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David Tuck, co-founder and CEO of Mayday, discusses their mission to streamline the month-end closing process for finance teams using Xero. Mayday offers a suite of products including Balancer, Recharger, and Brag, which automate inter-company balances, recharging costs and revenues, and bank reconciliations across multiple entities. Tuck highlights the growing need for month-end automation as businesses scale and the challenges faced by in-house finance teams. He also emphasizes the value of the Xero ecosystem and the importance of building a tech stack that meets the specific needs of each business. Mayday has also created a community called CFO TechStack, providing content, community, and events for in-house finance leaders using Xero.

Takeaways

• Mayday offers products that automate month-end processes for finance teams using Xero, including inter-company balances, recharging costs and revenues, and bank reconciliations.
• The Xero ecosystem provides a range of apps and solutions that can be customised to meet the specific needs of each business.
• In-house finance teams can benefit from building a tech stack that streamlines their processes and reduces manual work.
• CFO TechStack is a community created by Mayday that offers content, community, and events for in-house finance leaders using Xero.
• Get tickets to their Stack event in September - https://stacked.cfotechstack.com/

Chapters

00:00
Introduction

03:05
David Tuck's Background and Journey as an Accounting Tech Entrepreneur

06:12
The Problem Mayday Solves: Month-End Automation for Finance Teams

09:05
The Growing Need for Month-End Automation in the Xero Ecosystem

13:05
The Challenges of Pricing and Anchoring in the Xero Ecosystem

16:16
The Rise of Multi-Entity Businesses and the Need for Solutions

19:23
Building a Community for In-House Finance Leaders: CFO TechStack

23:43
Demystifying the Xero App Ecosystem with Mayday's App Map

29:06
Geographical Reach and Community Engagement

35:03
Future Plans for Mayday and the Importance of Revenue Recognition

38:08
Closing Remarks and Contact Information

David Tuck - https://www.linkedin.com/in/tuckdavid/
Mayday - https://www.getmayday.com/
CFO Techstack - https://www.cfotechstack.com/
Stacked Event - https://www.cfotechstack.com/stacked

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