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insurance agency bookkeeping

I wanted to provide a competitive insurance service to the residence in the North Country. Established in 1973, Richards Insurance Agency was founded on a philosophy of offering personal, professional service. Since then, we have grown into a full-service agency with a staff of 4 insurance specialists serving individuals, families, and businesses in the North Country New York area.

Margaret Stahl, Regional Manager

This includes setting up transaction approval processes, conducting regular audits, and using secure systems for economic data. Most insurance agencies benefit from the accrual method as it offers a more accurate picture of the business’s financial position. Are you tracking your agency and producer commissions in QQCatalyst? We will be covering everything from setting up rules for how agency commissions and producer commissions should be calculated, to reconciling when commissions have been paid to the agency or its producers. Topics will also extend to how to reset commissions for existing policies, editing reconciliation statements, and reports that will be important for tracking commissions in QQCatalyst. As the premier provider of monthly accounting services, we offer a robust, a-la-carte menu with a variety of services that meet the needs of agencies all over the country.

Common Errors Made by Accountants and Bookkeepers

Accurate bookkeeping and accounting practices are the backbone of any successful agency, ensuring financial clarity, regulatory compliance, and, ultimately, sustained success. This comprehensive guide dives into essential bookkeeping and accounting tips tailored for insurance agencies, empowering you to navigate the financial landscape confidently. The integration of technology in bookkeeping brings numerous advantages, allowing insurance agencies to focus more on their core activities, such insurance agency bookkeeping as customer service and business expansion.

insurance agency bookkeeping

Agency Accounting Tips to Keep in Mind

Please see /about to learn more about our global network of member firms. Insurance agency accounting is quite unique because agencies are responsible for managing fiduciary funds. This is not to say an adequately talented person couldn’t set up QuickBooks to work, but almost no people in agencies are that talented/educated assets = liabilities + equity in accounting. IAAB records your customer payments and regularly provides you with reports of unpaid balances. By not analyzing these statements on a monthly and annual basis, the agency owner will have a more difficult time understanding the true operation of the business. Take the Next Step to Streamline Your Insurance Agency’s Accounting.

insurance agency bookkeeping

We take getting you the right personal insurance policy very seriously. We provide umbrella insurance that offers more than a simple policy. Though it often needs policyholders to uphold their underlying coverages, our umbrella insurance gives resident’s additional insurance protection such as increasing limits or extending coverages.

insurance agency bookkeeping

An Insurance Accountant from Angela Adams Consulting

However, it is a daunting task to find the right policy that is ideal for you. Our knowledgeable and friendly team is here for your needs and can help explain the policy further. Most people are not aware of what their home insurance policies do or the company that insures them. We will help you understand the benefits of a policy and how it can guarantee the protection of your home and belongings. We can help you leverage the strengths of both solutions to create a robust accounting system for your agency.

insurance agency bookkeeping

To create these statements accurately and so they have meaning to an agency owner, is to first understand what constitutes sales revenues in a P&C agency. When you have access to clear and accurate financial data, it (literally) pays off! Not only will you boost your profits by regaining valuable time you need to focus on your business, you’ll also be able to make confident decisions backed by solid data that will help your agency grow faster and stronger.

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