Finance teams shouldn't have to toil for days at month-end processing manual accounting adjustments. At Mayday, our mission is to deliver real-time accounting. We are eviscerating the manual work between accurate bookkeeping and accurate accounting. We are mending month end.
We are incredibly excited about the product vision we have to bring about real-time accounting.
We want you to help us carve out this path, to make real-time accounting real.
Want the chance to win up to £100*? Read on and answer our two-minute survey to enter!
This is our product vision. In the coming months, we will publish a more detailed product roadmap of which features we plan to build, and when. We're so excited to get your input on exactly what they should look like. But for now, this is an overview of where we're headed.
We can’t wait to hear what you think.
The Single Suite To Automate Accounting Adjustments
Here you have it: the vision for our end product.
Let’s dive into the individual areas, the pains they address, and what the Mayday-enhanced future looks like.
Multi-entity:
Automation of Intercompany Charges
Related entities have costs and revenues that need to be recharged between them — central overheads, for example. The ideal is to run these monthly. But that has historically required a lot of manual identification, calculation and posting.
The future is already here! Find out more about Recharge Automation or see how Mayday Recharger works.
Bank Reconciliation Across the Group
Entity A may pay a bill or receive income on behalf of Entity B. Perhaps because Entity B doesn’t yet have a bank account. Perhaps because it made sense for currency reasons. Whatever the reason, the result is a nightmare for finance teams.
A significant risk is 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 a related group entity.
BRAG lets users match bank transactions in one related entity to the relevant transactions in another. Mayday automatically posts to the corresponding intercompany loan accounts. Easy peasy.
Intercompany Loan Account
Transactions between entities can easily end up being posted asymmetrically. Foreign exchange adjustments and/or interest can be missed or calculated incorrectly. The intercompany loan account between a business’s related entities falls out of balance.
The pain of rebalancing the accounts invariably comes at the worst time: at year end, or during a financing or acquisition.
Single-entity:
Journals
By ‘journals’ we mean cost journals (accruals and prepayments) and revenue journals (accrued and deferred revenue).
Whilst they will be separate parts of our product, the principle is the same which is why we have grouped them together here.
The pain:
Right now, journals are an absurd combination of manual identification, logging, calculation and posting.
Our poor old prepayments deserve better, don't you think?
The solution:
Software can and should do so much more. With Mayday, it will.
Business (or Corporation) Tax Estimate
Businesses have to wait until year-end to get an idea of their Business Tax position, especially if specific tax reliefs apply, e.g. Research & Development Tax Relief.
Bad Debt Provision
Debts turning bad can often get missed. With invoices only being written off in one lumpy batch (potentially long) after the fact.
Mayday will give finance teams the ability to set clear parameters for what is considered a bad (or doubtful) debt. It will calculate and flag the necessary postings for one click approval.
Month-end Workflow
Month end has so many moving parts. Many of the steps are sequential, meaning that teams can only get started on them after having completed a prior step.
Finance teams may have checklist docs, or even use general task management tools like Trello, but these solutions don’t go at all far enough in helping finance teams to organise their month end workflow.
Finance teams are like a Formula 1 pit crew at month end. A finance workflow system dedicated to month end will ensure that the pit stop is as quick and efficient as possible, flagging the completion (or need for recompletion) of steps to the relevant team members on time.
You're invited:
join the Mayday month-end movement!
We are already serving customers all over the world, who have had nothing but five-star things to say about us. But this is only the beginning for Mayday.
We have laid the groundwork to build a future where real-time accounting is the standard for finance teams. We could not be more excited for that future, and we're thrilled to have you with us for the journey!
What Now?
- Sign up to our email newsletter for monthly updates on our product roadmap (not to mention a spattering of finance tips and information on upcoming events).
- We want to hear from you! Here is our Product Roadmap Survey. As well as helping us to shape our future, participants will be entered to a prize draw to win £50. For each of the pains we have described above, give a score out of 10 (1 is a walk in the park, 10 is finance hell). Bonus points if you can tell us something we missed — the best suggestion we get will also win £50!
Thank you for reading our product vision — we are thrilled to welcome you to the Mayday movement to mend month end.
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