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A QUICK INTRODUCTION TO INSURANCE ACCOUNTING
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About Insurance Accounting
It is a Set of Rules or System of Recording,
Analyzing and Verifying an Organization’s Financial Status.
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Financial Analysis *
Management Reports *
Payroll Processing Services *
Fixed Asset Management *
Preparation of Income Tax Returns *
Monthly/Quarterly/Yearly Financial Reports *
What It Covers?
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Monthly/Quarterly/Yearly Financial Reports
The Reporting Schedule Allows you to Update Business Performance
Records at Regular Intervals.
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Preparation of Income Tax Returns
It is Tax Form Used to Report Income and
File Income Tax with Tax Authorities
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Management Reports
It’s a Formal Business Document that Discloses a Company's Profit and Loss Statements in one- to four-
Month Periods
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Payroll Processing Services
It Involves Records of Company Employees' Salaries and Wages,
Bonuses, and Withheld Taxes.
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Fixed Asset Management
Process to Track Fixed Assets for the Purposes of Financial Accounting,
Preventive Maintenance, & Theft Prevention
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Financial Analysis
It’s the Process of Evaluating Business, Projects, Budgets &
other Finance-Related Entities to Determine
their Performance
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Importance of Insurance Accounting
Eliminating Corrupt *
Helpful in Creating Data *
Helpful in the Taxation Procedure *
Maintained Proper Record of Accounts *
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Types of Insurance accounting
Insourcing Accounting
Outsourcing Accounting
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Insourcing Accounting
Its In-House Process of Insurance Business where
Accounting has been done by Internal Employee
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Outsourcing Accounting
In this Process Accounting has been done Outside the Organization By Outsource
Companies
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Benefits of Insourcing Accounting
-Better Business Control *
Long-Term Investment *
Employees Understand the Company Needs*
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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.
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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
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Better Business Control
If you keep a Process, Project or Facility in-House, you & your Staff have Complete
Control Over it
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Benefits of Outsourcing Insurance Accounting
Increased Efficiency *
Focus on Core Areas *
Faster & Better Services *
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Increased Efficiency
When you Outsource your Business , Work is Done by Experts which Leads to an Increase in Productivity & Efficiency
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Faster & Better Services
Make your Service Offerings Better with High
Quality Deliverables & Decrease the time it Takes for Product to
Reach the Marketplace
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Focus on Core Areas
Outsourcing Your Business Processes would
Free your Energies and Enable you to Focus on
Building your Brand.
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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
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Sponsored By:
Cogneesol is a Leading Provider of Back Office Services & Outsourcing Accounting Services to Insurance Companies
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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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