Insurance Agency Accounting & Bookkeeping

Independent insurance agencies face a common problem: accounting work is time-consuming, specialized, and pulls licensed staff away from client-facing activity. Insurance Agency Accounting and Bookkeeping (IAAB) was built specifically to solve that problem. Since 2007, IAAB has operated as a dedicated back-office outsourcing partner for independent agencies throughout the United States, managing their complete accounting and bookkeeping function so principals can stay focused on growth rather than spreadsheets. The scope of IAAB's back-office services covers the full accounting cycle. Direct bill commission is recorded on a cash basis using company commission statements as source documents, with support for statement downloads, imports, and manual entry. Agency bill premiums are actively monitored: the team tracks customer payments and remits funds to carriers and brokers within days of receipt, electronically wherever possible, with payment application details communicated to all parties. Each month, client agencies receive a Balance Sheet, Income Statement, and reports of open receivables and payables. General ledger accounts are reconciled on a rolling basis, and bank accounts are reviewed multiple times per month to keep balances current. Customer accounts receivable management includes recording payments, reporting unpaid balances, and assisting with invoicing. Vendor invoices are handled via paper check, bank bill pay, or direct payment on vendor websites, based on agency preference. Payroll processing is available as an add-on through IAAB's partnership with ADP. IAAB works exclusively with independent insurance agencies and has particular depth with agencies running Applied Epic or Vertafore AMS360 management systems. That specialization means the team already understands the workflows, terminology, and reporting structures those platforms produce, which shortens onboarding and reduces back-and-forth between the agency and the accounting staff. All 60 team members are based in the United States, operating from the firm's Connecticut headquarters. The staff includes both bookkeepers and accountants, so client agencies have access to people capable of handling day-to-day record maintenance and preparing and interpreting financial reports. Every client agency has the opportunity to review their monthly financials directly with a staff accountant, a level of hands-on access that sets this outsourcing model apart from less specialized BPO providers. If you run an independent insurance agency and want to hand off your accounting and bookkeeping to a team that knows the insurance industry specifically, IAAB is worth a conversation. Visit their website to learn more about how their back-office outsourcing services work and how they support agencies across the country.