid on time. Now a lot of the information is captured automatically and additional coding only needs to be done once, and we can keep track of all invoices at any given time,” Kildal says.
Know your liquidity
As yet another great benefit with eye-share Invoice, Sub Sea Services now have a much better overview over the company liquidity.
”When all invoices are registered immediately, we can always see the actual liquidity in the company,” Kildal says.
Before eye-share Invoice was implemented actual costs were in reality hidden in papers “flying around” in the company system. Kildal has experience with eye-share Invoice from his previous position at the Norwegian grocery cooperative Coop, and thus knows the inherent business potential in the system.
Sub Sea Services implemented the system in December 2013, and Kildal praises the follow-up from Eye-share personnel during start-up.
”Getting new system applications up and running in big organizations can be troublesome and there will always be some type of issues. Staff from Eye-share constantly asks us for feedback, and has been a great support for us after the go-live. Now the whole process is starting to run quite smoothly,” Kildal is happy to say.
When all invoices are registered immediately, we can always see the actual liquidity in the company
Sub Sea Services is located with its headquarter in Stavanger, which is considered the “oil capital” of Norway. The company has additional offices in the Norwegian cities Kristiansund, Jørpeland and Bergen, as well as an office in Rio de Janeiro, Brazil. Sub Sea Services engineers and manufactures tailored niche products for the sub sea drilling industry. The company has gained a central position in the market, as well as a solid financial base.