Insurance Accounting for Managing General Agencies (MGAs)
Managing General Agencies operate some of the most complex accounting environments in the insurance industry. Unlike traditional insurance agencies, MGAs manage premium collections, carrier settlements, agency relationships, commissions, bordereaux, trust accounts and program business across multiple carriers and distribution channels. Traditional ERP systems such as QBO, Xero, Sage and Workday provide excellent financial accounting, but they do not manage insurance operations. RemoteBooksOnline helps MGAs implement Premium Accounting as the insurance accounting subledger while continuing to use their existing ERP for financial reporting. This architecture gives MGAs complete operational visibility while preserving enterprise financial controls. Learn more about Enterprise Insurance Accounting Outsourcing.
Accounting Challenges Facing MGAs
Growing MGAs frequently experience:
Multiple carrier settlement processes- Manual bordereaux preparation
- Spreadsheet commission calculations
- Trust account reconciliation
- Premium reconciliation delays
- Carrier payable complexity
- Multi-program accounting
- Multi-state reporting
- Month-end close delays
- Limited operational visibility
Premium Accounting centralizes these workflows into one insurance accounting platform.
Premium Accounting for MGAs
Premium Accounting helps MGAs manage:
- Policy Submissions
- Premium Accounting
- Program Accounting
- Carrier Accounting
- Agency Accounting
- Commission Accounting
- Invoice Management
- Trust Accounting
- Financial Reporting
Rather than forcing these workflows into an ERP, Premium Accounting becomes the insurance accounting subledger. Learn more about PremiumAccounting.aiand how it helps MGAs manage premium accounting, carrier settlements and insurance financial operations.
MGA Accounting Workflow
Agency & MGA Commission Accounting
Automatically calculate:
- Agency Commission
- MGA Commission
- Total Commission
Carrier Accounting
Track:
- Carrier Payables
- Carrier Statements
- Settlement Amounts
- Program Accounting
Modernize Your Insurance Accounting Operations
Learn how RemoteBooksOnline can help implement Premium Accounting, streamline premium accounting workflows, and support your accounting team with ongoing insurance accounting services.
Schedule an Insurance Accounting ConsultationLearn About Premium Accounting
Carrier Settlement Accounting
One of the biggest accounting responsibilities for MGAs is carrier settlement.
Premium Accounting helps manage:
- Premium Due to Carrier
- Commission Retained
- MGA Revenue
- Taxes
- Fees
- Carrier Balances
- Settlement Reporting
Controllers gain complete visibility into carrier obligations.
Program Accounting
Many MGAs manage multiple insurance programs.
Premium Accounting supports:
- Program-Level Premium
- Program Reporting
- Program Commissions
- Program Profitability
- Program Financial Statements
This allows management to evaluate performance across individual insurance programs.
Bordereaux Support
Premium Accounting captures policy-level accounting information that supports bordereaux reporting.
Organizations gain:
- Standardized Policy Data
- Premium Summaries
- Commission Summaries
- Financial Consistency
- Better Reporting Accuracy
This significantly reduces manual spreadsheet preparation.
MGA Controller Dashboard
Controllers gain visibility into:
- Premium by Program
- Carrier Payables
- Agency Commissions
- MGA Revenue
- Trust Balances
- Outstanding Invoices
- Premium Reconciliation Status
- Month-End Close Progress
Instead of gathering information manually, controllers review operational dashboards generated directly from policy accounting.
Why RemoteBooksOnline
RemoteBooksOnline combines:
- MGA Accounting Expertise
- Premium Accounting Implementation
- Carrier Settlement Support
- Program Accounting
- Controller Support
- Financial Reporting
- Reconciliation
- Ongoing Accounting Operations
Unlike implementation firms, our accounting professionals remain engaged after deployment to support daily accounting operations. Learn more about Insurance Accounting Implementation Services
Ready to Modernize Your Insurance Accounting?
Whether you're evaluating Premium Accounting, replacing manual spreadsheets, improving reconciliations, or looking for ongoing insurance accounting support, our specialists are ready to help.
Schedule an Insurance Accounting ConsultationBrowse Insurance Accounting Resources
Remote Books Online is an
for
Insurance Native
Financial Workflows
End-to-End
Implementation
Training & Ongoing
Support
Accurate, Compliant &
Audit-Ready
Frequently Asked Questions
MGAs manage carrier settlements, program accounting, premium accounting and commission workflows that traditional ERP systems were not designed to handle.
Yes. Premium Accounting supports program accounting, program reporting and program profitability analysis.
Yes. Carrier settlement workflows are supported through structured premium accounting and financial reporting.
Yes. Trust accounting and premium reconciliation are fully supported.
Yes. Supported integrations include: QBO, Xero, Sage, Workday.
Yes. We support MGA accounting operations including premium accounting, reconciliations, financial reporting and controller support.
Absolutely. The platform was designed to support growing MGAs with multiple carriers, agencies, programs and accounting workflows.