Financial reporting has remained largely unchanged for 2+ decades. Despite big changes in almost all other parts of the business, the process of creating financial statements and their disclosures continues to be manual, time-consuming, and prone to errors. At InScope, we are working towards a future where financial reports can be generated with the click of a button – not just the numbers, but the entire narrative that meets all of the GAAP and legal requirements.
The Vision: Financial Reporting at the speed of business
Imagine being able to generate a complete set of financial statements – including all required disclosures and footnotes – in an instant. It will fundamentally change everything about how financial information is compiled, verified and communicated. We’re building towards a world where financial reporting keeps pace with the speed of business without sacrificing accuracy or compliance.
AI and LLMs: The perfect catalyst
Large Language Models (LLMs) are a big deal for financial reporting. They’re great at understanding context, generating narrative content and processing complex relationships – exactly what’s needed to uplevel financial statement preparation. But the key is not to just throw AI into an existing process; it’s to apply it thoughtfully within the specific constraints and requirements of financial reporting.
Unlike general purpose AI tools, InScope combines the power of LLMs with deep domain expertise in accounting and financial reporting. This allows us to use AI while keeping the outputs exact and dependable that financial statements require.
Trust Through Consistency: The foundation of modern business
At its heart financial reporting is about trust. Comparable and consistent financial statements are the foundation of modern business relationships. When companies can trust each other’s financial representations they can move faster, make better decisions and allocate capital more efficiently. We call this “moving at the speed of trust”.
Standardisation in financial reporting isn’t constraints; it’s the enablers of trust. By automating and standardising the financial reporting process we’re not just saving time; we’re strengthening the foundation of business relationships.
The Disclosure Assistant: A leap forward
Our newly launched Disclosure Assistant is the first step towards this vision. It’s not just another AI tool; it’s a purpose built solution that:
- Proactively identifies missing disclosures, eliminating oversight risk
- Generates disclosure language specific to your business situation
- Creates a workflow for managing and updating footnotes
- Complies with current accounting standards and regulations
What makes this truly powerful is it works within your existing financial reporting workflow not as a separate tool that requires manual data transfer or context setting.
The Power of Integration: Connecting the dots
The magic happens when we bring together all the elements of financial reporting: trial balances, general ledger details and transaction level data. Through our ERP integrations the Disclosure Assistant has access to our customers’ full financial context – not just the numbers but the underlying transactions and accounting policies that drive them.
This gives InScope:
- The ability to see the relationships between different financial elements
- To spot patterns and anomalies that require specific disclosures
- To generate more accurate and relevant disclosure recommendations
- Supporting documentation and audit trails
This is just the start
The Disclosure Assistant is just the start. We’re building towards a world where financial reporting isn’t a blocker but an enabler of business growth. Where trust is strengthened by technology not compromised by it. And we’re looking for forward thinking finance leaders to join us.
What we’re building now is the foundation for this. As we move forward and evolve we’ll stay true to our purpose: making financial reporting faster, better and more useful for everyone.