Receipt Bank vs Veryfi
At Veryfi, we love speaking with Accountants, Bookkeepers and Business Owners on how Veryfi tools can help them automate their Bookkeeping responsibilities to the tax office and gain real-time field intelligence.
A question that often pops up is how is Veryfi different to Receipt Bank. This post will shed some light on this question and help you make smarter and better business decisions.
Receipt Bank sends your personal information overseas
Thanks to GDPR (General Data Protection Regulation) enforcement, Receipt Bank is now somewhat transparent about their offshore data extraction team. However, their marketing has remained creative.
To see this for yourself, head over to https://www.receipt-bank.com/privacy-policy/ and press Ctrl+F and start typing in “data extraction team”.
Do Receipt Bank process your receipts using humans or OCR?
Yes. As per Helen from Receipt Bank response on Quora: https://www.quora.com/Do-Receipt-Bank-Keebo-and-Shoeboxed-process-your-receipts-using-humans-or-OCR
Receipt Bank app vs Veryfi app showdown
See for yourself. We did an app comparison video. Note that Receipt Bank app is SLOW to extract data; this is human extraction at work. And when it does, it only gives you bare (minimal) data due to costs of human labor.
Summary of findings
Veryfi is FASTER. Faster means you can throw away those receipts vs wait around for processing. It also means in a team environment you can make faster and better business decisions when all your material purchases information is available.
Veryfi is SAFER. Your Uber receipts have your home address and your medical bills have your whole life history which insurance companies would love to get their hands on. If you use Veryfi only machines see this. No humans. But with Receipt Bank, their offshore data extraction teams see it. Yes they have humans processing your receipts. It’s public information here: https://www.receipt-bank.com/privacy-policy/ ~ furthermore, the more someone knows about you the higher the chance of a social engineering opportunity you present to them.
Veryfi is VALUE FOR MONEY. Using machines to process documents from unstructured to structured form is far cheaper than using humans. That’s why Veryfi has large document processing quotas using Veryfi proprietary OCR API platform while Receipt Bank will limit you to a set of fixed documents per month using an offshore labor team. Be smart.
If you want to learn more how to identify apps/products that use humans vs machine you can read this great post on Medium: https://medium.com/the-road-to-silicon-valley/bookkeeping-automation-whos-looking-at-your-data-f9de9d6f4da0
Veryfi vs Receipt Bank Chart
Why you should care
1. Receipt Bank puts CPAs at risk
Technology companies serving CPAs in California not disclosing offshore labor are causing these CPAs to fall out of compliance.
2. Receipt Bank exposes your business information to offshore labor that work for pennies
“ITRC reported that Commercial businesses accounted for more than 50 percent of data breach targets, and more than 157 million compromised records in 2017.”BNA: https://www.bna.com/2017-year-data-b73014473359/
Business financial activity is a wealth of data that can easily be used for social engineering. (Social engineering is when a bad actor knows enough about you to steal your identity by being able to answer security questions from your bank, online services you use etc.)
Think twice before handing over the keys to your kingdom.
3. Receipt Bank’s creative Pricing is going to hurt your wallet
- Receipt Bank cranks up their pricing based on “Documents” their offshore extraction team processed. ie. The number of documents you or your clients send to their system. Ouch! Receipt Bank Pricing: https://www.receipt-bank.com/for-business/pricing/
- Veryfi pricing page: https://www.veryfi.com/plans-pricing/
4. Your Team Cares about data-privacy
Security and Data-Privacy is in the media everyday. From Facebooks to the Big4. Your employees care about this topic since it can put them and their families at risk. As a business owner or a CPA making technology decisions, you will need to factor that in and be transparent. eg. That Uber receipt with their home address they submitted for reimbursement is going to be seen and transcribed by someone in another country. Read more on privacy here.
How Veryfi stacks up against others…
Botkeeper represents itself as an AI-powered automated accounting solution. Reality: offshore labor in the Philippines doing most of the work.Read more on Botkeeper
“Expensify’s deceptive mechanical turk army may have resulted in me coming within seconds of losing $30k.”Read more on Expensify