When we discuss Forms 10-K and 10-Q, they are mandatory, particularly when it comes to SEC (Securities and Exchange Commission) filings in the United States, which ensure financial transparency for public companies. While the 10-K is a comprehensive, audited annual report containing details on key business metrics such as financial results and risk factors, 10-Q is a shorter, unaudited quarterly report that provides updates on a business’ revenue-related performance during the first three quarters of a financial year.
However, both have one thing in common, which is a complex and time-consuming process, requiring companies to post the A-Z of their business operations, including management’s perspective on the previous year’s performance and financial condition, along with the status of pending lawsuits.
Despite legacy platforms like Workiva (aa major name in terms of providing cloud-based software-as-a-service to American companies) and Donnelley Financial Solutions doing their best in streamlining financial reporting, longtime accountants Mary Antony and Kelsey Gootnick, along with Jared Tibshraeny, a software veteran with 15-plus years of experience building and scaling web applications, felt the need of disrupting the forms 10-K and 10-Q submission-related practices in a way, where technology will simplify the practices of patching together spreadsheets, moving into bunches of word documents and back and forth emails between people within a financial set-up.
The result was the formation of InScope in 2023, an AI-powered financial reporting platform that is now helping companies and accounting firms automate a significant portion of the financial statement preparation process. InScope was launched in 2026 on a positive note, by raising USD 14.5 million in Series A funding led by Norwest, with participation from Storm Ventures and existing backers Better Tomorrow Ventures and Lightspeed Venture Partners.
Tech Making Tedious Tasks Easy
Instead of fully automating the generation of income statements and balance sheets, the venture has automated a vast amount of the manual busy work, from verifying math to formatting. According to Mary Antony, InScope’s CEO, the platform is making accountants’ lives easier through simple actions, such as uniformly and correctly placing dollar signs and commas on the 10-K and 10-Q forms, ultimately saving users up to 20% of their time.
Customised for GAAP (Generally Accepted Accounting Principles) financial reporting, InScope has been proven helpful for the American segment, representing small to medium enterprises, to large, multinational corporations, by eliminating 80% of manual tasks in financial reporting.
Functions like auto-roll forward, auto-formatting and linking plus syncing are allowing the start-up’s customers to get out of mundane tasks. Manual processes sometimes fail to catch errors and discrepancies. However, Inscope’s “AI Assistants” smooth out things here as well, by ensuring accuracy and internal consistency of financial statements.
For accounting firms, the start-up automates the financial statements preparation and review process by making sure its autopilot goes above the traditional functions of tagging and filing financial details, ending up automating the tiresome work of preparing accurate, compliant financials.
First-draft financials get generated in hours, not days, while AI-Assisted footing, cross-footing, and internal consistency checks slash data review time by up to 70 %. Not only can accounting firms live sync the solution with their Excel workbook, to keep numbers final and eliminate version chaos, features like consistent rounding, clean formatting and tracked changes ensure fewer audit notes and most importantly, satisfied clients, while freeing up senior industry talents for higher-value strategic and advisory works.
InScope’s smart technology and productivity-oriented solutions have helped the company grow its customer base by five times since 2025, also attracting significant American accounting firms such as CohnReznick.
As mentioned earlier, InScope is helping companies and audit firms to draft their forms 10-K and 10-Q in a better and faster manner, by instantly carrying forward prior-year financials, footnotes, and disclosures, without worrying too much about copy-paste or formatting.
Following this, the start-up’s AI takes over the preparation function by suggesting the required disclosures to its users based on their business documents, company details, and industry peers. Then all the details get inserted in SEC-ready, audit-compliant tables with a single paste.
Before the forms go for SEC filing, AI-powered “Review Assistant” scans the documents for footing, cross-footing, and internal consistency errors across the client’s entire document. The process also flags language that may be inconsistent with prior filings or peer disclosures. Also, version history, milestones, and blacklines make every change traceable and review-ready.
The McDirmit Davis Case Study
Florida-based accountant McDirmit Davis assurance practice handles complex financial reporting that legacy tools simply can’t handle reliably. The business’ workflow of linking heavy Excel files into Word Documents used to create a fragile ecosystem where broken links and file corruption, constant file crashes were constant risks. As it turned out, InScope, the start-up, moved quickly, rolling out the platform to the entire staff, from partners to associates, establishing the platform as the accountancy firm’s new standard for deliverables.
Simplifying McDirmit Davis’ experience with Excel, InScope has created an ecosystem where the accountancy firm’s team can make entry-level changes that flow through to the financials instantly, without the risk of the document crashing or links breaking.
Inscope’s AI is also acting as an intelligent second set of eyes, by proactively scanning financial data (for example, identifying long-term debt disclosure) and suggesting missing accounting policies, catching omissions that human reviewers might overlook.
When McDirmit Davis’ team of human accountants identifies a need, whether it’s better formatting controls or granular permissions, Inscope iterates immediately. The platform also automates the ticking and tying process, eliminating the manual “tabular” checking required by other tools and in the process, while freeing up senior staff for high-value review.
The team-up between McDirmit Davis and InScope has already produced wonders. Apart from eliminating version crashes by replacing the “crash and malfunction” cycle of embedded tables in Microsoft Word with a stable, cloud-based platform, the start-up has also installed a mechanism of proactive quality control for the accountancy firm, with AI agents identifying missing disclosures and policy gaps before they reach the final review stage.
Seamless review and edit cycles allow human professionals to address comments and make rapid adjustments without breaking the underlying data structure. Finally, through 100% staff adoption, InScope has successfully onboarded the entire McDirmit Davis team to a single platform.