Introducing Balancer Free
July 21, 2023
Our new free-forever way to monitor your intercompany loans.
At Mayday we’re all about helping multi-entity businesses on Xero get accurate information efficiently at month end. To go even further, we’ve now launched a free-forever version of our Balancer product.
Keeping intercompany loans balanced
If you’re handling multiple related entities then it’s likely you’re handling intercompany loan accounts. One entity in the group might need a loan from another to avoid a cash shortfall, for setup costs or a multitude of other reasons.
One of the biggest challenges for handling intercompany loans is keeping them in balance. A posting asymmetry, an FX adjustment mistake or an interest calculation error can all leave loan accounts unbalanced.
A discrepancy at the end of the month, quarter or year can cause headaches for whoever’s job it is to untangle the mess. Without getting to the bottom of the reason that the loan accounts are out of balance, each entity won’t be clear on what is owed, and month- or year-end consolidation won’t be possible.
Normally the painful process of hunting down discrepancies involves downloading lists of transactions, manually matching them between loan accounts, and searching for the culprit. It can take hours, even days. And this task often comes at the worst possible time for the finance team, month- or year-end, when everyone is already squeezed and stressed.
Balancer monitors your intercompany loans for you
Once set up, Mayday’s Balancer Free can monitor for discrepancies between your intercompany loan accounts in the background. You’ll be able to get on with your other work, safe in the knowledge that if the loans fall out of balance, Mayday will show you where the problem lies.
To get started, sign up to Mayday by connecting your first Xero organisation and add your other entities during setup. Then you set up your relevant loan account mappings so that Balancer can get to work.
When you review your dashboard, Balancer will highlight any variance or transactional discrepancies so that you can quickly identify issues and fix them in Xero.
With the free version of Balancer, you’ll need to post adjustments or rectify issues yourself in Xero.
But if you upgrade to our Lite plan (starting at just £7.50 (UK), AU$15.00 (Aus) or US$11.00 per month) you’ll get full access to all Balancer features, including being able to one-click post FX and interest adjustments back into Xero straight from Mayday.
Either way, we hope we just made your year- or month-end intercompany loan account balancing a lot less stressful.
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