3 days to 3 hours: How Amalgamated transformed month end with Mayday

Amalgamated Property Group has been shaping Canberra’s skyline for over 20 years. As one of the region’s leading property developers, the business has a complex group structure, with 20 active entities in Xero and over 50 entities at year end.

A small but efficient finance team runs the show: CFO Roxanne O'Sullivan, as well as one finance professional and a bookkeeper, balancing project-based accounting, intercompany loan management and cash flow planning across multiple developments.

Before Mayday: a manual, reactive month end

When Roxanne O'Sullivan joined Amalgamated in January 2024, the month-end process was largely manual and reactive.

Intercompany loan reconciliations were tracked via spreadsheets, consuming 2-3 days of work from external accountants every month.

“Our accountants were assisting us in that interim period. They created a spreadsheet and were reconciling each of those loans, and it would take them 2 to 3 days a month to get those loans reconciled.”

Each transaction required a tedious back-and-forth to ensure balances aligned between entities.

On-charges were processed ad-hoc on Xero. A lack of structure made it difficult to maintain consistency across the group, and slowed down month-end close significantly.

“We were doing on-charges manually through Xero […] it was ad hoc and it was just happening when we had time.”

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Discovering Mayday

The turning point came in June 2024, when Mayday Co-Founder David reached out to CFO Roxanne. After she booked a demo with APAC Commercial Lead, Jack Thiel, it was clear how much time could be saved and how much consistency could be gained by automating intercompany workflows.

“It was immediately obvious where we’d see value. Automating intercompany loan reconciliations and on-charges would completely change how we approached month end.”

Roxanne’s decision to use Mayday was driven by one, clear objective: to free up the finance team’s capacity and bring structure to month end.

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Life with Mayday: a faster, smarter month end

The impact for Roxanne was immediate.

Intercompany loan reconciliations that once took 2-3 days per month are now completed in 2-3 hours.

“By using Mayday, we were able to cut it down from the 2-3 days that they [the accountants] were spending to 2-3 hours now. So it's been a real time saver.”

10+ hours are saved each month across loan reconciliations, interest calculations and journal postings.

On-charges are processed seamlessly as part of a structured month-end close, rather than as ad-hoc manual tasks.

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Looking into the future

Amalgamated’s finance team isn’t stopping here. They are now looking forward to unlocking further efficiency with Mayday’s new Prepayments functionality, integrating into their broader month-end framework.

They are also aligning internal processes with Mayday’s roadmap to bring structure and scalability to month end.

“Mayday’s products have brought structure to what used to be a reactive month end. It’s helped us build the kind of consistency and reliability we always wanted.”

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A word from the CFO

Roxanne has become on of Mayday’s strongest advocates, recommending the product to peers and former colleagues.

“I’m a bit of a hype girl when it comes to Mayday, but that’s because it really delivers. For any group dealing with multiple entities and intercompany activity, it’s a complete game changer.”

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If you’re spending days reconciling intercompany loans or chasing on-charges across entities, start your free Mayday trial today.