Q4, 2023: Quarterly Product Updates
October 9, 2023
It’s officially the final quarter of 2023! We're full of enthusiasm and eager to achieve our Q4 objectives. However, before diving into what lies ahead, let's pause for a moment and look back at the progress we made in Q3.
Q3 in review
New Pricing Plans
We kicked off the quarter by releasing our new pricing plans:
- 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
We wanted to give you the flexibility to tailor Mayday to your needs, whether you're just starting out or a large group with tons of transactions. Some users only had modest volumes of BRAG and/or Recharger transactions, so we realised we needed an entry-level price scheme to cater to their needs.
Our forever-free version of Balancer gives you access to the Balancer dashboard and transaction history so you can spot posting asymmetry without needing to take out a Mayday subscription. This has been particularly beneficial to accountants in practice, who can now use Mayday to deliver value for any multi-entity client for free.
Users expressed a need to calculate recharges more frequently than monthly. With Recharger, you can now calculate your recharges at any point in the month. You’ll still have the ability to reopen and rerun those calculations post-month end, giving you more control over your workflow.
We also updated the Recharger postings page. Before, there were two options when posting intercompany recharges:
- 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
- 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
You can now 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 enable you to automate any FX adjustments.
New updates to Balancer mean you can now set up multiple loan accounts per entity pair. Easily manage multiple loans and keep track of them within one place.
We’ve also deepened our integration with Xero to pull through conversion balances directly. When you set up a new loan account pairing, Balancer will automatically retrieve the conversion balances from your Xero organisations, saving you time and effort.
BRAG (Bank Reconciliation Across the Group) enables users to match transactions to invoices and bills posted to other entities from within the Xero bank rec interface. You can now also do hybrid intra- and inter-entity reconciliation. This means you can 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.
What’s coming up in Q4
We’ve got loads of exciting new features planned to enhance our product suite for multi-entity Xero-using groups and move closer to realising our product vision.
Our flagship product, Recharger, is set to receive some huge updates to end 2023 with a bang.
1. Intra-entity Recharges
This is our first feature which extends to single-entity finance teams as well as our multi-entity groups. Intra-entity recharges mean that you’ll be able to recharge costs or revenues from one department to another from within a single entity.
2. Balance Sheet Rules
Recharger is currently a P&L tool and therefore only looks up expense and revenue codes. This quarter we’ll build extended rule types so that you can recharge balance sheet codes in addition to cost and revenue codes.
3. Mayday Rules
We’re also extending rule types to what we’re calling “Mayday Rules”. These are rules that don't look up from base transactions in Xero in the same way as revenue, expense and balance sheet rules do (for example, service charges).
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. In Q3, we intended to release functionality to reconcile over- and part-payments across your different entities with BRAG. Throughout Q3, we identified more burning improvements across our intercompany trinity which meant that we didn’t get this update fully formed. You can expect to see this product update in Q4.
Hear directly from Mayday's Co-Founders
Excited to hear more about what we've got coming your way in Q4? Mayday’s Co-Founders, David Tuck and James Griffin, hosted a webinar to share all of the product updates that we have planned for the rest of 2023...
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Our Product Vision
Finance teams shouldn't have to toil for days at month-end processing manual accounting adjustments.