We'll consistently provide you with bookkeeping updates tailored for your insurance brokerage firm. Got urgent queries that need immediate answers? We guarantee a response within one business day or even sooner.
Our software facilitates automation of data inputs from principal providers to sidestep familiar errors. We collaborate with merchants such as Gusto, Stripe, Shopify, and Square—ensuring your financial records are always precise and up-to-date. Perfectly suited for insurance brokers aiming to streamline their bookkeeping processes.
Say goodbye to mountains of documentation and tedious manual data management—we automate inputs directly from your linked accounts. Get insights from one centralized dashboard so you can effortlessly understand your brokerage's financial standing and make strategic decisions. With Bench Accounting, insurance brokers can focus more on policies and less on paperwork.
DR. BUKKY KOLAWOLE
Bench Accounting offers specialized bookkeeping services tailored to the unique needs of insurance brokers. We understand that the insurance brokerage sector has specific tracking and transactional requirements in relation to commissions, client invoices, and policy management. Our team of expert bookkeepers provide accurate financial statements and tax-ready summaries so you can focus on what matters most – your business. Additionally, we provide you with user-friendly software to keep track of all of your transactions and expenses in real-time, making it all the more convenient to stay ahead with your finances.
Bench Accounting uses a multitude of strategies to manage commission-based income for an insurance broker. Some of these strategies include:
- Tracking all transactions and assigning them to the correct income or expense category.
- Reconciling client’s books against their bank statements to make sure that all commission income has been properly accounted for.
- Giving real-time access to their financials so that the client can see at a glance how much commission income they’ve earned.
- Advising on how to plan for taxes owed on commission income, and helping to set aside the correct amount throughout the year.
By using these strategies, Bench Accounting ensures that an insurance broker’s commission income is accurately recorded and reported for tax purposes.
Bench Accounting is extremely well-equipped to handle insurance regulatory changes and their impact on accounting. We have a dedicated team of experts who stay continually updated on all regulatory changes in the insurance industry. They work diligently to ensure our bookkeeping practices are always in compliance with the most recent changes. Furthermore, we have a comprehensive understanding of the unique financial needs and challenges that insurance businesses face in their accounting processes. Thus, we aim to provide your business with custom solutions designed to meet your specific requirements whilst adhering to the evolving industry regulations.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.