Funding
Funding not disclosed
Founders
Product
Problem
Manual invoice processing within the oil and gas sector is labor-intensive, leading to operational inefficiencies and increased costs. This manual approach often results in errors in coding, delayed payments, and a lack of real-time visibility into cash flow.
Solution
Joltly provides an AI-powered accounts payable automation platform tailored for the oil and gas industry. The system streamlines invoice processing by accepting invoices via a dedicated email forwarding address, where its AI engine extracts and categorizes data, including chart of accounts and well-specific details. This automation significantly reduces manual data entry and coding errors, enabling faster approval workflows and timely vendor payments through integrated ACH and check processing. Joltly's platform offers enhanced control over cash flow by providing clear visibility into payment statuses and approval chains.
Target Audience
Joltly serves independent operators, midsize energy companies, and large oil and gas organizations seeking to optimize their accounts payable processes and gain better financial control.
Features
- AI-driven invoice data extraction and auto-categorization using natural language processing (NLP) for chart of accounts and line-item details.
- Automated workflow for invoice routing, approvals, and payment processing via ACH and check disbursement.
- Direct integration with accounting systems such as QuickBooks, Quorum ODA, NetSuite, and Sage Intacct.
- Support for custom APIs for integration with proprietary energy sector software.
- Vendor portal for managing vendor information, credits, and communication.
- AI-powered document scanning and revenue statement CSV export capabilities.
- Automated Joint Interest Billing (JIB) creation and partner payment status tracking.
- Multi-entity support for managing diverse operational structures.