Simplifying Financial Reporting and Auditing Processes for Companies

Sydney Times

— 1 min read
Simplifying Financial Reporting and Auditing Processes for Companies

Introduction

In the world of finance, accuracy in financial reporting is crucial for the success of any company. Errors in financial reports can have serious consequences, as evidenced by Lyft's recent mishap. To address this issue, Mary Antony and Kelsey Gootnick, with backgrounds in accounting, founded InScope in 2023. Their goal was to revolutionize financial reporting and auditing processes using technology.

The Problem

Companies often struggle to compile accurate financial statements and disclosures, which can take weeks to months and are prone to errors. These errors can lead to severe consequences if not corrected in time.

The Solution

InScope leverages machine learning and large language models to provide financial reporting and auditing solutions for mid-market and enterprise companies. The platform was launched in beta in early 2024 for customers using Oracle NetSuite.

Key Features

  • Automating GAAP and non-GAAP reporting
  • Streamlining cash flow statements
  • Drafting annual and quarterly financial reports

Competition

InScope's closest competitor is Workiva, which focuses more on public companies. InScope, on the other hand, caters to private companies. While some traditional service firms offer similar services, InScope's product is seen as complementary rather than competitive.

Growth and Funding

  • InScope currently has five customers with six more in the pipeline
  • The company has received $4.3 million in seed funding from investors like Lightspeed Venture Partners
  • Plans to grow 10x in customers and revenue by the end of the year

Future Plans

  • Expanding customer base to 50 companies by year-end
  • Scaling the product and enhancing AI capabilities with the help of the recent investment

Testimonials

  • Better Tomorrow Ventures has been a key advisor for InScope since its inception
  • Sheel Mohnot, co-founder of Better Tomorrow Ventures, praises the passion and dedication of the InScope team in addressing critical financial challenges

Conclusion

InScope's innovative approach to financial reporting and auditing is poised to make a significant impact on the industry. With a strong focus on accuracy and efficiency, the company is set to revolutionize how companies manage their financial processes.

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