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AI Revolutionizes Financial Reporting
21 Feb
Summary
- InScope uses AI to automate busy work in financial statement preparation.
- The startup raised $14.5 million in Series A funding.
- InScope's platform automates math verification and formatting tasks.
InScope, an innovative AI-powered platform, is transforming financial reporting by automating numerous aspects of statement preparation. Launched in 2023 by experienced accountants Mary Antony and Kelsey Gootnick, the startup has successfully raised $14.5 million in Series A funding. This round was led by Norwest, with contributions from Storm Ventures and existing investors Better Tomorrow Ventures and Lightspeed Venture Partners.
The platform addresses the tedious manual processes that plague traditional financial reporting, which often involves extensive spreadsheet work and document transfers. InScope focuses on automating essential but time-consuming tasks such as verifying calculations and ensuring consistent formatting. According to CEO Mary Antony, correctly placing dollar signs and commas alone can save accountants up to 20% of their time.
Over the last 12 months, InScope has experienced substantial growth, increasing its customer base fivefold. It has gained traction with prominent accounting firms, including CohnReznick. While the accounting profession is known for its risk aversion, InScope's ultimate goal is to achieve full AI automation of financial statement preparation.
Investors like Norwest partner Sean Jacobsohn are optimistic about InScope's potential, citing positive feedback from clients who report significant time savings. Jacobsohn highlighted the unique expertise of InScope's founders, emphasizing the need for deep industry knowledge to effectively innovate in this complex sector.
