InScope Raises $4.3 Million to Expand Financial Reporting, Auditing Platform

InScope officially launched and announced it raised $4.3 million to grow its platform designed to facilitate financial reporting and audits for private companies. 

The platform is designed to provide a solution for a process of putting together financial statements that is currently time-consuming and prone to errors, the company said in a Wednesday (June 12) post on LinkedIn.

“At InScope, we’re looking to change this by giving accountants superpowers so they can easily and quickly complete these tasks through our platform, which leverages machine learning and large language models,” InScope said in the post. “Now, accountants can focus on strategic initiatives rather than get bogged down by manual and time-consuming tasks.”

Leveraging generative AI and large language models automates significant parts of the workflow, drastically reduces the time and effort required, and eliminates time spent on manual processes, Mary Antony, CEO and co-founder of InScope, wrote in a Wednesday blog post.

Antony and Kelsey Gootnick, chief operating officer and co-founder of InScope, formed the company after leading accounting and finance teams at several companies, according to the post.

“We have seen firsthand the challenges and frustrations of the existing processes,” Antony said in the post. “Now, at InScope, we’re building the solution we always wished we had.”

InScope’s investors include Lightspeed and Better Tomorrow Ventures, according to the company’s LinkedIn post.

JC Bahr-de Stefano, a venture capital investor at Better Tomorrow Ventures, said in a Wednesday post on LinkedIn that InScope is already working with a handful of companies to help streamline their financial reporting needs and enable accountants to complete their reporting tasks in minutes instead of months.

“Their technology compiles information from the company’s core systems, like their ERP, and publicly available information from SEC guidance,” Bahr-de Stefano wrote. “Then, their internal rules engine transforms those inputs into GAAP-compliant financial and audit documents.”

In another recent product launch that included financial reporting, Countsy said in April that it debuted an online platform that is designed to simplify back-office management by providing a centralized place for essential business tools and collaboration.

This portal includes integrations with clients’ enterprise resource planning, payroll, accounts receivable and payable, financial reporting, expense management, HR tools and other resources.

The post InScope Raises $4.3 Million to Expand Financial Reporting, Auditing Platform appeared first on PYMNTS.com.