That's the power of Spurwing.
Not as much as you think!
The efficiency gained in sending secure digital documents, managing the resolution of discrepancies online and storing and retrieving invoice data digitally will without a doubt prove to be far cheaper than your current paper-based process.
The costs are upfront & transparent, consisting of a monthly subscription fee,
plus a volume based transaction fee (based on matched records only)
- the more invoices or vouchers matched, the lower the transaction fee per item.
Spurwing has NO hidden set up fees or licensing fees.
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:
|Accounts Receivable||Copy Invoice Costs||83%|
|Accounts Receivable||Invoice Delivery Costs||82%|
|Accounts Payable||Processing Costs||50-70%|
|Accounts Payable||Direct Costs||20%|
Note: Savings based on estimates from Forrester Research, Gigia Information Group and Hackett Group.
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.
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.
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.
You can improve your customer relationship by helping your clients to streamline their invoice creation and processing.
Suppliers can choose to either;
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.
Data can be uploaded either manually or electronically.
Most accounting systems have a data export facility through which your payments and invoicing data can be batched and uploaded digitally into Spurwing. Spurwing has the flexibility to cater for various input data formats provided all mandatory data is present.