Bookkeeping and Accounting for Insurance Brokers

Looking for a bookkeeper and accountant for your insurance brokerage? We manage your books, so you get more time to focus on closing deals and serving clients. Try us for free.

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How Bench works with insurance brokers

Ensure your bookkeeping, income tax prep, and filing are professionally handled—supported by one robust platform. Bench works effectively with insurance brokers.

We get you set up

Our squad invests quality time to comprehend your insurance brokerage deeply, address your queries, assists you in integrating your accounts, and guide you on how Bench can streamline your operations.

We do your bookkeeping

Each month, your dedicated bookkeeper sorts out your insurance brokerage transactions and compiles comprehensive financial reports. If they require any further information from you, they'll reach out promptly.

We deliver tax-ready financials

Our team of experts is well-acquainted with insurance brokerage tax protocols and will tailor their approach to your brokerage's specific requirements.

Here’s why insurance brokers like you trust Bench with their bookkeeping and accounting

Get fast, unlimited support from our expert advisors

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.

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screenshot of Bench support app

Guaranteed accuracy in every detail

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.

See where you’re spending. Make smart decisions

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.

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Bench integrates with your favorite small business tools

We sync seamlessly with your financial accounts and tools to keep your books up-to-date and save you the time and effort of manually uploading documents.

Trusted by 25,000+ American small business owners

“Bench helped me replace QuickBooks, and save about 6 hours per month of horrible accounting work, which is priceless.”

CHRIS RONZIO

CEO, TRAINUAL
“This is the first year where it’s tax season and I don’t feel anxious one bit.”

DR. BUKKY KOLAWOLE

FOUNDER/EXECUTIVE DIRECTOR, RELATIONSHIP HQ
“Bench has lifted a giant weight off my shoulders and freed up my time so I can focus on earning money and working with clients, meetings and calls.”

HEATHER SHOLL

FOUNDER, THE VILLAGES GYM
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We know bookkeeping for insurance brokers

Navigating through the complex world of insurance brokerage can be challenging, especially where it concerns the detailed financial aspects. This is why Bench offers a specialized online bookkeeping service tailored to meet the needs of insurance brokers. We understand how critical it is to stay compliant with industry-specific laws and regulations, such as client trust accounting rules and commission-based tax calculations. We are aware of the common bookkeeping issues in this industry such as managing extensive agent commissions, premiums and underwriting expenses, and the detailed tracking needed for regulatory reporting.

With a deep knowledge base gained from serving other successful insurance brokers, Bench is uniquely positioned to offer unmatched bookkeeping and tax services. We integrate real, human bookkeepers with our intuitive software to provide a service that can not only maintain your financial records but also proactively help manage your business cash flow. The Bench team will ensure you're always tax compliant, help in identifying tax deductions like business insurance, office supplies, and professional services, thus reducing your overall tax burden. With us, you can concentrate more on what you do best - connecting your clients with the right policies. It's high time you left the numbers to the experts.

Simple, straightforward pricing for everything your business needs.

Get bookkeeping, tax prep, advisory, and filing with Bench's powerful, easy-to-use platform.

Choose Plan

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$249/mo

billed annually

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$399/mo

billed annually

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Essential

Best for those looking for peace of mind and accurate financials done by professional bookkeepers.
$299/mo

billed monthly

Dedicated bookkeeping experts
Accurate monthly books and year-end tax-ready financial packages
P&L, balance sheet and 1099 reporting
Unlimited communication with your bookkeeping team

Premium

Best for those looking for an all-in-one bookkeeping, tax advisory and income tax filing service.
$499/mo

billed monthly

Everything in Essential plan
Dedicated team of licensed tax professionals to file your income tax return on time
Annual income tax filing for businesses (partnerships, S corps, C corps)
Annual income tax filing for individuals (sole proprietors, contractors)

Frequently Asked Questions

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How does Bench Accounting cater to the specific bookkeeping needs of insurance brokers?

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.

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What strategies does Bench Accounting use to manage the commission-based income of an insurance broker?

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.

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How well-equipped is Bench Accounting at handling insurance regulatory changes and their impact on accounting?

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.

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Does Bench outsource bookkeeping?

Nope! All bookkeeping is completed in-house.

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Will I have one point of contact?

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.

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How much time each month will I have to spend managing my Bench account?

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.

Bookkeeping Services for Insurance brokers

Sign up for a Bench trial, and get one month free. If you decide to go with us, we’ll take bookkeeping off your plate—for good.

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