This blog is about 700 words long, or a 4–minute read.Head of Engineering at Veryfi
Bank statements offer a broad view of your business’s financial health, tracking every transaction, payment, and expense. They highlight spending habits and trends, but they don’t capture the full picture. Essential details—like how much you’re spending on specific supplies, services, or even individual vendors—are hidden in the receipts and invoices, not on your bank statements.
Not seen inside bank statements?
This is where Optical Character Recognition (OCR) technology becomes indispensable. Veryfi LLMs dig into the granular details buried within your receipts and invoices, extracting data that bank statements overlook. By revealing precise spending patterns through automated two-way and three-way matching using bank statements extraction, Veryfi gives you the ability to see exactly where your money is going. Whether it’s marketing, office supplies, or vendor payments, these insights empower you to take full control of your expenses.
Most OCR tools struggle with extracting critical bank information fields, often leading to errors and inconsistencies. Fields like the bank name and bank number are essential for verifying the legitimacy of a financial institution and routing transactions correctly. Veryfi OCR APIs, however, excels at accurately capturing these details, along with more complex fields like routing numbers, account numbers, IBANs, and SWIFT/BIC codes. This ensures that your financial processes, from verifying accounts to processing international transfers, are handled with precision and reliability—something 99% of other OCR tools can’t consistently deliver.
Get Control of Spend Management
Understanding where your money goes is just the first step; the real power lies in managing and controlling it. With the detailed insights provided by Veryfi data extraction APIs and LLMs, you can flex control over specific areas of your spending. For example, if you notice that your marketing expenses are creeping up, you can decide to tighten that budget. If office supply costs are skyrocketing, you can explore alternative vendors or negotiate better rates. Veryfi makes it easy to spot trends, identify potential savings, and make informed decisions that keep your expenses in check.
Veryfi product matching performed on bank statements also helps companies tag and categorize their expenses more effectively. This capability ensures that every transaction is properly classified. It becomes easier to generate accurate reports and gain deeper insights into your spending patterns. By leveraging Veryfi product matching, business bookkeepers and accountants can gain complete control over your spend management. Then they can make data-driven decisions to optimize your financial operations.
Veryfi began as an expense management product, designed to simplify tracking and controlling business spending. Now, it combines Veryfi Lens and Veryfi OCR APIs, allowing businesses to capture and analyze expenses with accuracy and speed. By leveraging these tools, you can gain complete control over your spend management and make data-driven decisions to optimize your financial operations.
Simplify Expense Reconciliation
Beyond providing insights, Veryfi simplifies the reconciliation process because it reliably processes documents. Instead of manually matching bank transactions to receipts and invoices, Veryfi automates this task, saving you time and reducing errors. This automated process ensures you have an accurate and complete view of your spending, making expense management even more straightforward.
By extracting data from bank statements and matching those to receipts and invoices containing breakdowns by item or service, companies can also perform precise expense reconciliation. Reconciliation ensures that all incoming payments match recorded sales. This process helps identify discrepancies, improve financial accuracy, and ensure that all expenses and revenue are correctly accounted for.
Control Business Finances with Veryfi
Bank statements give you a snapshot of your business’s financial activities. But Veryfi provides the detailed view you need to manage and control expenses effectively. By extracting and analyzing data from every receipt and invoice, Veryfi allows you to see the full picture and take charge of your spending. Unlock hidden insights, streamline expense management, and gain the control you need to make smarter financial decisions with Veryfi.
By transitioning to fast, accurate, and secure document processing with Veryfi, any business can streamline how financial data is collected, used, and reported on. Banking for startups? Veryfi is especially important for startups and enterprises who need to stay competitive and profitable. Sign up to try us out.
