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 complicated, 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 (center) found themselves exhausted by various manual hurdles within these tools (co-founder and CTO Jared Tibshraeny pictured left).
The duo 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 Miro and Gootnick to Hopin and later Thrive Global.
Wherever they worked, Antony and Gootnick continued to face the same manual challenges.
“The way financial statements are put together, they’re just integrated into multiple spreadsheets, transferred into a bunch of Word documents, emailed between people,” Antony told TechCrunch.
So, in 2023, the couple decided to start InScopean 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 creation of income statements and balance sheets, it automates much of the manual busywork, from math verification to formatting. Simply ensuring that dollar signs and commas are even and correctly placed can save accountants up to 20% of their time, according to Antony, CEO of InScope.
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In the past 12 months, InScope has grown its client base 5-fold, attracting major accounting firms such as CohnReznick, currently ranked top 15 nationally.
Of course, it may be some time before accountants — a profession Antony describes as risk-averse — 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 multiple customers that the startup’s product saves them a lot of time.
Jacobsohn is convinced that InScope stands out because few founders have the specific expertise needed to reinvent financial reporting technology.
“It’s a very complex space and you have to be able to be in the buyer’s shoes before,” he said.
Antony agrees that accountants are not usually the type to start new businesses. Fortunately, she and Gootnick developed their entrepreneurial instincts through years of operating in the fast-paced cultures of other high-growth startups.
