insurance accounting: a quick guide for beginners

A QUICK INTRODUCTION TO INSURANCE ACCOUNTING

About Insurance Accounting

It is a Set of Rules or System of Recording,

Analyzing and Verifying an Organization’s Financial Status.

Financial Analysis *

Management Reports *

Payroll Processing Services *

Fixed Asset Management *

Preparation of Income Tax Returns *

Monthly/Quarterly/Yearly Financial Reports *

What It Covers?

Monthly/Quarterly/Yearly Financial Reports

The Reporting Schedule Allows you to Update Business Performance

Records at Regular Intervals.

Preparation of Income Tax Returns

It is Tax Form Used to Report Income and

File Income Tax with Tax Authorities

Management Reports

It’s a Formal Business Document that Discloses a Company's Profit and Loss Statements in one- to four-

Month Periods

Payroll Processing Services

It Involves Records of Company Employees' Salaries and Wages,

Bonuses, and Withheld Taxes.

Fixed Asset Management

Process to Track Fixed Assets for the Purposes of Financial Accounting,

Preventive Maintenance, & Theft Prevention

Financial Analysis

It’s the Process of Evaluating Business, Projects, Budgets &

other Finance-Related Entities to Determine

their Performance

Importance of Insurance Accounting

Eliminating Corrupt *

Helpful in Creating Data *

Helpful in the Taxation Procedure *

Maintained Proper Record of Accounts *

Types of Insurance accounting

Insourcing Accounting

Outsourcing Accounting

Insourcing Accounting

Its In-House Process of Insurance Business where

Accounting has been done by Internal Employee

Outsourcing Accounting

In this Process Accounting has been done Outside the Organization By Outsource

Companies

Benefits of Insourcing Accounting

-Better Business Control *

Long-Term Investment *

Employees Understand the Company Needs*

Employees understand the company needs

Your Employees already Understand your Business and How it Works. This can Work to your Benefit if you

Choose an Insourcing Solution.

Long-term investment

If the Project is Running inhouse, it could Come with a

Hefty Price Tag. However, if you Provide your Employees with

the Needed Training

Better Business Control

If you keep a Process, Project or Facility in-House, you & your Staff have Complete

Control Over it

Benefits of Outsourcing Insurance Accounting

Increased Efficiency *

Focus on Core Areas *

Faster & Better Services *

Increased Efficiency

When you Outsource your Business , Work is Done by Experts which Leads to an Increase in Productivity & Efficiency

Faster & Better Services

Make your Service Offerings Better with High

Quality Deliverables & Decrease the time it Takes for Product to

Reach the Marketplace

Focus on Core Areas

Outsourcing Your Business Processes would

Free your Energies and Enable you to Focus on

Building your Brand.

Conclusion

Insourcing Makes Sense When the Business Requirement is Only Temporary While Outsourcing

is a Clear Winner When Businesses Need to Cut Costs or Requiring Expert Personnel.

Today, Companies of All Sizes Use Outsourcing to Let Go of Managing Non-core Functions While Saving a

Lot Of Money in The Process

Sponsored By:

Cogneesol is a Leading Provider of Back Office Services & Outsourcing Accounting Services to Insurance Companies

References

https://www.cogneesol.com/insurance-accounting-serviceshttps://www.cogneesol.com/blog/role-of-outsource-accounting-for-insurance-businesseshttps://www.cogneesol.com/insurance-serviceshttps://en.wikipedia.org/wiki/Accountinghttp://www.iii.org http://www.iaisweb.orghttp://whatis.techtarget.com/http://www.investopedia.com/

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