IF multi-entity, THEN Mayday
“Saves us time in automating what was once hours of manual work” – Chantelle Bryce
If you manage a group of companies, whether it’s a corporate group or entities related through ownership, you’ll know how frustrating it can be to deal with intercompany work.
Mayday is the answer. We add a layer on top of your Xero files so you can automate intercompany charges, run balance sheet recs and match bank transactions to invoices and bills across entities.
Proud to be Xero’s Emerging App Partner of the Year 2023, with 125+ glowing reviews.
“If you've used Xero's bank rules, you'll find the recharge rules so intuitive” – Yona Levander
- Automate intercompany charges: Removing the manual work of recharging costs and revenues between group entities. Reducing scope for human error, and average recharge time by 98%.
- Create your own rules: Like the bank rules you use in Xero, create rules to automate the calculation of your intercompany recharges.
- Aligned with Xero processes: Your recharge rules will pick up the relevant Xero transactions and calculate your recharges, including cross currency. Then one-click post back to Xero. A task which used to take a whole day is now a tick-box task which takes just minutes.
“An absolute lifesaver for identifying loan account discrepancies” – Katrina Bignasca
- Intercompany balance sheet recs in just a few clicks: Instead of the painful manual matching on Excel that you might have done in the past, Balancer cross-checks your intercompany balances to ensure they are always in sync.
- Discrepancies clearly visible: Quickly find the culprit that unbalanced the accounts and rectify posting asymmetry.
- Simplified adjustments: Any FX and/or interest adjustments are auto-calculated for you to one-click post back to Xero.
BRAG (Bank Reconciliation Across the Group)
“BRAG makes the best screen in Xero even better!” – Lauren Harvey
- No more switching between Xero files: Reconcile bank feed items in one entity to bills or invoices in other Xero entities, all from one screen, just like the Match function in Xero’s regular bank rec. If the invoice doesn't already exist in Xero, create it without needing to leave the bank rec screen, just like Xero's Create function.
- Spend 40% less time reconciling intercompany transactions: No need to spend ages hunting for relevant invoices, or creating them in the other entity before reconciling, saving so much time.
- Eliminates the risk of one-sided postings to a loan account: Take care of both entries for cross-entity bank rec in one click.
- Eliminates risk of bills being paid twice: Mark the bill as paid and the bank feed item as reconciled in one click. No need to worry that a bill could show as outstanding and get paid twice.
Watch the video below to learn more. Open in YouTube for:
- Balancer 00:00
- Recharger 01:43
- BRAG 05:02
Mayday + Xero
“Mayday enables us to use Xero rather than NetSuite. It's as simple as that.” – Jordan McCreary, OG Group
Mayday integrates securely with Xero, connecting with your Xero organisations and pulling all the relevant transaction data.
Mayday Balancer syncs with your Xero organisations and uses loan account mappings to display your postings side-by-side. We automate the relevant FX and/or interest adjustments and you one-click post them to Xero.
Mayday Recharger syncs regularly with your Xero organisations so that you can access each group entity’s information in real-time, automate the relevant recharges, and one-click post back to Xero.
BRAG (Bank Reconciliation Across the Group) is a browser extension that functions from within the Xero bank rec interface, enhancing Xero’s regular bank rec so that it now works for cross-entity bank rec.
🏆 Xero UK Emerging App Partner of the Year 2023
🏆 Rising CFO Tech of the Year, GENCFO Digital Finance Function Awards 2023
Whether you’re a franchisor, an international group, a chain or just managing related entities, Mayday can save you days of manual work every month. Get started with a 30 day free trial, or sign up to our free tier, Balancer Free, to keep your intercompany loans in balance.
- Saves you time and hassle at month end: Streamline your intercompany processes and reduce time spent on financial operations. Intercompany work takes 98% less time with Mayday.
- Deliver consolidated management reports on time: Group consolidation apps are great, but you need to get the data clean before they can produce slick reports. Mayday cleans up your intercompany data so you can get precious insights into the hands of business leaders ASAP at the end of every month. Works multi-currency.
- Improve accuracy and keep a shared log: Let’s face it; manually balancing intercompany loans or calculating recharges in Excel is prone to error. With Mayday you can collaborate with your team to get the recharge rules and reconciliations right, and keep a shared log of how calculations were made. Every transaction links back into Xero.
- First class customer support from a team who cares: We want everyone who uses Mayday to love it, and so if you have a question we’ll be on hand to help. Our customers rave about our quick response times and friendly, knowledgeable customer service: “The support we’ve had was incredible”, “An exceptional level of support”, “A super friendly and helpful team”, “The help chat is near instantaneous”.
To get started, sign up for a free 30-day trial by clicking the 'Get this app' button above. Once you have connected your Xero organisations, you’ll be ready to go.
To get started with Balancer, set your loan account mappings and let Balancer do the work for you. Balancer will highlight any discrepancies so that you can quickly and easily rectify posting asymmetry. Any FX and/or interest adjustments are auto-calculated for you to one-click post back to Xero.
With Recharger, you begin by creating recharge rules for your intercompany transactions. Once the rules are set up, you can easily automate your calculations each month and one-click post back to Xero.
Download the BRAG browser extension and set up your loan code account mappings. You can now reconcile intercompany invoices and bills, across entities, directly from the Mayday tab within the Xero bank rec interface.