We decided to put Mercury’s API to the test to see if we could build something game changing. The short answer is, “Yes!” Not only do you get up to $5M in FDIC insurance through their partner banks and sweep networks and a greater experience with Mercury, but now with Puzzle, you can get real-time financial statements, financial metrics like cash, burn and runway. This is all automatically reconciled for the highest accuracy. That means you get complete financial data faster and more accurately than ever before by letting software automate work you or your bookkeeper used to do manually.
Mercury’s API makes them a compelling banking platform partner — not just for founders — but for accountants and CFOs. Here are a few of the things we built at Puzzle leveraging Mercury’s API.*
One of the most time-consuming tasks in accounting is bank reconciliations. This is the process of matching transactions recorded in a company's accounting system with those recorded by their banking platform. The Mercury API makes this process much easier, enabling Puzzle to automatically compile a reconciliation for you to confirm ending balances in seconds.
Another time-consuming task in accounting is importing pdf bank statements. The Mercury API can automate this process by importing bank statements into Puzzle. We’re automatically pulling the API balance into your bank reconciliation to compare with the system balance. This means you won’t have to manually download your bank statements from Mercury and save and upload them to each reconciliation each month. Your financials become more traceable and stronger in the case of an audit, be it by the IRS or your public accounting firm when you IPO. Bonus: we’re adding pdf import automatically as well, soon!
In addition to importing bank statements, the Mercury API can also automate the import of memo information. This includes information such as transaction descriptions and notes. By automatically importing the memos, the API can help ensure that all relevant information is recorded. This can save businesses time and reduce errors, as there is no need for manual data entry or lengthy email confirmations.
Mercury API can also automate the import of Mercury Treasury information. This includes information such as interest earned, withdrawals, and deposits. There is no need for manual data entry all while keeping your accounting as real-time as possible. You’ll have up-to-date cash, burn, and runway without lifting a finger. This feature is slated to be released at the end of March, 2023.
Finally, Mercury API can automate the import of credit card information. This includes information such as transaction descriptions, notes, and receipts. By automating the import of this information, the API can help ensure that all relevant information is recorded in the accounting system. This can save businesses time and reduce errors, as there is no need for manual data entry. This feature is slated to be released at the end of March, 2023.
Mercury API is a powerful tool that can help businesses automate many of the tasks associated with accounting. By automating bank reconciliations, statement imports, memo imports, Mercury Treasury imports, and credit card imports, the API can save businesses time and reduce errors. As businesses continue to look for ways to increase efficiency, the Mercury API is likely to become an increasingly important tool for automating accounting processes.
Puzzle is the only accounting software built native to the Mercury API. Mercury customers can get Puzzle’s real-time financial statements and metrics here.
* Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust ®️; Members FDIC