In terms of hiring potential, there is little difference between the two designations. Both are nationally recognized and well-regarded by accounting professionals. After you’ve completed your onboarding and provided access to your software, we’ll get right to work! Expect to answer a few questions https://www.bookstime.com/ through our client portal during this time to ensure we get everything established in a timely manner. According to Stocks, each AgencyPoint department head specializes in that particular service they are handling, and everyone at the firm is well-versed in the insurance industry.
Use our team to work on clean-up projects, set-ups, or data entry.
If their reasoning is, “I think we can win if the IRS catches this.” Weigh the tax savings versus the extra cost to defend a “win” the case. No matter what you might think, agencies are responsible for fiduciary funds. The responsibility is memorialized in your carrier contracts and all 50 states, plus the federal government, require agencies to treat these fiduciary funds appropriately. There are states that allow comingling and states that don’t, but 100 percent of all states require agencies remain “in trust” every hour of every day of every month of every year. A general formula (and some states have minutely specific formulas) is (Unencumbered Cash + Premiums Receivable) / (Premiums Payable + Binder Bill). Joan has led education sessions at various NetVU events, including the annual Accelerate conferences as well as the local NetVu chapter.
Upholding these best practices on top of running your own insurance agency might seem impossible—after all, there are only so many hours in a day. Instead of putting your insurance business’s livelihood at risk due to incorrect accounting, allow FinancePal to be your resource for all things insurance accounting. Proper financial management and reporting insurance accounting are important because you are responsible for ensuring that you can pay out policyholders at virtually any point in time. To avoid the common missteps of insurance accounting, start by reading this guide, and if you decide you need assistance with accounting and managing the financial aspects of your insurance business, FinancePal is here to help.