In a world where financial statement preparation can be a laborious and error-prone task, InScope, a startup founded by former accountants from prominent companies like Flexport, Miro, Hopin, and Thrive Global, has secured $14.5 million in Series A funding to address the complexities of financial reporting.
Traditionally, platforms like Workiva and Donnelley Financial Solutions have aimed to simplify financial reporting processes. However, Mary Antony and Kelsey Gootnick, the co-founders of InScope, identified persistent manual challenges within these tools, prompting them to develop an AI-powered solution.
Having experienced firsthand the inefficiencies of existing financial reporting methods, Antony and Gootnick launched InScope in 2023. The platform automates various aspects of financial statement preparation, alleviating the burden of repetitive tasks like formatting and math verification. By ensuring consistency in formatting details, such as the placement of dollar signs and commas, InScope can save accountants up to 20% of their time.
While InScope’s technology does not yet fully automate the generation of income statements and balance sheets, it significantly streamlines the manual work involved in financial reporting, offering a more efficient and accurate solution for companies and accounting firms.
Source: TechCrunch