Q3, 2023: Quarterly Product Updates

It's the beginning of a brand new quarter, and we're all revved up and ready to fulfil our Q3 goals! But before we jump into what’s up next, let's take a moment to reflect on Q2.

Q2 in review

In May, we launched our third product: Mayday Balancer. Balancer is the safety net that ensures your intercompany loan accounts will never again fall out of balance. Balancer completes our intercompany module for Xero, helping you to master multi-entity month end.

Q2 saw two Mayday award wins! In April, we were awarded Xero Emerging App Partner of the Year. Then, the GENCFO Rising CFO Tech Award at the Digital Finance Function Awards two months later. We’re so proud of the recognition we’re receiving for creating products that revolutionise month end for finance teams. And we’re just getting started! 

We continued to enrich our cross-entity bank rec superhero: BRAG. BRAG’s latest update brings you the multi-player version of the create function in regular Xero bank rec. Simply use the create feature in BRAG to create the corresponding bill or invoice in the other entity, and reconcile across your entities as usual. But that’s not the end for BRAG updates! Stick around to see how we’ll be continuing to build on our products in Q3.

What to expect in Q3

Updates to BRAG

We’re continuing to deliver the BRAG equivalents of the regular Xero bank rec so that every aspect of cross-entity bank rec is as simple as single-entity bank rec:

• With BRAG, you’ve currently got the multi-player version of the match and create functions in the regular Xero bank rec
• Next, we’ll be building functionality to reconcile over- and part-payments across your different entities with BRAG
• Improvements to BRAG this quarter will also include the ability to reconcile a single transaction which relates to both the entity that paid the bill or received the income as well as other entities in the group

Updates to Recharger

Recharger, for automating intercompany charges between multiple related entities, is also set to receive some new functionality:

• Recharger currently enables you to calculate your intercompany recharges post-month end
• Users have expressed a need to calculate recharges more frequently than monthly, so we’ll be building the ability to run recharges mid-month
• We’ve also had user feedback regarding the Recharger postings page. Today, there are two options when posting intercompany recharges:

1. Posting as invoice and bill, which means intercompany invoices and bills frustratingly end up with third-party ones but FX auto-adjusts between the posting date and date paid where entities have a different base currency
2. Posting as journals, which means intercompany transactions are kept separate from third-party ones but FX does not auto-adjust for entities with different currencies

• New updates to Recharger mean you’ll get the best of both worlds! You’ll be able to post recharges as invoices and bills and instantly mark them as paid to the relevant intercompany accounts. This means you’re following best practices whilst keeping intercompany invoices and bills separate from third-party accounts receivable and accounts payable. Where relevant, Balancer will automate any FX changes.

Updates to Balancer

Balancer cross-checks your intercompany loan accounts and immediately flags any discrepancies between them. Any FX and/or interest adjustments are auto-calculated for you to one-click post into Xero.

In Q3:

• We’ll be building the ability to have multiple loan accounts per entity pair
• We’ve also got a very exciting product change in that we’ll be offering a free version of Balancer. You’ll get free access to the Balancer dashboard and transaction history to help you spot posting asymmetry without needing to pay for a Mayday subscription 

This leads us on to…

New pricing plans 

We want to give you the flexibility to tailor Mayday to your needs, whether you're just getting started or a big multi-national. That’s why we’ve introduced tiered pricing:

• Free: use Balancer’s transaction matching to spot posting asymmetry 
• Lite: 5 Recharge or BRAG transactions per organisation per month and all Balancer features
• Full: unlimited Recharge and BRAG transactions and all Balancer features

All of our plans come with unlimited users and unlimited support.

These plans have been put together based on user feedback. Some users had only modest volumes of BRAG and/or Recharger transactions, so we realised we needed an entry-level price scheme to cater to their needs. The Lite plan is for businesses with fewer intercompany transactions or those who want to use all features of Balancer over the Balancer free option. With this plan, you can enjoy the product at a lower price whilst still meeting your intercompany needs.

Looking forward

All of our goals are created and worked towards with our mission in mind:

Each quarter, we’re making progress towards our product vision. In Q2, we had intended to start work on Mayday RevRec, which will start by automating processes for deferred revenue. 

RevRec is still on our roadmap but we identified pressing improvements we want to make to our multi-entity suite, so first things first we’ll focus on developing our existing products to best meet your intercompany needs.

What next?

Curious to hear more about what we have in store for Q3? Get ready for our upcoming webinar where you'll have the chance to hear directly from Mayday’s Co-Founders: David Tuck and James Griffin! 

We’re so excited to share all of the product updates that we have planned this quarter and to unveil our new pricing plans, giving you the flexibility to customise your Mayday experience. Don't miss out on this opportunity to stay in the loop!

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