Q2, 2023: Quarterly Product Updates
April 17, 2023
It’s the start of a new quarter and we are picking up steam to achieve a set of incredible Q2 goals. Before we get stuck into these exciting objectives, let’s remind ourselves of what we accomplished in Q1.
Q1 in review
In January, we launched BRAG (Bank Reconciliation Across the Group) which allows businesses with multiple related entities to easily reconcile payments and income to bills and invoices posted to other related entities - saving time and eliminating the risk that a bill could be paid twice.
We continued to enhance our much-loved first product Mayday Recharger, including a new notifications page for late transactions, batch change tax treatments, and a new calculations interface.
Lastly, we made great progress with getting our third product, Mayday Balancer, into beta! Read on to learn more about what's coming up over the next three months.
Mayday Balancer - the launch
Balancer ensures that your intercompany loan accounts will be kept in-check and any inconsistencies will be immediately flagged to you.
When would a finance team need Mayday Balancer?
- When a business has multiple related entities, the entities will almost always have intercompany loan accounts.
- These intercompany loan accounts need to stay in balance, so that all of the entities are clear on what is owed and month/year end consolidation can take place.
What is the pain?
- The intercompany loan accounts between a business’s related entities can easily fall out of balance:
- Transactions can be posted asymmetrically.
- Foreign exchange adjustments and/or interest can be missed or calculated incorrectly.
- The result is that finance teams must then unravel these transactions to rebalance the accounts.
How will Mayday fix it?
- Mayday Balancer will cross-check the loan accounts and immediately flag any discrepancies between them so that finance teams can be sure that amounts displayed in all entities are the same.
- Users will be able to one-click post any FX or interest adjustments.
Getting creative with BRAG
As well as launching a new product, our team is working on some exciting updates to our Q1 star, BRAG:
- With BRAG, you can reconcile payments and income to bills and invoices across multiple entities.
- Our new update gives you the freedom to use the create function in the circumstance that a bill or invoice does not already exist for the transaction to be matched to.
- BRAG create works in the same way as the Xero bank rec create function that finance teams already know and love.
As if all of that wasn’t enough to blow your socks off, our team is already getting to work on the next phase of our Product Vision, starting with revenue journals (accrued and deferred revenue). RevRec will work to automate processes for deferred revenue journals initially.
When would a finance team need Mayday RevRec?
- Revenue journals currently involve an absurd combination of manual identification, logging, calculation and posting.
- Finance teams will be able to use Mayday RevRec to automate these manual processes, improving efficiency and accuracy.
What is the pain?
Deferred revenue journals involve time-consuming manual processes, which often look something like this:
- Manually review all transactions at month end.
- Log each transaction into a spreadsheet and calculate the deferred revenue release.
- Manually post the journal to your accounting system.
- If the transactions changes, you have to remember to update your deferred revenue spreadsheet or else your transactions won't tie.
How will Mayday fix it?
- Our software will recognise all transactions requiring deferred revenue adjustment using description, invoice, or customer history.
- Mayday will track the transaction as deferred revenue and suggests a release schedule.
- Mayday will create a journal for you to one-click post into your cloud accounting system.
- Mayday will recognise if the underlying transaction changes in your cloud accounting system so you can one-click adjust the schedule.
Want to hear more about our plans for Q2? In our upcoming webinar, you'll hear directly from Mayday's Co-Founders, David Tuck and James Griffin. This webinar will explain how we plan to continue building towards our product vision throughout Q2. You’ll hear all about our exciting updates to existing products as well as what to expect from the release of our brand-new product, Mayday Balancer.
All of our objectives are created and worked towards with our mission in mind:
Each quarter, we are building momentum, seeing fantastic results for our customers, and getting closer to realising Our Product Vision.
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