Extractly.ai
Extractly.ai is an Australian AI-powered financial document processing platform specializing in PDF data extraction and financial statement validation for accounting professionals.
Overview
Founded in 2021 in North Wollongong, Australia, by CEO Alastair Raphael, Extractly.ai developed AI solutions for automating accounting and audit workflows. The company's two main products—Extractly+ for PDF-to-Excel data extraction with document matching, and Validate for automated financial statement review—served accounting firms including BDO Australia. In January 2025, Toronto-based Caseware acquired Extractly.ai, integrating the Australian team and technology into Caseware's global accounting software platform. BDO Australia reported that Extractly.ai revolutionized their financial statement review processes over a three-year partnership.
Key Features
- Extractly+: Automated PDF-to-Excel data extraction with document matching, collaborative data sharing, and workflow optimization
- Validate: AI-powered financial statement review engine checking mathematical accuracy, internal consistency, prior-period consistency, and version-to-version consistency
- Document Matching: Automated correlation of related financial documents and supporting schedules
- Collaborative Workflows: Team-based data sharing and validation for accounting engagements
- Audit Automation: Streamlined financial statement review processes eliminating manual checking
Use Cases
Financial Statement Validation
Audit firms use Validate to automate quality control reviews of client financial statements before issuance. The AI algorithms verify mathematical accuracy of calculations, check consistency between related statements (balance sheet to cash flow), compare current year figures against prior periods, and flag discrepancies across draft versions. This automation reduced manual review time for BDO Australia's audit teams.
PDF Financial Data Extraction
Accounting professionals extract financial data from client-provided PDF statements, trial balances, and schedules into Excel for analysis. Extractly+ identifies tables and data structures, maps information to appropriate cells, and maintains relationships between linked documents. Teams collaborate on extracted datasets, making adjustments and annotations visible to colleagues working on the same engagement.
Corporate Financial Reporting
Corporate finance teams preparing financial statements use Validate to check reports for internal errors before board presentation or regulatory filing. The system verifies that income statement totals reconcile to balance sheet equity changes, detects formula errors in Excel-based financial models, and ensures period-over-period consistency in recurring reporting.
Technical Specifications
| Feature | Specification |
|---|---|
| Core Products | Extractly+ (PDF extraction), Validate (statement review) |
| AI Technology | Machine learning algorithms for pattern recognition |
| Data Formats | PDF to Excel extraction |
| Validation Types | Mathematical accuracy, internal consistency, prior-period consistency, version comparison |
| Collaboration | Multi-user data sharing and workflow management |
| Target Users | Accounting professionals, auditors, corporate finance teams |
| Integration | Works with Excel-based financial models |
| Deployment | Cloud-based SaaS |
Resources
Company Information
Headquarters: North Wollongong, Australia
Founded: 2021
Founder/CEO: Alastair Raphael
Acquisition: Acquired by Caseware (Canada) in January 2025
Notable Client: BDO Australia (3-year partnership)
Status: Now part of Caseware's global platform
