Financial reporting is a crucial task for companies and accounting firms, but the process can be complex and time-consuming. Mary Antony and Kelsey Gootnick, both experienced accountants, recognized the manual challenges present in legacy platforms like Workiva and Donnelley Financial Solutions. Despite their backgrounds at different companies, the duo stayed in touch and decided to launch InScope in 2023, an AI-powered financial reporting platform that aims to automate many aspects of the financial statement preparation process.
InScope recently secured $14.5 million in Series A funding led by Norwest, with participation from Storm Ventures, Better Tomorrow Ventures, and Lightspeed Venture Partners. The platform is designed to streamline tasks such as verifying math, formatting, and ensuring consistency in financial statements. Antony, the CEO of InScope, mentioned that even small tasks like uniform placement of dollar signs and commas can save accountants up to 20% of their time.
While InScope has seen significant growth in its customer base over the past year, including partnerships with accounting firms like CohnReznick, the ultimate goal is to fully automate financial statement preparation with the help of AI. Sean Jacobsohn, a partner at Norwest, highlighted the unique expertise of InScope’s founders in reinventing financial reporting technology. He emphasized the importance of having a deep understanding of the complexities of the industry to drive innovation successfully.
Antony acknowledges that accountants are typically risk-averse and may take time to fully embrace AI in financial reporting. However, the positive feedback from clients who have experienced time savings using InScope’s product is a promising sign of its potential impact. With their entrepreneurial instincts honed through years of experience in high-growth startups, Antony and Gootnick are well-positioned to lead InScope towards reshaping the future of financial reporting technology.
