Mayday Accruals is Live

Accruals has been one of our most-anticipated additions to Mayday. Today, it’s live.

Mayday Accruals gives finance teams one place to manage recurring and ad-hoc accruals, from identifying what needs to be accrued through to managing schedules, reversals and journal posting.

And with Mayday AIR working alongside you, Accruals can help spot what might otherwise get missed at month end.

Accruals, without the spreadsheet-heavy process

Accruals are rarely complicated because of the accounting itself. The work comes from keeping track of them and reviewing them line by line each month.

What needs accruing this month? What needs reversing? Has the actual bill arrived? Is the schedule still right?

Mayday brings that process into one place.

You can create and manage both recurring and ad-hoc cost and revenue accruals, review your schedules by financial year, and keep opening balances, accruals, reversals and carried-forward balances together.

AIR helps find the accruals you might have missed

This is where Accruals gets particularly interesting.

Mayday’s AI - AIR - reviews your existing accruals and available transaction data to identify potential accruals and reversals, then brings those suggestions into your inbox for review.

It can spot gaps in your P&L, invoices and bills that are awaiting approval and approved POs that haven’t yet been fulfilled, helping identify costs or revenues that may need accruing.

When the actual bill or invoice later appears in your accounting system, AIR can identify it and suggest the corresponding reversal.

You stay in control throughout. Approve a suggestion and it’s added to the relevant Mayday schedule ready for review. If the suggestion isn’t right, you can edit it or reject it AIR will learn over time.

You can also set a materiality threshold for AIR suggestions, so Mayday only surfaces potential accruals above the value that matters to your team.

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Keep the whole schedule under control

Accruals isn’t just about what needs posting this month.

Mayday gives you a clear schedule showing opening balances, accruals, reversals, brought-forward and carried-forward balances. Cost and revenue accruals can be grouped by contact, making it easier to review your schedule and understand how accruals are organised.

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Review, then post

As with the rest of Mayday, automation doesn’t mean giving up control.

Your team can review and edit accruals before anything reaches your accounting file. Once you’re happy with the schedule, Mayday builds the journals and lets you post them back to Xero, QuickBooks Online or Intuit Enterprise Suite.

No rebuilding journals from a separate working file. No losing track of what has and hasn’t been reversed.

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Another piece of month end, mended

Accruals has been an important part of where we’ve been taking Mayday.

Alongside our full suite of products, it gives finance teams another core month-end workflow they can manage and automate in Mayday, rather than maintaining separate processes around their accounting system.

And AIR takes that a step further. Instead of simply giving you somewhere better to manage the accruals you already know about, Mayday can help identify what might be missing and when it might be time to reverse it.

It’s another big step towards making month end faster, more controlled and less manual.

Start a 30 day free trial of Accruals today ->