InScope, a San Francisco-based startup founded by Mary Antony and Kelsey Gootnick, is revolutionizing the financial reporting and auditing process for mid-market and enterprise companies. With backgrounds in accounting, Antony and Gootnick recognized the challenges that companies faced when compiling financial statements and disclosures. These processes can be time-consuming and prone to errors, leading to severe consequences if presented incorrectly.
To address this issue, InScope leverages machine learning and large language models to automate financial reporting and auditing. The company’s first product iteration focused on automating GAAP (generally accepted accounting principles) and non-GAAP reporting, including cash flow statements. Antony explained that cash flow statements are crucial metrics for a company and should not be like solving a sudoku puzzle. InScope aims to provide effortless yet accurate and reliable financial statements for its customers.
In addition to cash flow statements, InScope plans to release a feature later this year that helps customers draft annual and quarterly financial reports. While InScope’s closest competitor is Workiva, which also offers finance and audit software, InScope differentiates itself by focusing on private companies rather than public companies.
Antony and Gootnick view their product as complementary to legacy professional service firms that offer similar services. In fact, these firms could even become potential customers of InScope. Currently, InScope has five early customers and is in the process of signing an additional six. The company aims to grow its customer base and revenue by 10x by the end of the year.
The promising growth of InScope attracted venture capital investors who recently injected $4.3 million in seed capital into the company. Lightspeed Venture Partners and Better Tomorrow Ventures led the funding round, with participation from individual investors including founders and CEOs of prominent companies. With this investment, InScope plans to scale its product, expand its team, and enhance its AI capabilities.
Sheel Mohnot, co-founder of Better Tomorrow Ventures, expressed confidence in Antony and Gootnick’s ability to tackle this critical problem. Better Tomorrow Ventures has been advising InScope since its inception and believes in the team’s dedication and passion.
As InScope embarks on its next steps, the founders aim to expand their customer base to 50 companies by the end of the year. They are committed to fixing a component that can be detrimental to a company’s success and are determined to revolutionize the financial reporting and auditing process.
