Q1, 2023: What's Coming Up?
Updated: Jan 19
It’s a new year, and we couldn’t be more excited for everything that is to come in 2023.
We already have big plans to kick off the year with the launch of BRAG, our latest product, and some exciting updates to our much-loved Mayday Recharger. Read on to find out more about what's coming up over the next three months!
We hosted a short webinar to discuss our vision and upcoming plans for Q1. To hear Mayday's co-founders talk about our mission to bring about real-time accounting and explain plans to move towards that goal over the next few months, here is the recorded version:
New products coming your way
What better way to start the year with a bang than with the launch of a new product? BRAG (bank rec across the group) is about to be Xero’s flashiest new extension, which will work from within your existing bank rec page on Xero.
When would a finance team need BRAG?
When a business has multiple related entities, it sometimes happens that Entity X will spend or receive money on behalf of Entity Y.
This might be because Entity Y doesn’t yet have its own bank account to spend or receive money.
It may also be for currency reasons, for example if the bill was raised in the currency of Entity X.
What is the pain?
Like all transactions, income received or payments sent on behalf of other entities need to be reconciled - matched to the relevant invoice or bill.
However, when there is no corresponding invoice or bill within the entity that spent or received the money, finance teams have to comb through the whole group to find it, which brings a whole lot of headache.
There is also a significant risk that a bill could be paid twice if it still shows as outstanding in the entity to which it pertains, despite having been paid by another related entity.
How will Mayday fix it?
With the Mayday Extension installed, users will be able to reconcile payments and income to bills and invoices posted to other related entities from within their own bank rec interface (see below for a sneak preview!)
Multi-player bank rec will be possible in the click of a button, saving finance teams a lot of time, effort, and worry that payments could be duplicated.
Juan Visser, one of our BETA testers, found so much use in BRAG that he took out a paid subscription whilst it was still in the BETA phase:
“BRAG was an instant hit, and has become an essential part of our tech stack!”
During Q1, we will be BETA-testing our third product, Mayday Balancer.
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.
Here's a glimpse of what you can look forward to from Mayday Balancer:
If you’d like to join our team of BETA testers for Mayday Balancer, get in touch with the team at email@example.com
What can we say? We may never reach perfection but we can sure as hell try!
As well as launching a new product, our team is working on some exciting updates to our much-loved first product, Mayday Recharger, including:
A new Notifications page
When late transactions are posted to Xero, the notifications that we send to alert you if your recharges are affected must currently be found within the relevant month's recharge calculations. With this update, you will be notified more prominently if your recharge calculations and postings need to change, so you can rest assured that if your recharges are no longer accurate, you'll know about it.
Batch change tax treatments
Currently in the ‘Postings’ page of Recharger, sales tax treatments must be adjusted line-item by line-item, which can take some users a long time. With this update, you will be able to batch change tax treatments for all of the line items in one go, saving time and streamlining your recharges even further.
New Calculations Interface
Finance teams need to keep on top of the statuses of all their different recharges across the months, and at the moment this information is spread across a few different locations within Mayday. With this update, users will be able to see 1) which months’ transactions have been reviewed, 2) which recharges have been posted to Xero, and 3) which have been marked as Final, all in one place.
Improvement to postings back to Xero
In response to customer feedback, we're also planning an improvement to the ‘Postings’ page. Currently, users can post their recharges back to Xero with one line item for each recharge rule which has been applied. This means that the postings can be broken down as far as whatever combination of 1) account code, 2) tracking category, 3) contact, 4) line item description and 5) reference has been used. This update will allow users to post their recharges back to Xero with transaction-level granularity, so that each transaction can have its own line-item if necessary.
If you have any more suggestions for how we can improve Mayday Recharger, be sure to let us know by sending an email to firstname.lastname@example.org