What is Veryfi ?
Veryfi was introduced by Ernest Semerda and Dmitry Birulia who immigrated to the US from Australia and Belarus. It was designed to reduce the tedious tasks involved in manual bookkeeping. Veryfi is specialized in capturing and extracting data in unstructured source documents and converting them into a valuable piece of information. Its intelligent optical character recognition and machine learning AI technologies will help accounting professionals to stay ahead from their competitors by saving a lot of time. Further, it can be recognized as a highly secured software that safeguards customers’ data with adequate controls. Its value-based reasonable pricing plans and 14 days free trial period add more value to the software and emphasis the founders’ service-oriented desires.
Services offered by Veryfi
1. Optical Character Recognition / reader
Veryfi’s OCR capability classifies and arranges data in an organized manner without limiting its service to mere data extraction. It extracts data in unstructured invoices, receipts and bills despite of their formats. Users can simply upload images in JPEG, JPG or PNG formats, PDF, CSV, XLS documents or even handwritten scanned documents. This enhanced technology is capable of extracting various data fields like dates, payment methods, shipping details, bank information, bar codes, and even line items from documents.
2. W-2 OCR Wage and Tax Statement
A Wage and Tax Statement is a document prepared by the employer to send to their employees and to the Internal Revenue Service which consisted of information about each employee’s gross wages, Federal withholding tax, social security tax, Medicare tax, tips etc. Simply it is a summarized version of the prior period payroll. Veryfi simplifies the data extraction of this document which has around 20 boxes of details with its Optical Character recognition capabilities.
3. Accounts Payable Automation
Usually, companies need to either import and extract information from the suppliers’ bills or enter each bill manually into the system. Both methods require a significant amount of time and effort. Despite of the time spent on reviewing the accuracy, errors and faults can still be seen. Veryfi’s AI data extraction will automate the Accounts payable function without using templates. Companies can enjoy 100% automated billing processes while keeping errors at a minimum level.
4. Data Extraction in CPG and FMCG receipts
Consumer Packaged Goods (CPG) and Fast-Moving Consumer Goods (FMCG) are generally known as products that are used by customers almost every day or on regular basis. Usually, these items need to be replenished frequently. Retailers and marketers can use the Veryfi CPG toolkit to identify consumers’ buying behaviours and brand preferences and also to pull out valuable product and store insights. This information can be used to design customized loyalty programs and promotion activities.
Veryfi and Accountants
According to a survey result published in an article written by Keir Thomas-Bryant, 63% of accountants and bookkeepers consider manual data entry as a burden. As we all know, most of the manual data-entering tasks are connected to source documents like bills, invoices, receipts etc. Veryfi will lift this burden easily with its AI-powered Data Extraction capabilities.
Further, its expense management tools will not only facilitate data extraction but also track and categorize expenses and income across the projects. It the reporting features that can generate customize job costing reports and expense reports. Most importantly, it simplifies the bank reconciliation process, communication and provides storage capacity for all your documents.
Veryfi automates time tracking across different sites and projects and its integrations with QuickBooks, Xero, Sage, and Gusto Payroll will save time and increase the level of accuracy. Further, it has project management tools that are specially designed for accountants and bookkeepers and a rich partner directory which is consisted of highly knowledgeable accounting professionals to assist their users in tax and bookkeeping-related issues.