Mercury, the technology company providing radically different banking* for over 300,000 customers, has launched Mercury Books. The new AI Accounting Software brings double-entry accounting directly into Mercury’s financial platform. Mercury Books uses AI to categorize and reconcile financial activity as it happens. The platform covers banking, cards, invoicing, and bill pay activity. As a result, founders can access a real-time view of their business finances.
The platform removes the need for imports, exports, and manual data entry. Therefore, businesses can maintain their books while financial activity continues throughout the day. Mercury Books uses AI to categorize and reconcile banking, card, invoicing, and bill pay activity the moment it happens, finally giving founders a real-time view of their business with no imports, exports, or manual entry required.
“In my last business, I received a spreadsheet for my books 15 days after the month closed. It used to drive me crazy trying to figure out why some cost was suddenly up. Mercury Books helps you categorize in real time and understand how each cost line item tracks to each transaction in your bank and card account,” said Immad Akhund, co-founder and CEO of Mercury.
AI Accounting Brings Financial Data Together
Most traditional accounting software is older than modern AI. Many platforms are designed to record transactions, not interpret them. The usual practice is to record transactions in a ledger and manually reconcile those records. Then they give the books to an accountant to check. Mercury Books has a different approach to accounting automation. The platform sees banking data and accounting books as a single dataset.
This means that people do not have to have different systems for their finances. It also helps companies to align their accounting records with their daily financial activity. Mercury Books draws in activity from Mercury banking, cards, invoices and bill pay. The platform then automatically sorts and reconciles those transactions. Customers also have access to thousands of external financial platforms. They include Stripe, Gusto and PayPal.
This helps businesses bring more financial activity into a single accounting environment. Mercury Books is full double entry accounting on the connected data. The platform provides accrual and cash accounting. This leaves businesses with choices in how they deal with their accounting and financial reporting requirements.
Founders are moving more and more money, doing real-time payments and vendor payments. But that activity can take weeks to appear in traditional accounting records. That’s where Mercury Books comes in by keeping track of financial records in the same timeline as business transactions. This enables founders to have an up to date view of their financial position.
Mercury Books Automates Key Accounting Tasks
Mercury Books provides several capabilities designed to simplify accounting and bookkeeping workflows.
Run real accounting, not a summary: Mercury Books provides full double-entry accounting. It supports accrual and cash basis reporting for business needs.
The accounting system follows standards expected by bookkeepers and accountants. Therefore, customers can manage accounting without relying on separate accounting software.
Discuss your books with Mercury’s AI agent Mercury Books – is integrated with Command, Mercury’s built-in AI agent. Customers can ask questions in natural language about their financial information.
AI agent is able to do specific actions in accounting. These actions include journal entries and reclassifying bulk transactions.
Users can also update their chart of accounts with natural language commands. But Mercury needs to confirm every move before it is made.
Skip the catch-up with books that are always ahead: Mercury Books will sort and match transactions as they arrive. This includes activity on your Mercury accounts, cards, invoices and bill pay.
Thus, customers can keep their financial records up to date without manually entering data. They also don’t wait for month-end accounting processes.
The platform removes the need for repeated imports and exports. It also eliminates the need to re-enter financial data manually.
Connect External Financial Platforms
Mercury Books allows businesses to connect activity from their broader financial technology stack. Customers can connect platforms such as Stripe, Gusto, and PayPal. They can also connect thousands of external banks and credit cards. Mercury Books then categorizes and reconciles that activity alongside other financial records.
This approach gives founders a broader view of their business finances. It also supports accounting automation across multiple financial sources. Businesses can therefore spend less time consolidating financial information. Instead, they can work with accounting data within a connected environment.
Support Accountants and Bookkeeping Workflows
Mercury Books also provides tools for businesses working with accountants and bookkeepers. Customers can invite their accountants directly into their books. Mercury provides unlimited advisor seats at no additional cost. Customers can also get matched with one of Mercury’s accounting partners. This provides another option for businesses that need professional accounting support.
All the transaction types maintain a link to the actual financial transaction. So, bookkeepers and accountants can check the numbers more efficiently. There’s no need to reconstruct financial records from multiple sources. But they can trace transactions back to the original activity. This traceability can result in more efficient bookkeeping and accounting reviews. It also helps businesses keep a better eye on how the financial records were created.
Mercury Books blends AI accounting, accounting automation, and double entry accounting in Mercury. The platform is designed to give founders real-time access to financial information as their businesses run. Mercury Books unites banking, cards, invoicing, bill pay and external financial platforms into a single accounting workflow. This way, founders can track their books without waiting for the traditional month-end processes.
With its AI-driven capabilities, Mercury Books also gives users a way to interact with accounting data through natural language. At the same time, confirmation controls keep users involved before accounting actions take effect. Overall, Mercury Books extends Mercury’s financial platform into accounting and bookkeeping. It gives customers tools to manage financial records alongside their day-to-day business activity.
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News Source: Businesswire.com
