BRAG has launched!
February 22, 2023
After an incredibly successful beta period, Mayday’s second product, BRAG, is now live!
BRAG (which is an acronym for Bank Reconciliation Across the Group) is an extension which adds on to Xero’s bank reconciliation page. Cross-entity bank rec is now a reality and we can’t wait for you to see it.
To see a demo of BRAG and discover how it can help your finance team make bank reconciliation quicker and less prone to human error, click below to view a recording of our launch webinar.
When would I need BRAG?
Everyone knows about bank reconciliation, and Xero makes it so simple that most of us barely think twice about how to reconcile our expenditure and receipts. However, through speaking with finance teams of multi-entity business, we discovered that there was an unmet need when it came to cross-entity bank reconciliation.
When a business has multiple related entities, sometimes one entity makes payments, or receives income, on behalf of another group entity. Unfortunately, matching transactions to other entities’ bills and invoices takes a long time and can be incredibly frustrating, with finance teams having to switch between their related entities’ accounts to find the corresponding invoice or bill, and then to go back and match them off. There is also a risk that a bill could be paid twice if it still shows as outstanding in the entity to which it pertains. Mayday BRAG offers users a quick and easy solution to this problem.
How does it work?
BRAG (which is an acronym for Bank Reconciliation Across the Group) is an extension which adds on to Xero’s bank reconciliation page. This enables users to quickly find the bills and invoices which apply to their intra-group transactions, and immediately reconcile them as they would with their regular payments and invoices.
Want to find out more about BRAG? Click here.
We got off to a roaring start
BRAG has had one of the most successful beta periods a company could hope for, as one of our testers took out a paid subscription before the product was even live. Not to BRAG, but how many developers can say they managed to sell a product that was still in beta?
Do your business's related entities pay bills or receive income on each other's behalf?
To find out how much easier it could be to reconcile these transactions, sign up to a free 30-day trial with Mayday.
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