Accounting processes in retail insurance agencies are still accounting, but their practices and procedures are very different from any other business. Due to the unique nature of the company/agent/client relationship, agencies are required to employ very specific, detailed records of their sales and funds entrusted to them.

Burkland understands insurance agency-specific financial transactions and language.

We can provide a full accounting cycle for agencies, including setting up new processes and workflows, processing premium payables, returning premiums, direct bill commissions, performing carrier and broker statement reconciliations, and managing accounting for premium financing.

Burkland can also develop and maintain financial reports, with real-time mapping from various systems to ensure compliance with any third-party and state reporting requirements and perform related modeling for reporting. We have a working knowledge of AMS360, Applied Epic, and other similar agency management systems and can help set up industry-specific Chart of Accounts and financial statements.