Even if you don't have an accounting background, anyone who has ever glanced at a 10-K or 10-Q knows that preparing financial statements is a complex and tedious process.
Legacy platforms like Workiva and Donnelley Financial Solutions aim to streamline financial reporting, but longtime accountants Mary Antony (pictured right) and Kelsey Gootnick (pictured center) found themselves exhausted by the various manual hurdles within these tools (co-founder and CTO Jared Tibshraeny, pictured left).
The two met seven years ago at Flexport, where Mr. Gutnick was the company's manager and Mr. Anthony was its deputy manager. They stayed in touch after Antony moved to Miro, Gootnick to Hopin, and then Thrive Global.
No matter where they worked, Antony and Gutnick continued to encounter the same manual challenges.
“The way you put together financial statements is to string them together into a bunch of spreadsheets, move them into a bunch of Word documents, and email them back and forth between people,” Antony told TechCrunch.
The pair decided to launch InScope in 2023, an AI-powered financial reporting platform that allows companies and accounting firms to automate many aspects of the financial statement creation 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 hasn't yet fully automated income statement and balance sheet generation, it has automated a tremendous amount of manual manual work, from formula validation to formatting. According to InScope CEO Antony, just making sure dollar signs and commas are even and correctly placed can save accountants up to 20% of their time.
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Over the past 12 months, InScope has grown its client base five times and attracted leading accounting firms such as CohnReznick, which is currently ranked in the top 15 in the nation.
Of course, it may be a while before accountants, a profession that Antony describes as risk-averse, are comfortable using AI to fully automate the creation of financial statements. Nevertheless, that remains InScope's ultimate goal.
Sean Jacobsohn, a partner at Norwest, told TechCrunch that he invested in InScope after hearing from multiple customers that the startup's product saves them a lot of time.
Jacobsohn believes InScope stands out because few founders have the specific expertise needed to reinvent financial reporting technology.
“This is a very complex space and you have to have previous experience in the buyer’s shoes,” he said.
Antony agrees that accountants are usually not the type to launch startups. Fortunately, she and Gutnick developed their entrepreneurial instincts through years of operating within the fast-paced culture of other high-growth startups.