Why Veryfi - Passion Lead Us Here

Hello. Welcome to a new and better way to automate your business bookkeeping in a secure centralized place of records which you can trust.

Veryfi solves an unsexy problem of bookkeeping — the administrative pains of disconnected field teams accruing time & material, and the accompanying grind of managing information about the business financial activity in hundreds of different places for statutory tax obligations and job costing.

“Most of the information to make better decisions sits inside a company.”

Chamath Palihapitiya, Billionaire, Investor at Social Capital


Table of Contents



Bookkeeping

With Veryfi

Without Veryfi

Modern Bookkeeping

Traditional Bookkeeping

Fun. Informative. Tedious. Boring.
Data is Valued. Decentralized bookkeeping within your organization. Access your company’s data 24×7. Understand micro and macro changes and make better faster business decisions. Data is not Valued. Often outsourced to the wrong type of person or company based on hourly rate. Remains a black box of mysteries.
Bookkeeping is Data; Information. Tapping into it on a regular basis yields insights into the pulse of your business. Bookkeeping is a Monthly Chore. Monthly book closing ritual leaves you with 12 touch points to understand your business financial activity, insights et al.
Perpetual information ownership. Retain information and reduce risk associated with knowledge loss due to employee turnover. Risky ephemeral bookkeeping. No guarantee that the knowledge gained isn’t lost once the bookkeeper moves on.
Transparent Pricing. Value based and easily self-managed. Mystery Fees. Complex pricing scheme with complex fine print.
Software is built for Teams. Teams hold context and regular business activity. They are the best source of clean bookkeeping and field data. Software is built for a Bookkeeper or Accountant to operate. Often used on a computer inside the office. Software that requires training and ongoing support. Often a mystery black box.

Data-privacy and security

“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/

With Veryfi

Without Veryfi

Veryfi Shield Protects Your Data

Unencrypted & Insecure Practices

Veryfi is 100% software. Veryfi is built on foundations by founders who understand and value security and user data-privacy.

(a) No human extraction or verification teams. There is no human augmentation or injection anywhere in the workflow. Veryfi is powered by software end-to-end and complies with GDPR, HIPAA, and CCPA.

(b) Prior experience building secure platforms. Veryfi founder’s have prior experience building HIPAA complaint platforms that today power many large healthcare providers in the US. The foundations of Veryfi are based on data-privacy and security.

(c) Encryption and security standards. Veryfi employs all industry encryption standards like TLS1.2 and AES at rest and in transit. Additionally, access is locked down with MFA (multi-factor authentication) + biometrics and passwords are one-way encrypted. Learn more.
90% of companies providing technology for accounting do not actually deliver machine automation, instead; they outsource it offshore putting your business at risk of social engineering. Furthermore, technology companies serving CPAs in California not disclosing offshore labor are causing these CPAs to fall out of compliance.

“Botkeeper represents itself as an AI-powered automated bookkeeping and accounting solution, but in reality it’s offshore labor in the Philippines doing most of the work.”
Source: Botkeeper

“Expensify’s deceptive mechanical turk army may have resulted in me coming within seconds of losing $30k.”
Source: Expensify

“Receipt Bank’s data extraction team, certain members of which are based outside the EEA,” Source: Receipt Bank

Learn more about Veryfi Shield.

Modern businesses understand this and are already using it to make better and faster business decisions staying ahead of their competitors. Are you ready to jump on this bandwagon and become the Firm of the Future?

Hello Veryfi.

 
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Veryfi is a Leader in Data Extraction & Automation of Receipts, Bills & Invoices

Veryfi software sees semantics and structural layout and extracts value by taking unstructured documents and turning them into rich structured data, often enriched with contextual mobile data. This unrivaled precision and speed delights customers, builds trust, and makes Veryfi a market leader. Test drive our API to see or see a video of ? Veryfi extracting data in real-time.

“Bookkeeping data is not just for the tax office to verify your business activity or close the books. The data derived from bookkeeping is rich with business intelligence context and information.”

Ernest Semerda, Veryfi Cofounder

Veryfi data extraction works on multiple sources like JPEG / JPG / PNG images, PDF, IIF, AirBnB CSV Ledger, CSV / XLS, etc… extracting a wealth of data in seconds! Then this data is structured in a format that can be used for accounting or field intelligence.

With Veryfi

Without Veryfi

Fast OCR, Reliable

Slow & Unreliable

3 Seconds

100% machines all the way down with the exception of your CPA should you invite them to your team.
Minutes to Hours

Human Extraction or Augmentation.

Machines never sleep. They work 24×7 365 days a year for you, crunching numbers, finding patterns and alerting you of actionable tasks.

Dmitry Birulia, Veryfi Cofounder and Machine Learning Architect

Veryfi’s Intelligent OCR (Optical character recognition) with Machine Learning AI Extracts all this in 3 seconds:

  • Vendor name, vendor address, vendor type, vendor phone number. Veryfi also recognizes vendors from a logo alone using ML (machine learning of trained vendor logos)
  • Transaction totals (including handwritten)
  • Transaction subtotals
  • Tax including International taxes (GST, HST, TVP, TVQ, VAT et al)
  • Tips (including handwritten)
  • Date & Time
  • Payment type including Card number and Card type (Visa, Amex, MasterCard et al.)
  • Currency detection with automatic currency conversion when traveling overseas. Conversion is based on the date on the receipts/invoice
  • Categorizes receipts based on applicable regional accounting/tax codes
  • Invoice information like # Number, Account Number, Due Date etc.
  • World’s 1st machine powered end-to-end line-by-line item extraction from receipts, invoices and bills in seconds. Watch the video here: https://www.youtube.com/watch?v=ANXgtvDMfL4

Furthermore, every data field extracted is Labelled and Categorized based on your company’s ledger accounts and historical inputs.

Pricing: Veryfi products are value based, not document based like competitors

We want everyone on your team to enjoy using Veryfi without having to worry about low limits or unfair pricing based on documents processed (extracted and labelled).

To filter out abuse on the unlimited system and promote fair use, the Veryfi AI will set a default cap per new user to 500 documents (receipts, invoices or bills) PER MONTH / PER USER. If you have been a customer of Veryfi for sometime and need more than this per user per month limit then please reach out to support@veryfi.com and we can go over options that will give you uncapped limits. We believe this will drive a fair use behavior.

Pricing Comparison: Veryfi vs Competitors

With Veryfi

Without Veryfi

Transparent Pricing

Hidden Fees

Veryfi’s subscription pricing is transparent. You can start using Veryfi in 30 seconds – no cc required.

1. Veryfi Subscription is Value Based, Not Transactional. Veryfi sells Product access not Plan access. This means you get all the great features in each product.

2. You Trial Veryfi for 14 days without handing over your wallet. Before the trial ends you have an option to subscribe for what Product/s you want to continue using. Easy and transparent.
As shown above, our competitors will often employ dirty tactics to get more money from you without you knowing.

1. Receipt Bank, Shoeboxed, Botkeeper and Bench will bill you per Document (receipt, invoice or bill) processed while Pilot by the volume of your expenses. Your monthly fees are tied to the number of documents or expenses you or your clients send to their system. Ouch!

2. Concur will charge you per Report. Each Concur employee expense report is a $10 cost. Super Ouch!
Pay careful attention to the pricing model. It’s also a sign of a pricing model tied to human labor and should be avoided for data-privacy reasons. More on spotting bad actors here.

Raving customer ratings and reviews

Veryfi, Best Ease of Use Rated by Capterra

Ratings and reviews ★★★★★

 
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Competitors vs Veryfi

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