Insurance Accounting for Wholesale Insurance Brokers
Schedule an Insurance Accounting ConsultationLearn About Premium Accounting
Wholesale insurance brokers operate between retail agencies and insurance carriers, creating unique accounting workflows that traditional accounting software was never designed to manage. Every day wholesale brokers manage premium transactions, retailer commissions, carrier payables, trust accounts, policy changes and financial reporting across hundreds or thousands of policies. RemoteBooksOnline helps wholesale insurance brokers implement Premium Accounting as the insurance accounting subledger while continuing to use QBO, Xero, Sage or Workday as the corporate general ledger. This architecture gives wholesalers complete operational visibility without replacing their existing ERP investment.
Wholesale Insurance Accounting Challenges
Wholesale brokers commonly struggle with:
Multiple retail agency relationships- Multiple carrier relationships
- Manual commission calculations
- Spreadsheet premium tracking
- Carrier settlement complexity
- Trust account reconciliation
- Premium reconciliation
- Month-end close
- Financial reporting
- Multi-state operations
As business grows, these manual processes become increasingly difficult to scale. Premium Accounting centralizes these insurance accounting workflows.
Premium Accounting for Wholesale Brokers
Premium Accounting supports:
- Policy Submission
- Premium Accounting
- Retail Agency Accounting
- Carrier Accounting
- Commission Accounting
- Trust Accounting
- Invoice Management
- Financial Reporting
- Premium Reconciliation
Rather than forcing insurance accounting into an ERP, wholesalers maintain insurance operations inside Premium Accounting while synchronizing summarized accounting activity into the general ledger.
Wholesale Accounting Workflow
Carrier Settlement
Validate:
- Carrier Payables
- Premium Due
- Settlement Reporting
Financial Reporting
Synchronize accounting activity to:
- QBO
- Xero
- Sage
- Workday
Learn more about Insurance General Ledger Integration
Commission Accounting
Automatically calculate:
- Retail Agency Commission
- Wholesale Commission
- Total Commission
Retail Agency Management
Wholesale brokers depend on strong relationships with retail agencies.
Premium Accounting helps manage:
- Retail Agency Records
- Commission Structures
- Premium Activity
- Policy History
- Outstanding Balances
- Financial Reporting
This creates complete visibility into every retail agency relationship.
Carrier Accounting
Carrier accounting includes:
- Premium Due
- Carrier Statements
- Carrier Balances
- Settlement Reporting
- Outstanding Payables
Premium Accounting connects these workflows directly to policy accounting.
Controller Dashboard
Wholesale controllers gain visibility into:
- Premium by Carrier
- Premium by Retail Agency
- Commission by Agency
- Outstanding Carrier Payables
- Premium Reconciliation Status
- Trust Account Balances
- Month-End Close Status
Rather than assembling reports manually, finance teams review operational dashboards generated directly from insurance accounting activity.
Why RemoteBooksOnline
RemoteBooksOnline combines:
- Wholesale Insurance Accounting
- Premium Accounting Implementation
- Carrier Settlement Support
- Controller Services
- Financial Reporting
- Trust Accounting
- Reconciliation
- Ongoing Accounting Operations
Unlike software implementation firms, we remain engaged after deployment to support daily accounting operations. Learn more about Insurance Accounting Implementation Services
Frequently Asked Questions
Why do wholesale brokers need insurance-specific accounting?
Wholesale brokers manage carrier relationships, retail agencies, commissions, trust accounts and premium accounting workflows that traditional accounting software was not designed to support.
Can Premium Accounting manage wholesale commissions?
Yes. Premium Accounting automatically manages commission accounting while maintaining complete accounting history.
Can Premium Accounting support carrier settlements?
Yes. Carrier settlement workflows are supported through premium accounting, reconciliation and financial reporting.
Can we continue using our existing ERP?
Yes. Premium Accounting works alongside: QBO, Xero, Sage, Workday
Does Premium Accounting replace our ERP?
No. Premium Accounting becomes the insurance accounting subledger while the ERP remains the financial accounting platform.
Does RemoteBooksOnline provide ongoing accounting services?
Yes. We provide ongoing accounting operations, reconciliations, reporting and controller support for wholesale insurance brokers.
Can Premium Accounting scale as our wholesale operation grows?
Absolutely. The platform is designed for organizations managing multiple retail agencies, carriers and complex premium accounting workflows.