Even without accounting knowledge, anyone who has ever looked at a 10-K or 10-Q can tell you that preparing financial statements is a complex and lengthy 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 (co-founder and CTO Jared Tibshraeny is pictured left).
The pair met seven years ago at Flexport, where Gootnick served as the company’s controller and Antony as an assistant controller. They stayed in touch even after Antony moved to Mir 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 is just patched together in a lot of spreadsheets, moved into a bunch of Word documents, emailed 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 doesn’t yet fully automate the generation of income statements and balance sheets, it automates a lot of manual work, from math validation to formatting. According to Antony, CEO of InScope, just making sure dollar signs and commas are consistent and correctly placed can save accountants up to 20% of their time.
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In the past 12 months, InScope has grown its client base 5x and attracted major accounting firms such as CohnReznick, currently ranked in the top 15 nationally.
Of course, it may take time for accountants—a profession Antony describes as risk averse—to feel comfortable letting AI fully automate the preparation of financial statements. however, this remains the ultimate goal of InScope.
Norwest partner Sean Jacobsohn told TechCrunch that he invested in InScope after hearing from several clients that the startup’s product was saving them a lot of time.
Jacobsohn believes that InScope stands out because few founders have the specific expertise needed to reshape financial reporting technology.
“It’s a very complex space and you have to be able to be in the buyer’s shoes earlier,” he said.
Antony agrees that accountants are usually not the type to launch startups. Fortunately, she and Gootnick developed their entrepreneurial instincts during years of working in the fast-paced cultures of other high-growth startups.