Contact IBN Technologies today to learn more about our healthcare bookkeeping solutions and how we can support your agency’s accounting needs. Let us help you achieve long-term success and maintain financial health. Partnering with an accounting firm experienced in insurance can provide expert guidance on navigating complex regulations and managing unearned premiums and loss reserves. The outsourcing process allows internal resources to be allocated to core business functions. Margaret began her insurance career in 1978 as a policy typist at an Independent Insurance Agency. Since this time she has been involved in all aspects of the agency including Personal Lines Account Manager and System Administrator.

• I have spoken to many accountants who are not providing any advice or recommendations to their agency clients.
• Agencies are not 100 percent cash, and they are not 100 percent accrual.
• While cash basis accounting is a straightforward method, it may not always provide the most accurate representation of an agency’s financial health.
• Brent enjoys his position because it allows him the opportunity to work with many different agencies.
• 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.

Regularly Update Financial Plans

• His primary task was to help his father with a computer that was given to the agency by one of their carriers.
• Since then, we have grown into a full-service agency with a staff of 4 insurance specialists serving individuals, families, and businesses in the North Country New York area.
• Get in touch with our agents so we can help you with questions and policy quotes.
• In 2005 Tammy was awarded the Presidential Citation from the AMS National Users’ Group.
• Understand the difference in these reports between one accounting firm and another.
• Once the bill is paid, the company then sends a commission payment to the agency that sold the policy.

While insurance companies have been facing abounding uncertainty, regulators have been continuing to focus on improving the transparency of insurance companies’ operations to help stakeholders make informed investment choices. In addition, Agencies provide IAAB licenses to access Epic; Agencies with commission revenue less than $2.5M require one license, greater than $2.5M require two licenses. The Third Generation, led by Brendan Moser, is still driven by the same principles that have served us since our embryonic days back in 1949. Brendan has learned the business – and the importance of service – by watching the hard work put in by his grandfather Peter Puglese, grandmother Frances, and mother Grace Moser through the years.

Experts in Insurance Distribution Business Valuation, Sale, and Acquisition

In 1992 Angela became a Licensed Property & Casualty agent for a large Brokerage firm in the Washington area specializing in Financial Products before joining Vertafore in 1996. While at Vertafore Angela Painter worked primarily in Development as a Senior Business Analyst insurance agency bookkeeping and Product Manager on AfW and the AMS360 product since its inception. 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. Since February 2020, there has been a dramatic shift in the operating environment of financial markets as a result of the increased volatility caused by the COVID-19 pandemic.

Operating Accounts and Trust Accounts

What you are fixed assets looking for in an accountant is someone who is trainable in the unique requirements of independent agency accounting. If they are trainable, not too egotistical, and smart enough, the training is fast and easy. For people who do not especially like accounting, having to deal with software that does not work for their specific needs and accountants that are a black hole relative to their accounting needs, is painful. Many agency owners just go along because they simply do not want to deal with it.

• In addition, insurers should not overlook the need to manage their potential reputational risks in the midst of this pandemic.
• It is also common for agency owners to ignore these statements and to toss them when they are received.
• In 1992 Angela became a Licensed Property & Casualty agent for a large Brokerage firm in the Washington area specializing in Financial Products before joining Vertafore in 1996.
• Training and development with Lighthouse Academy is streamlined, focused, and geared specifically for independent agency personnel.
• Proper bookkeeping plays a pivotal role in ensuring that agencies adhere to these legal obligations.

She has been with Angela Adams Consulting since 2006, where she specializes in Direct Bill processing and procedures in AMS360 and BenefitPoint, as well as downloads. While currently serving as a Processor Manager, she also has experience as an Account Manager and Processor. Angela has 30 years of experience working in all aspects of insurance agencies. Starting in agency accounting in 1985, Angela has worked as an Agency Owner, Chief Financial Officer, and Commercial and Marketing Manager.

We utilize a state-of-the-art computerized rating system that instantly compares rates of competing insurance companies for the same insurance coverage so that we can offer you the best possible rates. Throughout the past six decades the agency has grown by leaps and bounds via recommendations, repeat business and acquisitions. Over the past six decades, the agency has grown by leaps and bounds via recommendations, repeat business, and acquisitions.

• All agencies have the opportunity to review their reports with a staff accountant.
• Any amounts paid to the insurance company from the trust account should be treated as a pass through for accounting purposes.
• Melissa has worked in insurance for since 1989 spending time in three different independent insurance agencies.
• Establish strong internal controls to prevent fraud and ensure the accuracy of financial records.

In the past, bookkeeping was often a laborious and time-consuming task, requiring meticulous record-keeping and manual calculations. However, the advent of cutting-edge accounting software and cloud-based solutions has revolutionized the way businesses manage their finances. Insurance agencies can now bid farewell to stacks of paper documents and embrace the digital transformation that not only saves time but also enhances accuracy and data security.

Implement Advanced Accounting Software

The reason agencies can have bad debt even on a cash basis, is because the bad debt usually involves the fiduciary money. Because the agency is responsible for someone else’s money, it incurs bad debt even though it is on a cash basis. If the bad debt was its own money, and the agency was on a cash basis, the loss might not be deductible. You shouldn’t lose sleep at night wondering if all of your hard work is at risk. Moser Group is here to customize the best commercial insurance package for you, protecting your business, your staff, your bottom line, and your peace of mind. As a vehicle owner in New York, the state law requires you to have auto insurance coverage.

Often with commercial or business insurance, the agency that sells the policy will bill the customer directly and it is up to the agency to make the payment to the insurance company. Most state laws require insurance agencies to set up a trust (escrow) account to temporarily hold these funds for the insurance company until the company is paid either by electronic transfer or by a check sent from the agency. For example, if the agency bills a client for a $1000 premium, then the $1000 payment is deposited into the agency’s trust account. If the agency is entitled to a 15% commission from the account, then $850 will be paid from the trust account to the company and $150 will be paid from the trust account to the agency’s operating account. As the last 20 years have demonstrated, Angela Adams has a knack for knowing what agency owners need to succeed.