Financial Fields

June 2, 2023
4 mins read

The fields listed on the supported fields page are readily available and fully functional from day one. These fields encompass a robust collection of data points with versatile applications, allowing your organization to gain valuable insights regarding expenditure, taxation, shipping, currency, and financial reconciliation.

Some examples of these financial fields include:

  • Subtotal
  • Discount
  • Cashback
  • Shipping cost
  • Tax (VAT, GST)
  • Tax Lines
  • Tip
  • Total
  • Rounding
  • Currency Code
  • Currency Exchange Rate
  • Insurance
  • Incoterms
  • Balance (current / previous)

Use Cases for Financial Fields

Here’s a brief run down of how you can use these financial fields either in your app to take advantage of the wealth of data Veryfi OCR API provides.

FieldDescriptionInsights & IntelligenceApplication Type
SubtotalTotal cost before discounts and taxesAnalyze spending patterns, compare prices, evaluate discount effectivenessExpense management, budgeting
DiscountAmount deducted from the subtotalIdentify cost savings, assess the impact of discountsExpense management, budgeting
CashbackAmount received as cashback or rewardsEvaluate benefits of cashback programs, assess overall savingsExpense management, rewards
Shipping costCost associated with shippingAssess shipping expenses, identify cost-saving opportunitiesExpense management, logistics
Tax (VAT, GST)Taxes applied to the transactionCalculate tax liabilities, ensure tax complianceTax planning, compliance
Tax LinesItemized tax detailsUnderstand tax breakdown, identify tax discrepanciesTax planning, compliance
TipAdditional amount paid as a tipAnalyze tipping habits, evaluate service qualityExpense management, tipping
TotalFinal cost including all chargesTrack overall expenses, evaluate financial impactExpense management, budgeting
RoundingAmount rounded off during paymentIdentify rounding errors, track payment accuracyExpense management, reconciliation
Currency CodeCode representing the currency usedAnalyze international transactions, monitor currency fluctuationsInternational finance, travel
Currency Exchange RateRate used for currency conversionAssess impact of exchange rates, calculate accurate costsInternational finance, travel
InsuranceCost associated with insuranceEvaluate insurance expenses, assess coverage optionsExpense management, risk management
IncotermsTrade terms for international transactionsUnderstand terms of shipment, assess costs and responsibilitiesInternational trade
Balance (current/previous)Current or previous balanceTrack financial health, reconcile payments and balancesFinancial management, reconciliation

Let’s dig in deeper…

With access to standardized data from invoices and receipts within your organization, you can uncover several insights and gain valuable intelligence. Here are a few more examples:

  1. Spending patterns: By analyzing the subtotal, discount, cashback, and total values, you can identify trends in your spending habits, such as frequent discounts or cashback opportunities, and understand how much you’re actually paying for various items or services.
  2. Tax analysis: The tax-related data, including tax lines, VAT, GST, and currency exchange rates, can help you calculate and compare taxes across different invoices or receipts. This analysis can be useful for tax planning, identifying discrepancies, or ensuring compliance.
  3. Shipping and insurance costs: By examining the shipping cost and insurance charges, you can evaluate the expenses associated with delivering goods or services. This information can be helpful in assessing shipping alternatives, negotiating better rates, or identifying cost-saving opportunities.
  4. Financial reconciliation: The balance (current/previous) can be used to reconcile your financial records, ensuring that the payments, discounts, taxes, and other charges match the amounts mentioned in the invoices or receipts. This helps in tracking your financial health and identifying any discrepancies.
  5. Currency analysis: The currency code and exchange rate data allow you to analyze international transactions, monitor currency fluctuations, and assess the impact of exchange rates on your expenses or revenue. This information is particularly relevant if you conduct business across different currencies or if you frequently travel abroad.
  6. Tip and rounding analysis: By examining tips and rounding amounts, you can understand the tipping habits or practices associated with different transactions. This information may be useful for budgeting, determining appropriate tipping amounts, or detecting any rounding errors.
  7. Supplier analysis: By examining the invoices, you can identify your primary suppliers, assess the frequency and volume of transactions with each supplier, and analyze the costs associated with different suppliers. This analysis can help you negotiate better deals, identify potential cost-saving opportunities, or assess supplier performance.
  8. Inventory management: If the invoices or receipts include itemized details, such as product names or codes, you can use this information to track inventory levels, analyze stock movements, and optimize inventory management. This can help in identifying popular products, forecasting demand, and avoiding stockouts or overstocking.
  9. Expense categorization: By categorizing expenses based on the invoice or receipt data, you can gain a better understanding of your spending across different categories (e.g., utilities, travel, office supplies). This analysis can assist in budgeting, identifying cost-saving areas, or evaluating the effectiveness of cost control measures.
  10. Cash flow analysis: By considering the balance (current/previous) and payment terms mentioned in the invoices, you can analyze your cash flow patterns. This can help in managing working capital, understanding cash flow fluctuations, and identifying potential cash flow issues or opportunities.
  11. Fraud detection: Analyzing the invoice and receipt data can also help in identifying any suspicious or fraudulent activities. By comparing transaction details, amounts, or patterns, you can spot inconsistencies or irregularities that may indicate fraudulent behavior.
  12. Customer behavior analysis: If the invoices or receipts include customer information, you can analyze customer spending patterns, preferences, or loyalty. This analysis can help in developing targeted marketing strategies, improving customer service, or identifying valuable customer segments.

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