In business, the 80-20 rule applies to a significant number of situations. Managing uncategorized expenses is no exception. In fact, for many businesses, it can take a real toll on the profitability of your client workflows—especially when you consider how much time is spent collecting, collating and manually entering uncategorized expenses on a client by client basis. In fact, when you consider the average client workflow, it’s evident that a large percentage of the time invested in monthly accounting is likely attributed to these manual processes, all of which eat into your profit margin.
Did you know there’s actually a way to stop this cycle by automating the process of managing uncategorized expenses? Uncat is the only platform that can do this for your firm and your clients. It was built by accountants for accountants, so it makes managing these often unwieldy expenses simple.
Here’s how it can save you and your clients countless billable hours and eliminate uncategorized expenses eating into your bottom line.
Eliminate chasing, collating and entering manual uncategorized expenses. Instead of spending time on uncategorized expense management, you can invite your clients and your team to collaborate with you using Uncat. By doing so, your clients can add descriptions to expenses (and uncategorized income and assets, too). You can even let your clients categorize their own expenses and select the class, vendor, location, and billable. They can also upload their receipts eliminating the need for you to do so. This will save you countless hours chasing down these expenses.
Your clients don’t need a QuickBooks Online login to use Uncat. Uncat’s Magic Link secure login means your clients don’t need to create or remember a new password or download a new app. All they have to do is click a link in Uncat’s automatic email and SMS notifications.
Communicate with your team and your clients on all of your expenses. Using Uncat, your firm and your clients can post notes to expenses so that everybody is on the same page. You can also invite multiple members of your staff and an unlimited number of client users, too.
Facilitate real-time collaboration with your team and your QuickBooks clients.
Instead of time-consuming uncategorized expense management, you can invite your QuickBooks Online clients (Xero and QuickBooks Desktop clients, too).
In addition, Uncat gives you the option of letting your clients categorize transactions. You can then see their selection in your dashboard so you can review it and, if needed, make changes which are captured in real-time and synced to your accounting software, keeping everyone on the same page.
Stop uncategorized expenses from eating your profits with help from Uncat
Finally, your firm can put the profit back into your bottom line by eliminating the need to manually collect, organize and manage clients’ uncategorized expenses. Using Uncat, you can eliminate 80 percent of the work related to this task in your monthly accounting. Meaning you’ll be able to reap a higher profit margin on every client with more billable hours left to expand your services to other clients as well. Plus, your clients will benefit from a seamless system for capturing their uncategorized expenses which will free them to focus on higher value tasks, too.
Get started with a demo and a free trial of Uncat today! And make sure to join our webinar with Insightful Accountant on September 22nd, "Stop herding cats! Fix uncategorized transactions with Uncat." You can register here.