Tracking Trends: Insights Into Uncategorized Transaction Management
Estimated Reading Time: 3 minutes
You could probably guess that Uncat helps you and your clients save time by resolving uncategorized transactions easily and efficiently.
But what does that look like?
As we’ve interacted with our thousands of customers, we’ve seen firsthand how using Uncat can help accountants, bookkeepers, and their clients resolve uncategorized transactions. We’ve identified the types of vendors and customers that are the most common sources of uncategorized transactions. And we’ve quantified Uncat’s impact by taking a look at the average value and the average number of uncategorized transactions clients have each month.
So what did we do with all of that information?
We toiled night and day, consumed pot after pot of store-bought black coffee, compiled the data, packaged it up, and now we’re handing it over to you.
Probably a bit of exaggeration there. But it is a 22 page behemoth that gives you a sense of the impact of uncategorized transactions on time and treasure, and you’ll get more info about how Uncat’s standard features and “superpowers” can free you and your clients up to make better decisions in the face of better data.
After all, if it was easier to deal with uncats, wouldn’t there be more time and energy available to offer better advice and create more win-win scenarios for you and your clients?
Trend 1: Uncategorized Expenses – The Vendors (aka The Usual Suspects)
Uncategorized transactions, by definition, are tough to pin down. For this reason, we see the bulk of uncategorized transactions coming from businesses that sell a wide variety of products and services. While charges from a florist or a mechanic may be more self-explanatory, the most common vendors for uncategorized transactions offer products or services that could be just about anything; think of all of the things you could buy with $300 on Amazon—and all of the reasons you would need those things. Check out our Popular Sources of Uncategorized Transactions page for more information on uncategorized expenses.
Trend 2: Uncategorized Deposits
Similar to uncategorized expenses, the most common sources of uncategorized deposits can be ambiguous. When a client receives money through Venmo and the subject line is an emoji, it’s hard for bookkeepers to know exactly why someone sent that money to the client. As a result, the most common sources we see for uncategorized deposits are payments made through popular payment apps. Our Popular Sources of Uncategorized Transactions page has more information on dealing with uncategorized deposits.
Trend 3: Average Number of Uncategorized Transactions
From your own experience, you know that some clients tend to have more uncategorized expenses than others. What’s your guess on the average? 10, 20, 50, 100?
Overall, the average QuickBooks Online client has 27 uncategorized transactions per month. While one uncategorized transaction may be easy enough to resolve, emailing a client about 27 uncategorized expenses can quickly turn into a daunting experience for everyone involved. And nobody wants to export (or receive!) spreadsheets of uncategorized transactions month after month.
Bookkeepers who use Uncat have found that it’s particularly helpful in resolving multiple uncategorized transactions simultaneously, rather than manually getting answers 27 times over. They consistently tell us that the time they save by using Uncat is well worth the $9 per client per month.
Trends Tell a Story
And it’s probably a story you can relate to. Grab a copy of our new trends report and let us know on social if this resource helped you and your firm.
Get the New Uncat Trends Report Today.
