News
InScope raises $4.3 million to expand audit platform
In sight officially launched and announced it has raised $4.3 million to expand its platform designed to facilitate financial reporting and audits for private companies.
The platform is designed to provide a solution to a financial statement preparation process that is currently time-consuming and error-prone, the company said on Wednesday (June 12). publish on LinkedIn.
“At InScope, we seek to change that by giving accountants superpowers so they can complete these tasks easily and quickly through our platform, which leverages machine learning and great language models,” InScope said in the post. “Now, accountants can focus on strategic initiatives instead of getting bogged down in manual, time-consuming tasks.”
Leveraging generative AI and large language models automates significant parts of the workflow, dramatically reduces the time and effort required, and eliminates time spent on manual processes, Maria AntonioCEO and co-founder of InScope, wrote on Wednesday blog post.
Antonio and Kelsey Gootnickdirector of operations and co-founder of InScope, he 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 existing processes,” said Antony in the post. “Now, at InScope, we are building the solution we always wanted.”
InScope investors include Speed of light It is Better ventures tomorrowaccording to the company’s LinkedIn post.
JC Bahr-de Stefanoa venture capital investor from Better Tomorrow Ventures, said on a Wednesday publish on LinkedIn that InScope is already working with some companies to help simplify their financial reporting needs and enable accountants to complete their reporting tasks in minutes rather than months.
“Its technology compiles information from the company’s core systems, such as its ERP, and publicly available information from SEC guidance,” wrote Bahr-de Stefano. “Then its internal rules engine turns this information into GAAP-compliant financial and audit documents.”
In another recent product launch that included financial reporting, County said in April that it debuted a online platform which is designed to simplify back-office management by providing a centralized location for collaboration and essential business tools.
This portal includes integrations with customers’ enterprise resource planning, payroll, accounts receivable and payable, financial reporting, expense management, HR tools, and other features.