My company IQBoxy now has a new name Veryfi

IQBoxy was born out of our need to better understand the movement of our money so that we could gauge the pulse of our financial position.

Dmitry and I are immigrants. Born in Eastern Europe, we grew up during the communist era in poverty. Staying on top of our finances was chiseled into us. That was the only way to survive in such turbulent times. We were fortunate enough to migrate to the west. In 2009 we met at Coupons Inc, in the US, where we helped households save money by printing coupons (money). We also learnt what it takes to go from a startup to an IPO Unicorn.

Working in Silicon Valley allowed us to tap into a pool of new knowledge. Seeing the world grow up and change for the better. A lot was happening but the basics of money management remained constant. Whether it’s business or personal, the same advice applies. Pay yourself 1st. Then stay on top of your finances by keeping a ledger of your financial activity.

How IQBoxy started

When Dmitry and I started IQBoxy in Silicon Valley, we began automating the expense side of the equation. I still remember when Dmitry and I sat sipping coffee at Philz’ in Palo Alto brainstorming what to call our new venture. We decided on IQBoxy after the idea of an intelligent box to throw receipts into. The reinvention of the traditional shoebox often used by business minded folks to retain their receipts for Uncle Sam (aka Tax office).

IQBOXY Founders - Ernest Semerda and Dmitry Birulia
Ernest (me) and Dmitry at YCombinator in 2017. Veryfi is part of the YC W17 cohort.

More time to spend enjoying life

We all want more time with our family, friends and experiences. Yet we are are becoming more and more time poor. Running a business as a self-employed or with a team has its perks but also comes with a burden. Accounting. Specifically the Bookkeeping part; to meet tax obligations and to stay on top of our finances.

Then there’s the recording of business deductions (purchases) to maximize our income. Categorizing and reconciling financial transactions so that our accountant can communicate it to the tax office. It is a burden that robs us of time we should be focused on our business or spending with our family/friends.

All of a sudden the vision of a flexible nature of being self-employed or running your own business is being buried in excel balancing the numbers and shuffling paperwork.

Automation to the rescue

Automation at most companies is smoke & mirrors, using human labor – the famous mechanical turks ie. Expensify. A man behind the curtain approach (Wizard of OZ like). An ephemeral labor at the risk of your privacy. We believe this is not good enough.

What if we could outsource it to machines who have no interest in social engineering (using the knowledge they gauge to gain access to your bank through psychological manipulation). Now that’s something worth celebrating.

Hello Veryfi

With this in mind, we locked ourselves up in a room and brainstormed. Few days later we emerged. We used a mind mapping process to flesh out what the new name should convey. Everything from financial focus to innovation to very fast to trust.

Veryfi mind map
Veryfi mind map

Trust and Privacy are at the core of the Veryfi product. Veryfi is a secure, HIPAA compliant service you can trust to automate your tax obligations. From collection of receipts & invoices, to categorization and reconciliation of your financial documents to bank statements.

If you need your CPA to access this data anywhere at anytime, then Veryfi does this in a breeze. All while maintaining the highest security standards. From HIPAA compliance for healthcare companies to EU Data Protection in Europe which take effect in 2018. Privacy is, and should be, on top of every company’s agenda. No compromises.

A Bookkeeper in your Pocket

As we grew and users turned into customers, we realized we needed to move beyond just expense management. Bookkeeping is more than expense management. So we integrated with our friends at Rippling to bring payroll and employee on-boarding into the ecosystem. Then we brought further integrations with cloud accounting providers, like our friends at Sage.

Yet we carried a small burden on our shoulders which clouded our business. Are we just an expense company? Nope. Are we a cloud document storage company. Definitely not. Then what are we?

The image we sent to the marketplace through the IQBoxy name was more confusing than helpful. We realized we needed a name that would send the right message about our vision and product. A name that would give justice to our core mission and our roots of providing innovative & fresh financial solutions for the self-employed & small business owners that they could trust.

Say hello to Veryfi

Veryfi is about empowering the future workforce with modern AI-first-mobile software. Software that is delightful to use anywhere in the world with or without an internet connection. No barriers. Geographic or financial. Everyone should have a bookkeeper in their pocket.

To learn more visit https://www.veryfi.com/

Originally published at www.veryfi.com on December 4, 2017.

Author: Ernest W. Semerda

IQBOXY cofounder, GSDfaster founder and The Road To Silicon Valley founder/editor. Follow me on Twitter: @ernestsemerda or Google+.