Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, today announced that ARC Energy Trust through its subsidiary ARC Resources Ltd. has entered into an agreement to implement DO2 Technologies’ OpenInvoice solution to automate and streamline invoicing processes.
ARC Energy Trust, one of the largest conventional royalty trusts in North America and Canada’s 14th largest oil and gas producer, has successfully completed a pilot implementation of OpenInvoice in its Drayton Valley operations. With the success of the pilot, ARC has executed a corporate license for the solution and will deploy OpenInvoice throughout all of its operating areas in Western Canada.
OpenInvoice is a web-based system that provides a collaborative environment for operating companies and suppliers to manage the invoice process -- eliminating the need to resolve disputes through fax, phone, email and voice mail. OpenInvoice can reduce invoice processing time and costs by as much as 80%.
OpenInvoice enables ARC and its suppliers to automate and streamline the process for creating, submitting and managing field tickets and invoices. ARC is also deploying the OpenInvoice Partner Server, providing real-time electronic integration between OpenInvoice and ARC’s financial and accounting system.
“We have seen very positive results for our pilot implementation of OpenInvoice. In addition to the staff time and financial savings, the fact that this solution is scalable is very important to us,” said Van Dafoe, Controller of ARC Resources. “We are a growing company, and as we engage more suppliers, the application has the breadth and depth to meet our needs now and in the future, without the need to dedicate additional staff to the accounts payable function.”
“The energy industry is rapidly adopting new technology to automate and improve business processes. We are already the leading supplier of this type of technology to large independents, and now ARC’S adoption of OpenInvoice demonstrates that the system is accessible and practical for mid-size companies as well. ARC recognizes that many departments across the organization have seen improved bottom-line performance by streamlining the invoice process,” said Rod Munro, President and CEO of DO2 Technologies. “They have achieved significant gains from automating the manual, paper-driven invoicing process and we look forward to providing additional value to ARC as we work together to expand their implementation.”
DO2 Technologies delivers Internet-based solutions that automate and integrate financial and operational processes between energy companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement, and Purchasing departments, as well as external service suppliers and partners all use DO2 Technologies solutions.
Headquartered in Calgary, Alberta, ARC Energy Trust is one of the largest conventional royalty trusts in North America and Canada’s 14th largest oil and gas producer. The Trust has consistently provided investors with a superior 21 per cent compound annual return since its inception in 1996. ARC trust units trade on the Toronto Stock Exchange (TSX) under the symbol AET.un/TSX together with its exchangeable shares (symbol ARX). As an actively managed Canadian royalty trust ARC acquires and develops long-life, lower declining oil and gas properties in Western Canada, and distributes the net cash flow to investors on a monthly basis.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com