Overview
The Intercompany Module for Xero
Mayday is a brilliant solution for Xero-using businesses who have multiple group entities. Finalist - Xero Emerging App Partner of the Year 2023
Mayday Recharger
Charging costs and revenues between those entities has previously been a time-consuming, manual process. Not any more.
"Mayday is the answer to a larger Xero user's prayers. It's now so easy and smooth to be able to generate our recharges each month." - Troy Swanson, Finance Director at SPM
Mayday Recharger automates intercompany charges, saving time, improving accuracy and ensuring regularity for finance teams of businesses with subsidiaries.
You can now get all of the benefits of monthly intercompany charges for a tiny fraction of the time it used to take.
Similar to the bank rules you use in Xero, you create rules to automate the calculation of your intercompany charges, using factors like account code, tracking category, customer or supplier contact and transaction description. Mayday Recharger seamlessly pulls transactions from each group entity's accounting system. The rules you set apply to those transactions. Then, review, make any tweaks, and one-click post back to Xero as an invoice or journal. That's it. Now, it takes only minutes to run your intercompany recharges monthly.
BRAG
"BRAG immediately became an integral part of our techstack. We no longer need to search through our entities for bills that match payments from other entities, which saves a huge amount of time and eliminates the worry that a bill could be paid twice." - Juan Visser, Meshed Group
If one group entity pays a bill or receives money on behalf of a related entity, it used to be incredibly difficult for finance teams to find the correct bill or invoice to match the transaction to.
BRAG (bank rec across the group) is an extension that enables users to reconcile transactions from across the group from within the Xero interface.
Matching payments to bills posted to other entities is now just as easy as the regular bank rec that Xero users can do with their eyes shut!
Mayday is built on deep industry insight and a passion for building brilliant accounting technology. It's Co-Founded by the former Founder & CEO of Chaser, Xero’s App Partner of the year 2016.
To learn about Recharger, watch the following video from the start. To learn about BRAG, skip to 03:15.
Mayday + Xero
"Mayday gives Xero wings" - Harriet Hope, Financial Controller at Arbolus
Mayday securely connects to the accounts of your connected entities that use Xero. Recharger syncs seamlessly and regularly with your accounts to pull all the relevant transaction data, and then posts recharge calculations back to Xero in just one click. There is the possibility to view transactions in Xero using deep links in the Mayday interface.
BRAG is a one-of-a-kind browser extension that works its magic from within the Xero interface - a game changing addition to the Xero bank rec function.
Getting started
It's incredibly easy to get set up with Mayday. Sign up to our 30-day free trial and create your group.
To get started with Recharger, start creating your rules to automatically calculate the recharges between them.
To start using BRAG, download the Mayday extension for your browser, set up your loan account mappings, and look out for the Mayday tab on Xero’s Bank Reconciliation page. Reconcile your cross-entity transactions as you would single-entity transactions, and the relevant loan accounts will be debited and credited accordingly.
Alternatively, book a free demo on our website to find out how Mayday can be tailored to meet the needs of your multi-entity business.
Reviews & ratings
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