If you are a Xero user who manages multiple organisations, you know how challenging it can be to keep track of your financial data across different entities. You have to switch between organisations, run reports, consolidate data, and compare performance. This can be time-consuming, error-prone, and frustrating.
That's why we love Mayday! A cloud-based solution that connects to your Xero accounts and provides you with a unified dashboard, reporting, and analysis tool. Mayday helps you to streamline your multi-entity accounting like never before!
Mayday has a range of features that make it a powerful and user-friendly tool for multi-entity Xero clients. Set up is easy and you can connect your Xero organisations to Mayday in minutes, without any coding or technical skills. Mayday automatically syncs your data and keeps it up to date.
Recharger
One of the most challenging aspects of multi-entity accounting is managing intercompany and interdepartmental charges. These are transactions that occur between different entities or departments within the same group, such as shared services, loans, or allocations. Intercompany and interdepartmental charges can create a lot of complexity and confusion for finance teams, especially when they have to deal with multiple currencies, tax rates, and accounting standards.
That's why Mayday created Recharger, a powerful feature of Mayday app that automates intercompany and interdepartmental charges for multi-entity Xero clients. Mayday Recharger allows you to define the rules and logic for your intercompany and interdepartmental charges, and then automatically generates and reconciles the corresponding invoices and bills in Xero.
With Recharger, you can eliminate manual work, reduce errors, and ensure compliance with accounting standards and tax regulations. You can also save time, improve cash flow, and gain visibility into your group performance. Whether you have two or twenty entities or departments, Recharger can handle your intercompany and interdepartmental charges with ease and accuracy.
Balancer
When intercompany balances fall out of sync it can cause huge headaches! Reconciling these accounts has historically been a very manual process of pulling account transaction reports from multiple entities and “ticking” to compare the data. Balancer removes this need for manual reconciliation and cross-checks your intercompany loan accounts to ensure equal amounts are displayed in all entities. Balancer will highlight any discrepancies for you to be able to quickly find the culprit.
BRAG (bank reconciliation across the group)
Another feature of Mayday app that helps you streamline your multi-entity accounting is BRAG (bank reconciliation across the group). BRAG allows you to match transactions to invoices and bills posted to other entities from within the Xero bank rec interface. This means you don't have to switch between different Xero organizations or manually create intercompany journals. BRAG automatically creates the corresponding transactions in the relevant entities and keeps them in sync. You can also use BRAG to match transactions to intercompany balances and loans, as well as to allocate costs and revenue across entities. BRAG makes it easy to reconcile your bank accounts across the group and ensure accuracy and consistency in your intercompany transactions.
Get started with Mayday today
Mayday is a must-have app for multi-entity Xero clients who want to simplify their accounting and improve their business performance. With Mayday, you can save time, reduce errors, and gain insights into your multi-entity accounting.
If you want to try Mayday for yourself, you can sign up for a free trial and see how it works for you. You can also contact us for a demo or a consultation. We would love to hear from you and help you with your multi-entity accounting needs.
For any questions, please contact Rebecca Roberts on r.roberts@uhy-uk.com or your usual UHY adviser.
