25 Best Accounting Software for Insurance Business in 2025

Real estate and mortgages make up a small fraction of a property/casualty company’s assets because they are relatively illiquid. Life insurance companies, whose liabilities are longer term commitments, have a greater portion of their investments in residential and commercial mortgages. Gone are the days of pen-and-paper insurance accounting and storing financial data in a filing cabinet or even a spreadsheet. We also found Dynamics 365 Business Central easier to use compared to other ERPs like NetSuite due to its familiar Microsoft interface. Agencies already acquainted with Microsoft Office products like Excel will already be accustomed to its layout, shortening the onboarding process. This works well for midsize insurance agencies with large amounts of data, such as claims, policy, and customer information.

By company type

Accounting principles and practices outside the U.S. differ from both GAAP and SAP. The Securities and Exchange Commission (SEC) requires companies that file financial statements with them to follow GAAP or IFRS depending on whether they are U.S. issuers or foreign private issuers. Over time, the FASB has evaluated and to some extent aligned their standards with International Financial Reporting Standards (IFRS) through a joint project or have decided to in other cases to not align them. Robust capabilities optimize essential agency workflows in one connected platform. We also like that QuickBooks Enterprise includes built-in payroll, so agencies don’t need a third-party system. Companies can store employee W-2s and 1099s through this module and offer a 401(k) plan.

FIS Insurance Risk and Accounting Suite for IFRS 17 brochure

Shoeboxed will give you insights into your spending so insurance companies can manage costs and find areas to save. Different levels of access and permissions can be set for each user so sensitive financial data is protected. For insurance agents who travel often, Shoeboxed has mileage tracking required for expense income summary reporting and reimbursement.

Important Features to Look For in Accounting Software For Insurance Agents:

SoftwareSuggest offers verified & unbiased user reviews based on user ratings and feedback. SoftwareSuggest’s curated list of Insurance Accounting Software helps you make better decisions, ensuring you select the most suitable software for your Insurance Accounting needs. The end-to-end platform improves workflows for independent agencies while providing detailed financial oversight. After evaluating several different systems, we selected our top bank accounting systems for different types of companies, i.e. The DBA combines the application focus of an EMBA program with the advanced research focus of a Ph.D. program.

• As an insurance agent or broker, choosing the right accounting software is crucial for managing your books and finances.
• Shoeboxed will generate detailed expense reports automatically, so you don’t have to spend time and effort preparing financial statements.
• Choosing software for the insurance industry isn’t just a better option, it’s a tailored solution that understands and caters to your specific needs.
• This compensation may impact how and where products appear on the Site, including the order in which they appear.
• A dedicated insurance accounting tool will also provide crucial back-office support to sales teams while efficiently directing management processes.

The Best Accounting Software For Midsize Businesses

AgencyBloc offers comprehensive accounting tools designed specifically for independent insurance agencies. The best insurance accounting software helps you track policies, monitor commissions, process payments, and more. The best insurance company software also offers various tools to manage complex accounting tasks.

• Dedicated accounting software provides better financial insights through advanced reporting dashboards.
• Vertafore’s solutions help streamline critical agency workflows to improve productivity and organization across customer acquisition, policy management, and financial processes.
• In conclusion, specialized accounting software is essential for insurance agencies to manage complex transactions, ensure compliance, and enhance operational efficiency.
• For insurance agencies, the ability to manage accounting records 24/7 with secure data handling is invaluable.
• Automation in accounting systems helps insurance agencies save time and focus on core business activities.
• However, Multiview lacks an integrated payroll module, so businesses must integrate a third-party system.

With accounting systems, companies can automate these tasks to free up more time for their employees to be productive elsewhere. Choosing the right software involves assessing your agency’s needs, comparing options, and utilizing free trials and feedback. By Coffee Shop Accounting making an informed decision, insurance agencies can optimize their financial management and drive business growth. However, it’s worth noting that FreshBooks offers limited features compared to other accounting software options.

Oracle NetSuite CRM

You can schedule automatic invoicing by creating profiles for regular customer orders. An automated accounting software tool for insurance companies can also send reminders based on invoice due dates or expected payment dates. One of the most important features of the best insurance accounting software tools is the ability to generate batch invoices for clients. With batch invoices, you can analyze the amount due to the insurer, grouped by product. With these and myriad other accounting issues unique to the insurance industry, it’s imperative for insurance firms to use an accounting software solution that directly serves their needs.

• Get a close-up view of how accounting on Salesforce can eliminate the need for costly integrations—and silos of mismatched information—by sharing the same database as your CRM.
• Metrics like goal tracking, net income, revenues, and expenses are available to help management make better-informed decisions.
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• In this guide, we’ll cover the benefits of choosing dedicated accounting software for the insurance industry instead of a more general business accounting app.
• FreeAgent is a cloud-based accounting software aimed at freelancers and small businesses.
• Ensuring that the software aligns with these needs is crucial for optimal performance.

The system consolidates data across insurance accounting all entities and creates one central financial report, which can drill down as needed. Additionally, systems with business intelligence can use this data to project future financial revenues. We also like FreshBooks’s core accounting features that streamline bookkeeping processes for independent agents. The double-entry system keeps financial data organized and accurate, helping users comply with regulations and taxes. Its key features include a general ledger, balance sheet, accounts payable, and journal entries, eliminating a manual filing system.