Transforming Financial Reporting with AI: The emergence of InScope
Understanding the Complexities of Financial Statement Preparation
Anyone who has delved into a 10-K or 10-Q filing knows that compiling financial statements is a detailed and labor-intensive process. Even though platforms like Workiva and Donnelley Financial Solutions exist to ease this workload,many accounting professionals still find themselves bogged down by repetitive manual tasks that hinder efficiency.
The journey from Persistent Challenges to Innovative Breakthroughs
Accounting veterans Mary Antony and Kelsey Gootnick experienced these inefficiencies repeatedly throughout their careers. Their professional paths intersected seven years ago at Flexport-where Antony was assistant controller and Gootnick held the controller role-and even after moving on to companies such as Miro, Hopin, and Thrive Global, thay continued encountering the same tedious workflows.
“Financial reporting frequently enough feels like piecing together countless spreadsheets pasted into Word documents, endlessly circulated via email,” Antony remarks. This disjointed method not only elevates the chance of errors but also consumes precious time better spent on strategic financial insights.
Introducing InScope: Revolutionizing Finance Through Automation
To tackle these ongoing obstacles, Antony and Gootnick co-founded InScope, an AI-powered platform launched in 2023 designed to simplify financial statement preparation for corporations and accounting firms alike. while it does not yet fully automate income statement or balance sheet creation, InScope automates critical tasks such as mathematical validation and uniform formatting-saving accountants up to 20% of their time according to Antony’s estimates.
An Expanding Presence Among leading Accounting Firms
Over the past year, inscope’s user base has grown fivefold, attracting major firms including CohnReznick-a top 15 national accounting firm-underscoring strong industry demand for solutions that reduce routine workloads without sacrificing accuracy or compliance standards.
The Challenge of Risk Aversion in Adopting AI within Accounting
The inherently cautious nature of finance professionals means full dependence on AI-generated reports remains a future goal rather than an immediate reality. Nevertheless, InScope’s founders are dedicated to advancing their platform toward complete automation while ensuring users maintain transparency and control during this gradual transition.
“The intricacies involved in financial reporting require founders who deeply understand both technological innovation and client perspectives,” notes Norwest partner Sean Jacobsohn. His firm led a recent $14.5 million Series A funding round supporting InScope after hearing from clients about significant time savings enabled by its technology.
The Distinctive Expertise Fueling Innovation at InScope
This unique combination of extensive domain knowledge paired with entrepreneurial agility distinguishes Antony and gootnick from typical startup founders lacking firsthand finance experience. Their backgrounds working inside dynamic startups have provided them with crucial insights needed to redesign how financial data is efficiently compiled without compromising rigor or regulatory compliance.
A Glimpse Ahead: Redefining Accountants’ Workflow Globally
- Boosted Productivity: Automating formatting details-including consistent placement of dollar signs and commas-allows accountants to reclaim hours previously lost on meticulous checks each week.
- Error Minimization: Automated math verification reduces human mistakes common when managing multiple spreadsheets under tight deadlines.
- User Confidence: Gradual integration ensures professionals retain oversight while benefiting from AI assistance tailored specifically for complex regulatory environments.
- Sustainability & Remote Work Trends: With over 30% more finance teams adopting hybrid work models sence 2020 globally, cloud-based automated tools like InScope are becoming essential components in modern workflows.
A Parallel Example: Enhancing Legal Document Review through Artificial Intelligence
A similar revolution is occurring within legal services where AI platforms now assist attorneys by rapidly scanning contracts for inconsistencies-a task once requiring hours per document review session-enabling legal teams worldwide to achieve efficiency gains comparable to those accountants seek through tools like InScope today.
Together these developments highlight a broader movement across professional services industries toward embracing smart automation technologies designed not merely to replace manual labor but enhance human expertise through smarter workflows customized around user needs within highly regulated sectors such as finance.
