Data Comprehension: Veryfi vs Competitors

March 24, 2020
2 mins read
Data Comprehension: Veryfi vs Competitors

    Veryfi API converts (OCRs) your scanned photos, pdfs and emails of receipts, invoices and bills into text in 3 seconds with accuracy surpassing human capabilities and speeds only a machine can achieve.

    Every data extraction returns a lot of fields from the document (listed below) including line-items.

    Veryfi.com - Invoice OCR API for Real-Time Data Extraction
    • Vendor name
      • Name
      • Address
      • Logo
      • Phone
      • Fax
    • Subtotal
    • Discount
    • Shipping cost
    • Tax (VAT, GST)
    • Tip
    • Total
    • Rounding
    • Category
    • Payment Method
      • Card Type
      • Card Number
    • Bill To Name
    • Bill To Address
    • Bill To VAT #
    • Document Type
 (receipt vs bill)
    • Currency
    • Currency Exchange Rate
    • Invoice Number
    • Purchase Order Number
    • Reference Number
    • Company VAT Number
    • Company ABN Number
    • Invoice Date
    • Due Date
    • Payment Terms
    • Service Start Date (or arrival in hotel folio)
    • Service End Date (or departure in hotel folio)
    • Account Number
    • Ship To Name
    • Ship To Address
    • Tracking Number
    • SKU level Line Items
      • Date
      • SKU
      • Description
      • Quantity
      • Tax
      • Discount
      • Total
      • Unit of Measure
    • Tax lines breakdown
      • Tax name
      • Tax rate %
      • Tax amount
    • Bank information
      • Bank name
      • Routing number
      • Account number
      • IBAN
    3 seconds

    vs.

    Competitors

    • Vendor name
    • Total
    • Tax
    • Payment method
    • Date
    minutes to hours

     

    If you are using human labor to do data extraction either yourself or via CloudFactory or Mechanical Turk, then it’s time you had a chat with Veryfi. But don’t take our word, Test Drive our OCR API and see for yourself.

    Veryfi extracts all the data from documents building a deep comprehension map of the document’s context. This allows Veryfi to accurately categorize the transaction for tax purposes.

    Head of Finance, ERP

    What else does Veryfi OCR API do?

    Veryif OCR API Reads Handwriting

    And coupled with Veryfi’s Rules IFTTT API you can run complex pipe workflows like

    IF OCRText CONTAINS "Po Code" THEN
    APPLY Category "Construction"
    APPLY Tag "Job Site"
ENDIF

    Veryif OCR API also Categorizes Transactions

    For those using Veryfi OCR for Accounting Automation you can have Veryfi Categorize your receipts for tax purposes in expense claims. Because of Veryfi’s rich comprehension of all the content inside a receipt or invoice, Veryfi AI can accurately understand what the receipt (expense) or bill (payable) is about and then categorize it based on your chart of accounts.

    This is a colossal time saving for both accountants and bookkeepers whom often have to deal with stacks and stacks of paper per client.

    Are we missing anything?

    If we missed a data point you require then please let us know. We have perfected the art of data extraction and machine learning training. This means we can either expose a new data point (field) for you or train the system for you. Just ask.

    Next Steps