Square
Uncat resolves accountant and bookkeeper’s issues with Square’s uncategorized deposits
Square and Uncategorized Deposits
While Venmo and CashApp are peer-to-peer payment solutions, Square is a mobile payment company that aims to simplify credit card processing and merchant solutions and was founded in 2009. Square is one of the most popular merchant and card processing solutions, known for its guaranteed protection against fraud/hackers and providing a payment system and e-commerce platform, with over 92.3 million users using Square in the United States alone (Statista).
As Square allows you, your client, or your team to buy or sell a plethora of products or services to customers, receive payments, and conduct transactions virtually, there is lots of room for miscommunication through ambiguous descriptions and missing information or categorizations that neither you nor the bank feed can build upon. All of this leads to uncategorized deposits that frustrate millions of accountants and bookkeepers.
How Does Uncat Fix Uncategorized Deposits from Square?
Uncat works to alleviate the issue of uncategorized deposits from Square. Uncat takes these uncategorized deposits from Square—missing key information or having ambiguous details—that come into the accounting software (i.e. QuickBooks Online, Xero, or QuickBooks Desktop) via bank feed and are reconciled into the general ledger and syncs them into Uncat. After syncing the uncategorized transactions, Uncat notifies your client and retrieves the necessary information back from your client. Once your client updates the transaction by submitting the required information (i.e. description, receipt, customer), you—as an accountant or bookkeeper—can easily review and categorize uncategorized deposits. After you’ve categorized the deposits, Uncat syncs those transactions back to the general ledger so you can complete the month-end close. Through this process, Uncat saves you time, productivity, and money—an average of 12 hours and $238 per month so you can prioritize tasks worthy of your energy and attention.
