"Even without a background in accounting, anyone who has ever glanced at a 10-K or 10-Q can tell that preparing financial statements is a complex, tedious process. While legacy platforms like Workiva and Donnelley Financial Solutions aim to streamline financial reporting, longtime accountants Mary Antony (pictured right) and Kelsey Gootnick (pictured center) found themselves exhausted by various manual hurdles within these tools."
"So, in 2023, the pair decided to launch InScope, an AI-powered financial reporting platform that helps companies and accounting firms automate many aspects of the financial statement preparation process. The startup just raised $14.5 million in Series A funding led by Norwest, with participation from Storm Ventures, and existing backers Better Tomorrow Ventures and Lightspeed Venture Partners. While InScope isn't fully automating the generation of income statements and balance sheets yet, it automates a vast amount of the manual busy work, from verifying math to formatting."
Mary Antony and Kelsey Gootnick launched InScope in 2023 to address repetitive manual work in financial statement preparation. InScope is an AI-powered financial reporting platform that automates many tasks such as math verification and formatting while not yet fully generating income statements and balance sheets. The startup raised $14.5 million in Series A funding led by Norwest with participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners. InScope has grown its customer base fivefold in 12 months and counts firms like CohnReznick among customers. Standardizing formatting and automated checks can save accountants up to 20% of their time. Accountants remain cautious about full automation.
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