Fast-Tracking Chronosphere's Audit with InScope

Chronosphere, a rapidly growing venture-backed company, was preparing for its first-ever audit under an aggressive timeline. The finance team faced the daunting task of organizing and consolidating financial data from various spreadsheets and data sources, all while transitioning to a new ERP. This added layer of complexity increased the challenges for the team, who needed to ensure accuracy and compliance without diverting valuable time from strategic initiatives. Newly appointed VP and Global Controller, Priti Ramani, sought a solution to streamline the financial reporting process and reduce the manual workload looming ahead for her team.

InScope transformed Chronosphere's financial reporting workflow by providing an advanced, unified platform powered by Generative AI and Large Language Models (LLMs). This technology automated significant parts of the financial reporting process, drastically reducing the time and effort required.

• 70% Reduction in Workload: With InScope's auto-formatting, linking + syncing, and AI-powered features, the team was able to shave down 70% of the time and effort it takes to draft and issue financial statements.
• AI-Driven Workflow Automation: InScope automated tedious tasks like footing, cross-footing, and internal consistency checks. By using Inscope, financial statements were automatically generated and refreshed as soon as the books were closed. This eliminated the need to manage multiple documents, providing a single source of truth for all financial data.
• Strategic Focus: Freed from manual and repetitive tasks, Priti and her team were focused on higher-order responsibilities and strategic initiatives that drive the company forward.
• Enhanced Accuracy and Compliance: InScope's intelligent automation ensured compliance with US GAAP standards, minimizing errors and enhancing the accuracy and reliability of financial statements. This reduced the risk of financial discrepancies and built investor confidence.

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Thanks to InScope, Chronosphere successfully issued their audit a full month ahead of the already aggressive schedule. The team experienced a 70% reduction in the work required to draft and issue financial statements, leading to significant time savings and increased operational efficiency.

By leveraging InScope's advanced automation, Chronosphere's accounting team was empowered to focus on strategic initiatives rather than being bogged down by manual tasks. The streamlined process not only enhanced the quality of their financial reports but also reinforced investor confidence and set a strong foundation for future audits.