Integrated insurance agency accounting is the bacon of your business.
Yes, this is a bold statement. But, hear us out: both are great on their own – and serve as a staple in your agency (or kitchen, respectively). Starting to see the similarities?
Look at it this way:
- Bacon can make things we don’t enjoy suddenly enjoyable. Dreading that salad? Add bacon! Have a lack luster soup? Bacon works there, too!
- Integrated accounting – though not edible (or as delicious) possesses this same versatility. Sick of time drains like commission matching and invoicing? Add integrated accounting! Frustrated with compiling complex reports? Integrated accounting can simplify your life!
Here are just a few examples of how integrated accounting can transform cringe-worthy aspects of your operations:
- Policy Commissions: Integrated accounting saves hours of searching and eliminates incorrect assignments. It syncs easily with Direct Bill Commission Downloads, connecting commissions to clients and policies instantly.
Read more about how commission downloads and integrating accounting work together here.
- Invoicing: When accounting links with your management system, invoicing is almost automatic. The systems knows what premium is due when, filling in information for you. And installment invoicing is a breeze since policy information is readily available in the same system.
- Agency commissions: With integrated accounting, commission templates can be created to calculate money due automatically. Commissions can be based off of multiple criteria, including transaction type, new business versus renewal, producer and/or CSR and line of business.
- Reporting: Integrated accounting offers better reporting solutions and automated complete financial reporting. If your agency’s data is in one database, you will no longer have to run twice as many reports or merge two sets of data together.
Bottom line: integrated accounting makes daily agency processes more appetizing.
Integrated management system accounting saves time, decreases frustration, and offers better workflow. Entering data once cuts down on keystrokes and makes it easier to find and integrate information. The benefits increase more with multiple locations and/or books of business. A general accounting program simply isn’t fit to handle a complex insurance agency account set-up.
Find out how your agency can benefit from other integrated systems here.
We’re making integrated accounting delicious at SIS.
At SIS, we recognize the benefits of integrated agency management accounting and take it one step further. The Partner XE accounting system is designed specifically for independent agencies by independent agencies.
Our accounting system goes beyond integrations with Quickbooks: it’s built in as part of our software program. This agency-focused system can handle:
- General ledger, chart of accounts, and client ledger,
- Agency and producer commission reconciliation,
- Vendor bills and direct bill commission downloads,
- Payroll and withholding templates, and
- So much more!
To find out more about our comprehensive Partner XE system and its many capabilities, contact us at 800.747.7005, Option 6.
Bryce Lee has been a part of the Strategic Insurance Software team since 2009, working in a variety of capacities including client acquisition and implementation, agency training and account management. As Partner XE Product Manager Bryce collaborates with the Partner XE User Community, industry partners, and business partners to set the vision and priorities for the Partner XE roadmap.
He organizes and leads product workgroups and manages the team creating product and user requirements. Bryce is an AUGIE Ambassador and highly involved with ACT. He also serves as an advisor to the Partner XE User Community Board.