Insurance Agency Bookkeeping Solutions Tailored for Growth

Commission Tracking – Insurance agencies often deal with commissions from various policies. Bookkeeping needs to accurately track these commissions, including split commissions between agents and agencies.

Premiums and Claims – Managing premiums collected and claims processed requires precise tracking and reconciliation. Unlike standard retail transactions, premiums may be collected over time or in installments, and claims processing involves multiple financial transactions

Regulatory Compliance – Insurance agencies must adhere to specific regulatory requirements, such as reporting to state insurance departments and maintaining compliance with insurance laws. This adds complexity to bookkeeping practices compared to businesses in less regulated industries.

Client Trust Accounting – Handling client funds and trust accounts is common in insurance agencies, where funds are often held in escrow for future premium payments or claims. Bookkeeping must ensure these funds are properly managed and accounted for separately from the agency’s operating funds