AI Simplified IRS Audit Prep—Extracting Data Just Hours

Bryan leveraged Adobe’s AI to extract bank transaction data from 24 PDFs in record time, transforming a tedious task into a manageable one.

Introduction

As a fractional CFO, Bryan Wakefield is no stranger to crunching numbers and preparing reports. But when faced with the painstaking task of extracting transaction data from 24 PDF bank statements for an IRS audit, he knew he needed a better way to get the job done. Manually highlighting and copying data row by row would take hours—possibly days. Fortunately, Bryan had been exploring the potential of AI and decided to put it to work using Adobe’s AI tool. In a couple of hours, Bryan was able to extract key data—dates, descriptions, and amounts—and format it for Excel, cutting down the time and effort drastically.

Challenges

Preparing for an IRS audit is never easy, but Bryan’s specific challenge was amplified by:

• Access limitations: The audit covered periods for which transaction data was not easily accessible through the bank’s typical export tools.
• Manual data extraction: Bryan needed to extract data from PDF bank statements—a tedious task if done by hand.
• Accuracy requirements: The IRS demands precision, so the extracted data had to be complete and free from errors.
• Privacy concerns: As a fractional CFO, Bryan is hyper-aware of data privacy and has steered clear of using AI tools like ChatGPT for sensitive financial documents.

In the past, Bryan had resorted to manual extraction, or using Adobe to convert PDFs into both Word and Excel, leaving him with a jumbled mess that required piecing together like a mosaic. This time, he needed a cleaner, faster solution.

The AI Solution

To tackle the challenge, Bryan decided to use Adobe’s AI-powered features, despite some initial skepticism about its ease of use. The goal was simple: extract date, description, and amount from each statement and format the information in a way that could be easily pasted into Excel.

Here’s how AI helped:

• PDF to data extraction: Adobe’s AI allowed Bryan to quickly pull the relevant information from the statements into a clean, structured format.
• Efficient prompting: Though getting the AI to work exactly as desired required some patience and trial and error, Bryan coaxed it into producing the exact output he needed. Once it was working smoothly, Bryan even had AI generate an optimal prompt to use for future tasks.
• Streamlining Excel prep: The extracted data was formatted in a way that allowed Bryan to quickly paste it into Excel for further analysis and reporting.

Within a few hours, Bryan had processed all 24 bank statements, delivering the clean data needed for the audit.

Remarkable Progress

What used to be a slow, manual process became an efficient, AI-driven task:

• Hours saved: Bryan was able to process 24 bank statements in a couple of hours—much faster than the manual copy-pasting or the chaotic process of converting files to Excel.
• Improved accuracy: With Adobe’s AI extracting the data directly, the risk of human error was minimized, making the audit preparation more precise and reliable.
• Cleaner output: The AI-generated data was far less messy than traditional conversion methods, allowing for easy transfer into Excel without needing to spend extra time cleaning it up.

“Using Adobe’s AI to extract exactly what I needed in just a couple of hours was a huge win. Now, I’ve got a prompt ready for next time—it’s a game-changer.”

Bryan Wakefield, MS in Economics, FMVA
Fractional CFO at Last Energy and Principal, Fractional CFO Services at Corridor Tax & Accounting, LLC

A Defining Moment

The real turning point for Bryan came when he realized how much time he had saved—not just in the present, but in future projects as well. The AI allowed him to generate a step-by-step prompt for the next time he would need to extract data, ensuring that similar tasks in the future would take even less time. Adobe’s AI, while sometimes quirky, had delivered on its promise to simplify an otherwise grueling task.

This newfound efficiency left Bryan feeling more confident in handling future audits and financial document extractions, knowing that AI could eliminate the most tedious parts of the process.

Broader Impact

For Bryan, this project was part of a larger shift in how he’s embracing AI to boost his productivity as a fractional CFO. While this was the first time he used Adobe’s AI for a project of this scale, he regularly extracts data from PDFs and is constantly experimenting with AI tools like Copilot to further streamline his work.

While privacy remains a top concern, especially with tools like ChatGPT, Bryan’s experience with Adobe’s AI has opened new doors. He’s excited about the potential for AI in finance, not just to speed up tasks, but to increase accuracy and consistency across the board. As AI becomes more integrated into everyday tools, Bryan believes this is only the beginning of how it will transform his work.

Bryan’s Perspective

Reflecting on the project, Bryan shared, “I’ve spent years wrestling with Adobe conversions and trying to make sense of messy data. Using Adobe’s AI to extract exactly what I needed in just a couple of hours was a huge win. Sure, there were some hiccups, but once I got the AI doing what I wanted, it made everything so much easier. And now, I’ve got a prompt ready for next time—it’s a game-changer.”

Conclusion

Bryan Wakefield’s experience shows how AI can transform labor-intensive processes, turning a task that once took hours or days into one that’s completed in just a couple of hours. By using Adobe’s AI to extract bank data from PDFs, Bryan not only saved time but ensured accuracy and ease of use. As AI tools continue to evolve, the possibilities for improving efficiency in finance and beyond are limitless.

Call to Action

Want to simplify your financial reporting processes and save hours on data extraction? Visit Simpleacademy.ai to learn how AI can streamline your work and make tasks like audit prep faster, easier, and more accurate.