Bookkeeping allows agencies to monitor cash flow with precision, ensuring that there is enough liquidity to cover operational expenses, pay employees, and invest in business development initiatives. QuickBooks is a great system for most businesses but not insurance agencies. Never use QuickBooks unless you have a high degree in accounting gross vs net and possess significant insurance agency specific accounting knowledge so you can address agency bill business correctly.

Insurance Agency Accounting Made Easy!

• This method is particularly beneficial for agencies with complex revenue streams and multiple expense types, as it helps in analyzing long-term financial trends and making informed decisions based on real-time data.
• Maintaining a healthy cash flow is essential for the sustained success of any insurance agency.
• Miranda was active and served on the Board in her local NetVu Chapter for many years.
• 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.
• Her key to success is her thorough knowledge of the system and what it can do for you in cutting cost and improving efficiencies as well as employee satisfaction.
• Starting with QuickBooks, in the hands of 99.99% of agency owners, it is entirely incapable to correctly account for premiums, especially agency bill premiums.

Margaret worked in Agency Management and when the agency was purchased by a local bank in 2004, Margaret took on the role of Operations Manager of three agency locations. This position included HR, policies and procedures, compliance and training. In addition to the role of IT / System Administrator, Margaret has been involved in the implementation of several AMS system and hardware upgrades. Margaret served on several Company committees, was an active member in the Red River Users Group and a member of the AMS360 NetVU Education Committee. In times of uncertainty and financial stress, it seems increasingly important for the insurance sector and broader financial services industry to maintain connections and be well-positioned to serve clients.

• Judy worked for a California agency for 8 years after graduating college and advanced to Assistant to the CFO.
• He’s well versed in the software agencies use and understands how third-party providers can integrate with primary systems for customization or increased performance.
• Since 1999, Stephanie has served the insurance industry in the fields of marketing, sales, producing, and processing.
• Make life easier on yourself by always managing your balance sheet correctly because sooner or later, someone important is going to question you about your balance sheet.

Insurance Agency Bookkeeping

These insights enable agency owners and managers to make data-driven decisions, identify potential areas for improvement, and allocate resources effectively to drive business growth. Running an insurance agency is a complex undertaking, with numerous responsibilities ranging from customer service to sales and marketing. Amidst all these activities, bookkeeping often takes a backseat, yet it is a critical aspect of ensuring the agency’s financial stability and success. Proper bookkeeping provides valuable insights into an agency’s financial health, allowing owners and managers to make informed decisions and plan for the future. In this guide, we will explore the importance of bookkeeping for insurance agencies and provide essential tips for maintaining financial clarity and achieving long-term success.

Insurance Accounting

Agencies with one bookkeeper on staff typically can’t provide this level of control, or this level of backup support. IAAB has the capability to perform all your bookkeeping tasks and provide accurate, timely financial statements including clarification for Agency owners and CPAs. She then came on board with Angela Adams Consulting in 2014 as a Direct Bill Team Leader and specializes in Direct Bill Processing.

For More Information about Accounting Solutions

To prevent the accumulation of a great deal of paper, the statements can be scanned and filed electronically as pdfs. I was born and raised in the North country and wanted insurance agency bookkeeping to remain in the area. I obtained my P & C License in 1972 and became a partner in Richards Insurance Agency in 1983. I have two children who live in the area and have their own careers. I also enjoy helping the residence of the North Country with their insurance needs.

• We provide you with a Balance Sheet, Income Statement, and reports of Open Receivables & Open Payables.
• Melissa has enjoyed working in independent insurance agency accounting since 2002.
• Starting in agency accounting in 1985, Angela has worked as an Agency Owner, Chief Financial Officer, and Commercial and Marketing Manager.
• We take getting you the right personal insurance policy very seriously.
• By analyzing revenue, expenses, and profit margins over time, insurance agencies can gain valuable insights into their financial performance.