The Master Ticket
The oil and gas industry is changing. From changes in monitoring and drilling technologies to the reduction of carbon footprint emissions along with an emphasis on becoming more efficient, companies are increasingly looking to digital technologies to address these requirements – and for good reason too.
One reason is the master ticket.
A master ticket is a great example of how technology can help create efficiencies. Rather than approving one paper field ticket or bill of lading at a time, the master ticket allows you to combine like field tickets into one bucket streamlining the approval process by making it easier to compare volumes and costs at a glance, and manage by exception. It also allows you to assign field ticket costs en masse to specific cost centres, AFEs and GL Codes. In direct contradiction is the paper field ticketing process which forces you to review and approve each field ticket individually making the entire process arduous and time consuming with plenty of opportunities for error.
The master ticket can also hold as many field tickets as you want, giving E&Ps and service companies real time visibility on submitted tickets. Service companies can also submit master tickets on an agreed upon schedule reducing the admin time on both the E&P and Service company side. Easier approval and invoicing means easier and faster payment to service companies.
“With the past system, it could take weeks to get tickers approved, and invoiced entered into the system and approved for payment. Now, I can have it completed in just a few days, and payment to the carrier within 30 days. To me, this is a huge time saver and win for all sides”.
Service Company Coordinator
The master ticket also supports a much easier dispute resolution process. In Payload’s case everything is handled in app and through the master ticket functionality providing a full audit trail. With this functionality, the dispute process is minimized significantly. It is also useful for aggregate reporting, if desired, as all the costs are rolled up into the master ticket.
With master ticketing, questions like “Did you get the field tickets and invoices?” or “what was the billing information on those tickets again?” or “when and who approved those tickets?” are a thing of the past.
Interested? If your organization wants to remove the guess work out of your paperwork, contact our team at firstname.lastname@example.org for a demo, today.