Outsourcing Your Accounting For Insurance Agents And Agencies
Tracking & Reporting
We understand that keeping track of your business finances and accounting can be stressful and confusing. Properly managing your finances as an insurance business is crucial because you want to ensure that you aren’t affected if a client cancels a policy at any time.
Guidance & Recommendations
Our team of accountants have extensive knowledge in the insurance industry, providing you with a stress-free tax season. We are here to give you recommendations and guidance with your finances and give you access to our team of experts who can help maximize your write-offs and minimize your tax burden during tax season.
Major Concerns For The Insurance Industry
Delay In Accounting
Your business must record all financial transactions; those items include sales, expenses and earnings. While private companies aren’t required to report financial data, late or poor record keeping can lead to serious problems. Misstating revenue on tax forms and improper deductions can result in fines and interest charges.
Unmonitored Business Spending
Running a business is not always easy, and there are various challenges that can halt or reverse growth. However, there are few challenges that are as damaging as those that directly impact your finances. Fortunately, you can mitigate financial risk by taking control of your spending and diligently monitoring your cash flow.
Charge Back Policies
Chargebacks are unfortunate situations that can throw you off your game if you let it. If you want to be an effective agent, you have to accept that they’re part of the insurance business. There’s no way to completely avoid them, especially when you consider the volatility of today’s insurance marketplace.
Recording Commissions
We will help you with timely record keeping to ensure that your company receives the correct policy premium amount for the insurance policies you have sold and that you are calculating the right amount of commissions to pay out to your sales agents.
Business Spending Mistakes
Common business spending mistakes include: failure to separate business from personal expenses, deviating from your budget and recognizing when cash flow or limited working capital may become an issue.