Why We Invested in InScope
Excited to announce our investment in InScope!
It was a real privilege to have Mary Antony and Kelsey Gootnick, CPA join us for the first cohort of our pre-seed program, The Mint.
InScope is automating the generation of GAAP-compliant financial statements, footnotes, and audit-ready documentation. Today, putting together financial statements and disclosures can take a company weeks to months to compile and is prone to errors. It is expensive, manual, slow, and painful. Still, U.S.-based public and private companies spend $30 billion every year on financial audits, just to prove that historical financials are accurate. Adding to the strife, in the last 2 years, 300,000 accountants have left the profession (1 in every 6 accountants!). With this acute talent shortage, the timing for a solution like this couldn’t be better.
InScope’s technology gives accountants superpowers to help them 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. Then, their internal rules engine transforms those inputs into GAAP-compliant financials and audit documents.
This team understands this problem incredibly well. Mary and Kelsey have over 30 years of domain experience, with first-hand knowledge about how painful the problem is. They scaled and led accounting and finance teams at companies like Miro, Autodesk, Dropbox, Flexport, and Yelp, guiding the organizations through over 25 audits.
InScope is already working with a handful of fast-growing companies to help streamline their financial reporting needs. If you are a mid-market or enterprise company preparing for financial audits, get in touch!
Great to support InScope alongside Justin Overdorff and Aaron Frank at Lightspeed, along with some awesome angels!
