Caseware acquires Extractly.ai to boost AI capabilities
Accounting software provider Caseware has announced the acquisition of Extractly.ai, a provider of AI-based document processing solutions.
The acquisition is set to expand Caseware’s capabilities, integrating Extractly.ai’s software solutions Validate and Extractly+, which automate various financial reporting tasks.
Danielle Supkis Cheek, SVP AI, analytics and assurance at Caseware, said: “Extractly.ai is known for its fast, accurate and secure solutions, capable of processing large volumes of documents with ease.”
“Its advanced technology helps accounting and finance professionals increase efficiency and save valuable time by automating tedious tasks.”
Extractly.ai’s ‘Validate’ uses AI algorithms to automate financial statement review processes. The algorithms check financial statements for mathematical accuracy, internal consistency, prior period consistency and consistency across versions.
Meanwhile, Extractly+ automates PDF data extraction and document matching, cutting down on manual searching and data entry tasks. Its collaborative data access mechanisms also promote data sharing among team members, enhancing productivity and collaboration.
AI uptake is predicted to climb throughout the accounting industry as businesses increasingly seek to augment their productivity with AI technology.
According to a recent survey by Wolters Kluwer, 27 per cent of accounting professionals already use AI within their workflows, while 22 per cent plan to start utilising AI in the next year.
For the firms surveyed, the top reported benefits of AI were its ability to streamline tasks, automate processes, improve the accuracy of tax calculations and reduce costs while boosting productivity.
Alastair Raphael, former chief executive officer at Extractly.ai, said: “This acquisition opens a world of possibilities for audit professionals, as we combine our strengths with Caseware's innovative solutions, global reach and industry expertise.”
