QuickBooks Desktop is a popular accounting software for small to medium-sized businesses, including insurance agencies. QuickBooks Online is one of the most popular accounting software for small and medium-sized businesses, including insurance agencies. This software provides a variety of Accounting for Churches features such as billing, invoicing, accounts payable, accounts receivable, financial reporting, and inventory management. A premium invoice should never generate “income” in the agency P&L as a merchandise invoice does; it should only generate premium assets and liabilities. Financial solvency of premium funds is yet to be more clearly defined and uniformly understood as the CA Insurance Code outlines it in Sections 1733 and 1734 only in general terms. An insurance transaction is more than a one-time event; it is a process that continues from the policy inception to the end of its term.

Accurate timesheets for employees

• Outsourcing gives you a great way to have full-time knowledge on your team without having to pay for it around the clock.
• Angela is a popular speaker at NetVU conferences whether it be a local Chapter meeting, virtual webex session or National Conference.
• Poor financial tracking leads to underpaid taxes, compliance issues, and lost revenue, making it harder to grow a profitable agency.
• The double-entry system keeps financial data organized and accurate, helping users comply with regulations and taxes.
• This step not only facilitates a clearer financial picture but also establishes the agency as a separate legal entity, shielding personal assets from business-related liabilities.

Understand the difference in these reports between one accounting firm and another. When I read these reports, especially the Accountants’ Reviews, some are quite insightful and some are worthless. Given the expense and lack of insight of the worthless ones, the agency just wastes their money. The really good CPAs will prescribe the right report for your situation and the quality of their reports will be worth the money spent. By not analyzing these statements on a monthly cash flow and annual basis, the agency owner will have a more difficult time understanding the true operation of the business.

Managed Accounting Services – a comprehensive solution

• He began his insurance career in 2002 working as the accounting/operations manager of a mid-size agency in Florida.
• The Internet is filled with stories of agency owners being prosecuted and losing their licenses for improperly using trust funds to make payments in their operating accounts.
• The accounting software you choose should be customizable to fit your unique business needs.
• Our team can take care of some or all of your daily accounting and bookkeeping tasks so you can pay attention to running your agency leaner and more efficiently.
• That’s why having the right systems, controls, and best practices in place is non-negotiable.

Automation in accounting software saves time by reducing manual data entry and handling. This allows insurance agencies to focus on strategic initiatives and improve response time to financial queries. Features that enhance operational efficiency, such as automated policy management and claims processing, are crucial.

• She works with agencies of many sizes to develop customized solutions to reach agency goals of increased profitability and efficiency.
• This information allows agencies to concentrate their efforts on the most profitable areas, optimizing resource allocation for maximum efficiency.
• Cloud-based accounting solutions provide significant advantages, including remote access, easy accessibility, and cost savings.
• Additionally, systems with business intelligence can use this data to project future financial revenues.
• However, without regular reconciliation, they risk missing unpaid commissions, accounting errors, and financial discrepancies that could impact their cash flow and profitability.
• Accounting software has emerged as a game-changer, automating mundane tasks and allowing for seamless data entry and organization.

Challenges of integrated systems

In 2000, he implemented a customer portal to meet the growing demand for self-service options. Our team, comprised of over 30 accounting professionals with years of insurance agency experience, has seen and solved almost every problem clients face. We pride ourselves on not only finding solutions but the ones that are right for your agency. By proactively managing tax obligations and leveraging deductions, insurance agents can improve cash flow, reduce tax burdens, and ensure financial stability. Keeping organized records and consulting with a tax professional can help agents maximize savings while staying compliant.

I have already seen agencies severely damaged because they failed to investigate their markets adequately. The worst thing to do with these markets is to commingle your clients’ monies with your operating funds because it makes it appear you are part of the fraud or at least way too sloppy to actually be caring for your clients. Agentero aims to simplify daily processes while providing data-driven insights. I have spoken to many accountants who are not providing any advice or recommendations to their agency clients. Many other management solutions have similar connectivity if you choose to connect the two systems. We can help you leverage the strengths of both solutions to create a robust accounting system for your agency.

This is due to her experience with the Insurance Industry and passion for Insurance Agency Professionals. She has held various positions with Carriers including System Interaction Specialist, Personal Lines Underwriter, Commercial Lines Underwriter. In 1992 Angela became a Licensed Property & Casualty agent for a large Brokerage firm in the Washington area specializing in Financial Products before accounting for insurance agencies joining Vertafore in 1996. While at Vertafore Angela Painter worked primarily in Development as a Senior Business Analyst and Product Manager on AfW and the AMS360 product since its inception. As the AMS360 Product Manager Angela worked closely with Agencies, Sales, Support, Implementation, Training and Development Teams to analyze, research, prioritize, design, and implement features within the AMS360 system.