Line items from receipts, bills & invoices
2 min read
Author: Ernest Semerda
Author: Ernest Semerda
Over the last 2 years we have been building software to automate bookkeeping. It’s been an interesting journey to say the least. One of the recent advancements we made is in extracting line items from receipts, bills and invoices in seconds.
As founders with background in accounting and software engineering, we heard and seen enough to realize that a machine automation based solution to bookkeeping is the right solution for a number of reasons:
- Data-Privacy: bookkeeping data is rich in PII (Personally identifiable information (PII)) and should be treated with care. Data Privacy is a human right not an option. Using humans in the loop is a senseless solution.
- Real-time Feedback Loop: making smart business decisions requires real-time data, not stale data from last month’s of bookkeeping.
- No Single Point of Failure: humans are ephemeral (changing jobs) so loosing a bookkeeper with their knowledge about your business can have a dint. Relying on machine learning to retain knowledge perpetually is a smarter option.
- Eliminates Repetitive Tasks: This is the area where AI excels and will replace those boring mundane tasks that suck not only our time but sometimes the life force out of us. Machines can be trained (a field of AI) to execute these tasks at scale.
You’d be surprised how many companies will ship your personal information offshore (here, here and here) to do bookkeeping. Just remember, these companies are bluntly sending your identity and business secrets offshore for their own selfish needs.
Today we are giving early access for you to test drive the world’s first machine powered line item extraction end-to-end. Powered by nothing more than 1s and 0s.
Sneak peek demo
It’s truly a big step forward in machine based bookkeeping. It’s super fast. Around 3 seconds to extract, label and categorize transactions saving an average employee 5-10 minutes of their time doing this by hand. Over a month that’s a huge saving of around 5 hours. Massive!
Yes, it’s just machines
- No Templates
- No Queues or Waiting
- No Humans in the Loop
3 SECONDS and your document is ready!
It’s FAST and Accurate!
Veryfi uses machines end-to-end with heavy GPU machines in the AWS GovCloud VPS to run proprietary machine vision, machine learning and natural language processing algorithms to achieve this feat.
You will ❤️ Veryfi
- Veryfi understands unstructured data to parse invoice line items without requiring templates, custom separator sheets or custom code.
- Veryfi is safe like Fort Knox; built with data-privacy at the core. Federal employees will enjoy the additional ITAR compliance and Healthcare employees HIPAA.
- The cost saving in eliminating boring and tedious data entry is also a win for any firm modernizing their back office to create a competitive advantage and move faster.
Next steps
- Signup for a free account here https://hub.veryfi.com/register/
- Contact sales@veryfi.com so we can enable it on your account (it’s off by default as we work out the pricing for this feature)
- Enjoy!
