Mayday vs novacly

Mayday is a web-based month-end platform for finance teams using Xero, QuickBooks Online or Intuit Enterprise Suite. It identifies missing or incorrect entries, calculates adjustments for review and approval, then posts approved journals to Xero or QuickBooks. Its products include Flux, Prepayments, Accruals, Deferred Revenue, Balancer, Mayday HQ, BRAG and Recharger. Mayday AIR suggests actions using accounting principles and business context; the maker says it will not train AIR on private customer data without permission. The platform supports approval workflows, audit trails, multi-entity close and recurring templates. The Basic plan is £0/mo, and a 30-day free trial does not require card details. The pricing note lists paid access from £12.50/mo when billed annually, while several listed plans are £10/mo. QuickBooks Online has restrictions: BRAG and Mayday HQ are unavailable, and some functions in Balancer, Recharger, Deferred Revenue and Prepayments are limited. Mayday says its service runs on AWS, with data storage and processing in the London region. It lists encryption, SSO and MFA via Xero and Intuit, role-based access controls and 24/7 infrastructure monitoring.

Novacly is a financial close, consolidation, reporting and planning platform for finance teams managing 5–50+ entities. Close workflows include task templates, dependencies, deadlines, team assignments, status dashboards and activity audit trails. The platform imports trial balances from CSV, Excel or API sources and supports direct, split, formula and bypass transformation rules. Reports can be selected by entity, period, scenario and layer, filtered by dimensions, drilled down to source transactions, and exported to Excel or PDF. Planning covers driver-based plans, rolling forecasts, actuals-based seeding, cost allocations, and segment submission and approval workflows. An Excel add-in provides 11 custom formulas for retrieving financial data and refreshing it from Excel. AI can suggest account mappings, produce variance commentary, answer natural-language data queries and match intercompany items; users review and decide on its outputs. The maker says data is encrypted at rest with AES-256-GCM and in transit using TLS, with tenant isolation through PostgreSQL Row-Level Security. The product is in beta and has not completed formal compliance audits; the maker advises against using it as a system of record until certifications are achieved.