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Mayday

By Mayday
4.96 out of 5 stars
Free 30 day trial available
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“A multi-entity must have”. Intercompany charge automation | Balance sheet recs | Cross-entity bank rec. Xero Emerging App Partner of the Year 2023.
Rated
5.0
out of 5
Reviewed by
135
Xero users
Try this app
Free 30 day
trial available
Listed for
1 year
April 2022

Overview

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.

Mayday Recharger

“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.

Mayday Balancer

“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
Play Video
, opens in a dialog

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.

Awards

🏆 Xero UK Emerging App Partner of the Year 2023

🏆 Rising CFO Tech of the Year, GENCFO Digital Finance Function Awards 2023

Why Mayday?

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”.

Reviews & ratings

5.0 out of 5 stars
135 Reviews

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Most recent reviews

TC
Tyler Caskey
Posted 22 Feb 2024
5 out of 5 stars

The must have app for multi entity groups!

If there were 10 stars this app would get them all. I cannot express enough how much time it saves you. Here is why: - Super easy set up and connection to Xero. - The "Balancer" Intercoy loans connections are fast set up and see if there are errors to fix. - The "Recharger" function is amazing for moving revenue and expenses across Xero files. It even does the calculations for you. - And being able to reconcile one payment to bills in other Xero files in the bank rec is so cool. It automates the functions that cost you so much time as a finance person trying to ensure your books are accurate. Worth every penny.
BC
Becky Cawley-Hassall
Posted 31 Dec 2023
5 out of 5 stars

Mayday, where have you been all my life?

I came across Mayday by chance and am so glad I did. As a multi-entity group with LOTS of intercompany transactions, recharges and reconciliations took up lots of time and were manual heavy processes - even the simple act of reconciling a payment between the two took multiple steps. With Mayday we no longer have that problem. The rule-based approach to recharges is based on Xero's so familiar and easy to set-up and navigate. The BRAG tool means payments/receipts between the entities are reconciled in half the time. Balancer makes it so simple to see any interco. discrepancies. Honestly, just couldn't love Mayday more!
One person found this review helpful.
WB
William Bracewell
Posted 19 Dec 2023
5 out of 5 stars

Game Changer for Multi-Entity Groups

As an outsourced CFO, I'm constantly on the lookout for innovative tools that streamline financial processes and enhance efficiency within organisations. Mayday is an absolute diamond. Why Mayday stands out: 1 - Recharge Transactions Seamlessly: Mayday simplifies the process of recharging transactions across different entities within a group. Got salary and wages of a group CEO in one entity that you want spread across all - no problem. How about a group legal bill that is paid for by one entity - recharge will solve it. 2 - Inter-Entity Loan Balance & Reconciliation: It ensures that inter-entity loans are balanced and reconciled on both sides in Xero. Mayday provides you with a dashboard of all your loans and lets you drill down into transactional level data to see when and where the discrepancy arose. Hours of sifting through transaction listings reduced to minutes! 3 - Streamlined Payment Reconciliation: Ever made a payment from your bank only to realise it was from the wrong bank account and entity? Mayday elegantly solves this by allowing reconciliation of the bank account of the paying entity to the specific bill in the other entity - all within Xero! Mayday's approach to simplifying inter-entity financial transactions is truly revolutionary. It's a testament to how technology can be leveraged to make the life of accountants more manageable and efficient. If you're involved in managing finances for multi-entity organisations with inter-entity loans and are still in excel building loan matrixes, I highly recommend exploring Mayday. It's the solution you've been looking for!
One person found this review helpful.

Additional info

Shared data

Xero
Mayday
Receiptsshared from Mayday to Xero
Paymentsshared from Xero to Mayday and from Mayday to Xero
Invoicesshared from Xero to Mayday and from Mayday to Xero
Accountsshared from Xero to Mayday
Tracking Categoriesshared from Xero to Mayday
Manual Journalsshared from Xero to Mayday and from Mayday to Xero
Journalsshared from Xero to Mayday
Credit Notesshared from Xero to Mayday
Contactsshared from Xero to Mayday
Bank Transactionsshared from Xero to Mayday

Functions

Accountant toolsReporting

Industries

Professional servicesAccountingFranchise

App details

By Mayday
Added in 2022

Countries

Australia, Canada, Global, Hong Kong, Indonesia, Ireland, Malaysia, New Zealand, Philippines, Singapore, South Africa, United Kingdom, United States

Languages

English

Support

Setup walkthroughContact supportsupport@getmayday.com

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30 day free trial available

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