Folio OCR, or Folio Optical Character Recognition, is a technology that uses machine learning and artificial intelligence to extract data from folios, which are essentially receipts issued by short-term housing establishments to customers who stay at them. Before being able to generate a bill for a guest, hotels must create a folio to document what a guest has consumed: goods, services, number of nights, number of guests, add-ons, bar, parking, and any other items that were consumed or given during the stay. Having an accurately and quickly extracted folio is the critical step in correctly billing hotel guests and managing inventory.
With the increasing volume of folios that hotels and similar establishments need to process quickly in order to do accurate bookkeeping, assess inventory, and collect payments, folio OCR has become the most streamlined method for collecting and organizing information on the backend. Using Veryfi OCR API, the need for manual data entry is eliminated and the potential for human errors is reduced. When backend systems and books are accurate and in order, guests have a better experience at the front desk.
Veryfi OCR APIs are pre-trained on hundreds of millions of documents for Day 1 Accuracy™.
Veryfi automatically provides: vendor enrichment, business ID lookup, document categorization, line item expansion & categorization, and due date calculation.
Enable 3-way matching by accurately extracting line item details in invoices, POs, bills of lading, and other documents in your AP workflows and procure-to-pay lifecycle.
Veryfi RESTful APIs return formatted JSON with consistent labels for extracted data, so your team can easily integrate Veryfi into your enterprise apps.
OCR APIs with Day 1 Accuracy™ for data extraction of invoices and other financial documents.
Integrate Veryfi with just a few lines of code, liberating your team to stay focused on building industry-leading customer experiences.