Ensure Accuracy of Your Customer’s Master Services Agreement
In the oil and gas industry, the master services agreement or MSA sets contractual terms among the companies that do business. The agreement outlines the risks, responsibilities, and, more importantly, the price book among contractors and employees throughout a project’s life. Due to the business’ complexity, long gone are the days when companies did business with merely a handshake.
An oilfield MSA can be very overwhelming, with different pricing based on several factors of the particular jobs contracted. Most service providers have multiple service lines and do business with the same companies providing various services. Some companies still have manual based MSA management in Excel spreadsheets or even filing cabinets.
The accrued impact of constantly dealing with paper, and unwieldy spreadsheets, adds up. Manual price book management leaves companies with pricing errors, compliance issues, and a lack of visibility- while being laborious. Service companies need to provide operators with complex pricing models in real-time with location, condition-specific pricing to stay competitive. The prices agreed on in the MSA are the prices that need to be on the end invoice. If not, your customer will kick back the invoice, which can slow down your timeline to get paid.
How do you ensure the agreed-upon price in the MSA is the same price on the final invoice?
The answer is with FieldFX’s four-way-match. The four-way-match is an accurate quote, producing an accurate ticket, generating an accurate invoice- with the price book from the MSA serving as the common foundation. The same data proliferates throughout. The alignment of information from a price book to the final invoice ensures the customer is presented with the correct and complete invoice the first time around. Before processing invoices would take days or weeks, but with FieldFX, you can invoice the customer the same day you complete the job while remaining confident the contractual obligations laid out in the MSA were met.
With FieldFX’s four-way-match companies can:
- Increase Cash Flow
- Reduce DSO
- Eliminate Rogue Pricing
- Decrease Redundancy
- Ensure a Timely Invoice
To learn more about FieldFX and the four-way-match, schedule a demo today.