Bookkeeping for Insurance Brokers

As an insurance broker you will have a lot of transactions to reconcile, cover off and accurately report on.

Bookkeeping for Insurance Brokers is a specialty of ours.

Bookkeeping ensures you have a proper track of your income and expenditures. It is easier if you have someone to do bookkeeping for you. It will save you time and allow you the opportunity to focus on your business.

You will be familiar with not having enough time to do your bookkeeping by virtue of the fact you already have too much to do in order to service your clients. If you are an insurance broker, outsourcing bookkeeping is a sound choice. Having someone with expertise and experience in bookkeeping will keep your financial transactions organised without you having to micro-manage this aspect of your business yourself.

Some of the key aspects of bookkeeping provide you with a coverage of the following:

  1. Understand and set up accounts
  2. Know what bookkeeping method you are going to use.
  3. Record financial transactions
  4. Balance books
  5. Make financial reports

What does Bookkeeping Include?

Bookkeeping means collecting records of expenses and revenues, which will be recorded on a general ledger. Bookkeeping helps you manage your financial accounts helping you to track if you are gaining profit or losing money.

When setting up accounts in the ledger, you must have at least addressed the following:

  • Cash
  • Accounts receivable
  • Account payable
  • Sales/Services
  • Inventory/Assets
  • Payroll
  • Equity
  • Profit

How to Maintain your Books?

  • Keep your receipts or any record of payments
  • Summarise your income and expenditures periodically and post it on the ledger
  • Create financial reports to monitor cash flow analysis, profit, and losses, and to balance sheet.

Insurance Brokers also need bookkeeping to help manage daily, weekly, monthly, and yearly reports. If you have a bookkeeper, you will have someone who will maintain your books, keep a record of your accounts, verify procedures for recording financial transactions, and reconciling accounts.

Bookkeeping helps you oversee profits and savings. It can also help improve your services with the help of your financial reports, having these will also help you control your expenses. Books need to be balanced based on the entries you have in your accounts at the end of every accounting period.

If you would be interested in arranging a free initial consultation to discuss outsourcing your bookkeeping, please call us on 07970 459223 or email roy@adkinbookkeepingconsultants.co.uk.