AP Automation
for Modern Businesses
Veryfi’s Accounts Payable automation (AP Automation) uses modern technology (without the liability, restrictions of legacy technology or methods that rely on human intervention) to streamline and automate accounts payable processes, removing manual tasks and providing better visibility to reduce fraud and enable control over important financial data.
How It Works
Bill / Invoice Capture
Capture bills (invoices) using your own systems in PDF, Email or Image format directly and feed it directly into Veryfi’s API for processing.
Data Extraction
Veryfi’s Optical Character Recognition (OCR) and Intelligent Document Recognition (IDR) identifies all the fields it needs for real-time accounts payable, verifies the authenticity of the vendor and payment terms.
Payment Workflow
Veryfi’s IFTT (If This Then That) runs your custom workflow “rules” on the results to trigger additional processes like Payment, ERP integrations or JSON required to complete the transaction.
AP Automation Benefits
Error Reduction
Human error is a leading cause of accounting mistakes. More than a quarter of professionals—27.5 percent to be exact—reported that incorrect data had been manually input into an enterprise system at their firms. Veryfi outperforms humans in accuracy by x8 with only a small 3% error rate that can be improved using Veryfi API PUT calls.
Fraud Reduction
Veryfi runs a number of mission critical checks again bills. Some of those include: (a) check vendor against a Government company database (EIN, ABN, ACN, VAT, GSTIN) to make sure the company billing you is real, (b) Duplicate check to avoid doubling up of payments, (c) Company Policy checks to make sure this bill is within corporate guidelines, and more.
Cost Saving
Veryfi solution is a fraction of the cost of competing offerings because Veryfi is machine powered end-to-end without any human intervention. This is a major differentiator which translates into much more affordable and much more robust solutions.
Why Veryfi AP Automation
When you choose the right solution to automate your accounts payable, you will be moving your firm into the future with benefits that surpass your wildest imagination.
No Templates
When new invoices arrive Veryfi recognises the data on them immediately with ease. Unlike traditional AP solutions where lack of human intervention could mean a bill slipping through the cracks. With Veryfi this won’t happen.
Real-Time
Gain insights into bills in real-time to make better and faster decisions. Unlike other solutions that make you wait for their human backoffice team to process your invoice, with Veryfi you won’t have to put up with those legacy solutions.
Data Privacy
Your business PII is safe with Veryfi curbing man-in-the-middle attack (MITM). Sweeping data privacy and compliance regulations means your business backoffice can now also be compliant.
and…
Superior Data Extraction for AP Automation
Veryfi AP Automation OCR API extracts from bills and invoices every field you need to process those bill payments. All in a matter of seconds!.
Try Veryfi’s Data Extraction Now
- Vendor name
- Name
- Address
- Logo
- Phone
- Fax
- Subtotal
- Discount
- Shipping cost
- Tax (VAT, GST)
- Tip
- Total
- Category
- Bill To Name
- Bill To Address
- Bill To VAT #
- Document Type (receipt vs bill)
- Currency
- Currency Exchange Rate
- Invoice Number
- Purchase Order Number
- Reference Number
- Company VAT Number
- Company ABN Number
- Invoice Date
- Due Date
- Payment Terms
- Service Start Date (or arrival in hotel folio)
- Service End Date (or departure in hotel folio)
- Account Number
- Ship To Name
- Ship To Address
- Tracking Number
- SKU level Line Items
- Date
- SKU
- Description
- Quantity
- Tax
- Discount
- Total
- Unit of Measure
- Type (food, hotel room rate, product, service, tax, etc.)
- Tax lines breakdown
- Tax name
- Tax rate %
- Tax amount
- Bank information
- Bank name
- Routing number
- Account number
- IBAN
- SWIFT
Amsterdam, Netherlands, Business Owner
Jamie S., IT Consultant
Amer Siddiq, Founder of Landlord Vision
Test Drive AP Data Extraction
Contact sales@veryfi.com to schedule a call for more information
14 day free trial. No credit card required.