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.
The duo met seven years ago at Flexport, where Gootnick served as the company’s controller and Antony served as assistant controller. They stayed in touch even after Antony moved to Miro and Gootnick to Hopin and later Thrive Global.
No matter where they worked, Antony and Gootnick kept running into the same manual challenges.
“The way financial statements come together, it’s just patched together in a lot of spreadsheets, moved into a bunch of Word documents, emailed back and forth between people,” Antony told TechCrunch.
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. Simply ensuring that dollar signs and commas are uniform and correctly placed can save accountants up to 20% of their time, according to Antony, InScope’s CEO.
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