Outsource Insurance Accounting Services
Our insurance accounting services will help you maximize the efficiency of your accounting and book keeping processes.
Insurance Back Office Pro has over a decade of experience in assisting insurance carriers with accounts management. From bookkeeping to account reconciliation and tax returns preparation, we offer a wide variety of accounting services that will save you the costs of staffing in-house bookkeepers and accounts experts. Our services venture beyond the traditional debits and credits approach, to provide you with strategic and actionable insights on the performance of your business.
We bring a dedicated team of accounting and insurance experts to review and record all your financial data in an error-free manner. Our diverse exposure to various fields of insurance such as life, health, property etc. has enabled us to quickly become a trusted service partner for numerous insurance agencies and companies. As a global insurance accounting services company our services will assist you with the maintenance of audit-ready financial data at all times.
Our Comprehensive Insurance Accounting Services
Statement Generation and Tax Returns Management
From carrier statement reconciliations to creation of financial statements and filing of tax returns, we provide you with a comprehensive service accounting service structure. We consolidate all financial information and onboard them to CRM systems to enable you get a bird’s eye view of portfolio performance and the economics of your trade. We generate and publish profit and loss statements and extract consolidated reports of the financial accounts from all departments of your operations.
Insurance accounting and Bookkeeping
We manage and monitor the general ledger to isolate the summary of accounts payable and receivables. General Ledger maintenance forms the core of our bookkeeping service. As a pre-eminent insurance accounting services company, we augment our services with value added assistance like data entry and balance sheet preparation.
Over the years we have developed great proficiency in forecasting the economic prospects of insurance businesses with high levels of accuracy. We help you plan your cash requirements with the use of advanced analytical techniques. We generate reports containing valuable insights about business trends to help you optimize your business strategy in keeping with the trends. Our forecasting services gives your management the advantage of incisive decision making.
Fixed Asset Management and Forensic Accounting
We track all your fixed assets inventory and assist you in dealing with the reporting challenges as per the established best practices. Besides, we also specialize in forensic accounting services. Our wide experience helps to develop reasonable, detailed and defensible conclusions. We maintain constant vigil on attempts to perpetrate fraud. Our forensic accounting services protect you from all kinds of risks associated with your business.
With diligent accounts reconciliation procedures, we track all your expenses down to minute details. Taxes, retail agent remunerations, operational costs and infrastructure costs are some of the primary expenditures that are incurred by an insurance company. We keep a close tab on all these expenses to scout for opportunities to reduce redundancies and identify opportunities to cut costs. We review all the expense statements multiple times to eliminate the chances of errors which may lead to discrepancies during financial audits.
Our Insurance Accounting Process
- Requirements Analysis: We design data migration and accounts management strategies based on a thorough understanding of your requirements. We customize our services to suit your organizational needs.
- Data Aggregation and Accounts Reconciliation: We identify all accounts data sources. We then deploy software systems and personnel to monitor the data accrued by these sources.
- Accessing Data Repository for Reporting: We take charge of all your ledgers and financial records to complete the implementation of our services. Upon getting access to all your accounts data repositories, we implement reporting procedures with well-established SLAs.
- Generation of Reports: We generate, verify and deliver periodic financial reports. Our reporting services will give you a real-time idea of the financial performance of your organization.
- Feedback Review and Change Implementation: We optimize our insurance accounting services based on the feedback we receive from you. We introduce changes to our service structure to incorporate software updates and process enhancement.
Outsource Insurance Accounting Services to us and Give Your Business a Competitive Edge
We implement a systematic and well-defined set of processes to maintain error-free quality levels in all your financial data. We use modern-day cutting edge CRM systems and document management tools, to collect rich data and classify them succinctly. Through our services, we take charge of your accounts maintenance responsibilities and track your bookkeeping periodically. As a premier Insurance Accounting Services company we provide you with transparent and flexible service levels depending on the needs of your organization. Our services reduce the levels of complexity and delay that are integral to Insurance accounts management.