What savings can be expected with Spurwing?

According to numerous surveys from management consultancies, the cost of processing a manual paper-based invoice can range from $5.00 to $60.00.

Spurwing can reduce current cost per invoice in both the Accounts Payable (AP) and Accounts Receivable (AR) departments by removing direct costs such as paper, printing and postage, as well as indirect costs such as data-entry, data -correction, dispute management, requests for duplicate copies of invoices and the approval process.

Additional benefits beyond cost reduction include better cash conversion through the reduction of debtor days, automation of invoice approval and payment that match defined business rules, clearer visibility of the entire financial supply chain and enhanced interaction between distributors and suppliers.

The values below highlight some of the more significant potential savings:

Note: Savings based on estimates from Forrester Research, Gigia Information Group and Hackett Group.

Is my data Secure?

Yes, Spurwing applies 'financial system strength' security to protect all data from the time it leaves your computer.

Spurwing has been developed using the Open Web Application Security Project (OWASP) recommendations for system security. This is a requirement for credit card scheme security such as the Visa / Mastercard promoted Payment Card Industry (PCI) compliance.

All communications between the user's browser and the Spurwing hosts will be protected via Secure Sockets layer (SSL) the standard for secure internet transmissions, capable to 256 bit encryption.

What is the advantage of Spurwing's centralised hub approach compared with point-to-point connectivity between distributors and suppliers?

Spurwing's industry hub model allows businesses to join the Spurwing community and then use that connection to send or receive invoices from the many companies connected to the hub.

Point-to-point connectivity limits your ability to reach a high penetration of electronic traffic and requires a lot of manual operations from your own organisation, such as managing connections, including passwords, user ids, standards, etc.

In addition, new customers are automatically added as potential senders/receivers for all existing Spurwing customers, offering immediate wide-range coverage for any organisations joining the hub.

Do I also need to send hardcopy invoices to distributors if I load them digitally into Spurwing?

No, participating distributors will be able to access all invoices digitally, either on-screen, or they may choose to print off the invoice at any time.

Some distributors may choose to request supplier invoices digitally and then manually process and approve the payments by comparing the invoice on screen with the payment data in their accounts system. This approach stores the invoice digitally for access by both suppliers and distributors, but will not allow the supplier to view the matching process in Spurwing as it will take place within the distributor's AP department.

What if some of my clients are reluctant or unable to participate in Spurwing?

You can improve your customer relationship by helping your clients to streamline their invoice creation and processing.

• For suppliers, currently your distributor clients receive a paper invoice, which they input manually into their accounting package and file away. This takes up valuable time and can be a monotonous task, especially if they receive a large number of invoices.
  
  Spurwing not only delivers the same data electronically, it also automatically matches the data against that of your distributors data and generates reports highlighting the matched status of your invoice and provides an online facility to resolve unmatched items - all of which can be viewed online by both parties. Your distribution partner can then import the matched results into their accounting package ready for payment.
• For distributors, suppliers currently create and mail off hundreds of invoices, never really knowing if and when they have been received, when they are processed and whether the amount requested will match the value in the distributor's accounting package.
  
  Spurwing provides the supplier with a cost effective, transparent process in which a supplier can view the status of the invoice from the time of uploading through to when it is matched. If the invoice is unable to be matched, the supplier can commence an online dialogue to resolve the disputed amount and receive the correct amount on the next payment run.

What if some of my distributors with Spurwing, but not all of them?

Suppliers can choose to either;

• Upload data for participating distributors only, and continue to send hardcopy invoices to non participating distributors;
• Make contact with non participating distributors and ask whether they would be prepared to receive digital invoices which can be viewed in Spurwing.

This approach stores the invoice digitally for access by both suppliers and distributors, but will not allow the supplier to view the matching process in Spurwing as it will take place within the distributor's AP department.

Suppliers are encouraged to discuss the benefits of Spurwing, digital invoices and transparent matching process with any non participating distributor - the more distributors and suppliers participating, the greater the befit for the whole industry.