Insurance Accounting Services
Schedule an Insurance Accounting ConsultationLearn About Premium Accounting
Insurance accounting is different from traditional bookkeeping. Every policy creates premium transactions, commissions, carrier payables, taxes, fees, trust account activity, invoices and reporting requirements that must be recorded accurately throughout the policy lifecycle. RemoteBooksOnline provides insurance accounting services for agencies, MGAs, wholesalers and carriers. Our team helps manage premium accounting, policy accounting, commission accounting, reconciliations, invoice workflows, month end close and general ledger integration. We also help insurance organizations implement Premium Accounting, a purpose built insurance accounting platform that supports policy submissions, premium line items, commission calculations, invoice generation and synchronization with general ledger systems such as QuickBooks Online and Sage Intacct.
Insurance Accounting Requires Specialized Workflows
Insurance organizations do not just record income and expenses. They manage policy level financial activity across insureds, agencies, MGAs, wholesalers, carriers and finance companies.
A single policy may include:
Premium transactions- Agency commissions
- MGA commissions
- Taxes and fees
- Carrier payables
- Trust account balances
- Direct bill activity
- Agency bill activity
- Endorsements
- Cancellations
- Renewals
- Return premiums
- Invoice generation
- General ledger postings
When these workflows are handled manually in spreadsheets or generic accounting systems, reconciliation becomes difficult and month end close is delayed. RemoteBooksOnline helps insurance organizations standardize these workflows using insurance accounting expertise, documented processes and Premium Accounting implementation support. Learn more about Insurance Premium Accounting Services.
Built Around Real Insurance Accounting Operations
A strong insurance accounting process should follow the policy lifecycle. In Premium Accounting, the workflow can begin with a manual policy submission when data is not coming from an underwriting management system. Users can enter policy details, insured information, billing type, transaction type, carrier, agency, wholesaler, finance company and commission percentages. From there, accounting users can add policy line items such as premiums, taxes and fees. Premium line items can calculate agency and MGA commissions automatically based on the commission percentages configured at the policy level. Once policy details and line items are complete, users can generate an invoice. If the policy details or line items change later, the invoice can be updated so the billing record reflects the latest accounting information. This creates a connected workflow from policy submission to line items, commissions, invoice generation and general ledger synchronization.
Insurance Accounting Services We Provide
Policy Accounting
We help insurance organizations manage policy level accounting from submission through invoice generation, including new business, renewals, endorsements, cancellations and revisions.
Premium Accounting
We support premium receivables, premium line items, premium adjustments, taxes, fees and policy level accounting activity.
Commission Accounting
We help configure and manage agency commission, MGA commission and total commission calculations tied to policy premium activity.
Trust Account Reconciliation
We support reconciliation of trust accounts, premium balances and related accounting activity.
Premium Reconciliation
We help reconcile premium transactions against policy activity, invoices, carrier statements and accounting records.
Invoice Management
We support invoice generation, invoice updates and billing record accuracy based on policy and line item data.
Financial Reporting
We support reporting workflows for insurance accounting teams, including operational reporting and month end financial reporting.
General Ledger Integration
We help connect insurance accounting workflows with QuickBooks Online, Sage Intacct and other supported accounting platforms.
Premium Accounting Implementation
RemoteBooksOnline helps insurance organizations implement Premium Accounting as the operational accounting layer for insurance specific workflows. Premium Accounting can work alongside the organization’s existing general ledger. This allows the insurance accounting platform to manage policy accounting, premium line items, invoice workflows, commissions and accounting configuration while the general ledger remains the system of record for financial reporting.
Implementation services include:
- Workflow review
- Accounting process mapping
- Chart of accounts planning
- Master data setup
- Policy accounting configuration
- Line of business configuration
- Line item mapping
- Commission setup
- Invoice workflow setup
- QuickBooks Online or Sage Intacct integration support
- User training
- Go live support
- Ongoing accounting operations
Build a strong accounting foundation with Implementation, Master Data Management, LOB Management, and Line Item Mapping. Learn more about Insurance Premium Accounting.
Insurance Organizations We Support
Insurance Agencies
RemoteBooksOnline supports insurance agencies that need help with premium accounting, agency bill workflows, direct bill reconciliation, commission accounting, trust account reconciliation and financial reporting.
Managing General Agencies
MGAs require more advanced accounting workflows across premiums, commissions, carrier settlements, agency relationships, bordereau support, invoices and reconciliations.
Insurance Wholesalers
Wholesalers need accounting support across retail agencies, carriers, premium finance companies, commissions, payables, receivables and reconciliation workflows.
Insurance Carriers
Carriers need structured accounting operations for premium activity, policy transactions, reconciliations, reporting and financial operations.
Insurance Accounting Implementation Process
Review Current Workflows
We review current accounting workflows, policy transaction processes, invoice workflows, reconciliation practices and reporting requirements.
Map Insurance Accounting Operations
We map premium accounting, policy accounting, commission accounting, trust accounting, invoice management and general ledger posting requirements.
Configure Premium Accounting
We configure master data, carriers, agencies, wholesalers, finance companies, lines of business, tax and fee mappings, commission structures and invoice workflows.
Connect General Ledger Systems
We support integration with QuickBooks Online and Sage Intacct where applicable.
Train Users
We train accounting users on policy submissions, line items, invoices, insured management, reporting and administrative controls.
Support Ongoing Accounting Operations
After implementation, RemoteBooksOnline can continue supporting reconciliations, month end close, reporting and ongoing accounting operations.
Frequently Asked Questions
What is insurance accounting?
Insurance accounting manages the financial activity connected to insurance policies, including premiums, commissions, carrier payables, trust accounts, invoices, taxes, fees, reconciliations and financial reporting.
How is insurance accounting different from regular bookkeeping?
Regular bookkeeping records income and expenses. Insurance accounting manages policy level financial activity throughout the policy lifecycle, including submissions, endorsements, cancellations, renewals, premium line items, commissions, invoices and carrier settlements.
Who needs insurance accounting services?
Insurance agencies, MGAs, wholesalers and carriers need insurance accounting services when they manage premium transactions, commissions, trust accounts, carrier statements, invoices and complex reconciliations.
Can RemoteBooksOnline implement Premium Accounting?
Yes. RemoteBooksOnline can help implement Premium Accounting, configure workflows, migrate accounting data, train users and provide ongoing accounting support.
Does Premium Accounting replace QuickBooks or Sage Intacct?
Not necessarily. Premium Accounting can operate as the insurance accounting layer while QuickBooks Online, Sage Intacct or another general ledger remains the financial reporting system.
What insurance accounting workflows can be configured?
Workflows can include policy submissions, policy line items, premium accounting, tax and fee mapping, commission calculation, invoice generation, master data management and general ledger synchronization.
Do you support ongoing accounting after implementation?
Yes. RemoteBooksOnline can support ongoing insurance accounting operations, reconciliations, reporting and month end close after implementation.