Accounting Services

Robin earned her Bachelors of Science Degree in Mathematics from The College of Charleston and is scheduled to complete her Masters in Project Management from The Citadel in 2018. She has been working in the insurance industry for over 25 years, attained AIAM and CISR designations, and has held positions in software programming, IT management, and operations management. She has insurance systems experience with Insurnet, Policy Management Systems, Applied TAM and Epic, AMS AfW Online and Sagitta. She was a founding member of the SC Insurnet Users Group and a member of the PaperWise Users Group National Advisory Committee.

Jennifer Rumple, Eastern Regional Coordinator and Accounting Leader

Then, our experts curated a large selection of Microsoft Office, leadership, and sales classes to include that are ideal for agency personnel. The Academy can be branded and customized for subscription clients, including the addition of the agency’s content, custom learning plans, and the ability for agency supervisors to assign training and track progress. Training and development with Lighthouse Academy is streamlined, focused, and geared specifically for independent agency personnel. Remember, seeking expert guidance from a qualified CPA or a reputable accounting firm income statement like Profitjets with insurance industry expertise can significantly elevate your financial management and unlock your agency’s full potential. By investing in accurate and efficient bookkeeping and accounting services, you can confidently navigate the ever-changing insurance landscape and achieve long-term success.

Insurance Accounting Guide

She also has experience in agency operations which includes developing procedures and workflow processes and assisting management in retrieving necessary information from agency management systems. The part of her job she has been most passionate about is the training of new employees and sharing new features and software releases with all agency employees. The synergy of efficient bookkeeping practices and innovative technologies propels insurance agencies towards financial stability and growth, ensuring they remain at the forefront of the insurance industry’s evolution.

Insurance Accounting

Some accountants may choose to show commission payments made to the agency’s producers on the COGS line, but they are usually handled as regular expenses. For retail agencies, it is best to not include a COGS entry and for any agency engaged in any wholesale operations, the COGS entry should be the commissions paid to the outside agents. I’m a bookkeeping specialist, mom, and entrepreneur who spent 18 years in the insurance industry prior to founding The Bookkeeping Asset.

We Support Insurance Agency Accounting Software

In the fast-paced world of insurance agencies, where the focus often revolves around customer interactions, policy sales, and claims processing, bookkeeping might seem like a mundane and overlooked aspect. Bookkeeping holds a pivotal role in the success and sustainability of insurance agencies, serving as the compass that guides them through the turbulent waters of financial management. It provides a clear snapshot of an agency’s financial health, allowing owners and managers to make informed decisions and chart a course for long-term prosperity.

• She is passionate about the industry and the opportunity to learn new things.
• 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.
• IAAB has the capability to perform all your bookkeeping tasks and provide accurate, timely financial statements including clarification for Agency owners and CPAs.
• One reason the settings are so important is staff sometimes create workarounds because of the mismatch between settings and procedures.
• She was a founding member of the SC Insurnet Users Group and a member of the PaperWise Users Group National Advisory Committee.

As newer owners enter the market insurance agency bookkeeping and owner responsibilities grow, Angela Adams Consulting’s expert team of Advisors has crafted a program specifically geared to tackle the challenges ahead. Angela Adams Consulting Services is renowned in the industry for our exceptional understanding of agency operations and automation. We help busy agency owners focus more time on what they do best and less time chasing problems behind the scenes. The Agency Coaches work closely with owners and senior managers to keep them out of the weeds and laser-focused on goals.

• Megan joined Angela Adams Consulting bringing over 6 years of independent agency experience.
• For instance, identifying excessive spending in certain categories can prompt cost-cutting measures or reallocation of funds to areas that yield higher returns.
• Before outsourcing, carefully evaluate your agency’s needs, budget, and internal resources.
• IAAB, formed in 2007 to help Independent Insurance Agencies throughout the United States manage their accounting and bookkeeping, currently has over 40 staff members across the United States.
• We provide confidence to agency owners that agency financial functions are well managed, reports are accurate and meaningful, and the appropriate measures are in place to ensure quality accounting.
• She has been an Angela Adams Consulting’s Account Manager since 2011.

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. She is excited about the possibilities of increased efficiency by marrying smart agency processes with AMS360, BenefitPoint, and thoughtful improvement plan execution. She is looking forward to transforming agency clients with her variety of software/operational and real-life experience, creative approach to problem-solving, and enthusiasm for seeing others achieve success. Her agency experience includes agency operations, system implementation/administration, staff training, and commercial lines/personal lines management.

Insurance Accounting and Financial Reporting Update

We provide confidence to agency owners that agency financial functions are well managed, reports are accurate and meaningful, and the appropriate measures are in place to ensure quality accounting. It is a fact that most agency owners did not especially like accounting classes — if they even took accounting classes in college — or they probably would be accountants rather than insurance agency owners. Our detailed brochure provides insights into how Remote Books Online can help you maintain accurate bookkeeping, stay tax-ready, and make informed financial decisions. Discover how our tailored bookkeeping services can support your business growth and simplify your financial management. While cash basis accounting is a straightforward method, it may not always provide the most accurate representation of an agency’s financial health. Accrual accounting offers a more comprehensive picture by matching revenues and expenses when they are incurred, rather than when they are received or paid.

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