The accounting software for an insurance agency is a key software that every agency must-have. It is the most important software because it will help keep accurate records of all the company’s transactions, including recording payments, sales, claims, and other activities.
With this software in place, any mistakes can be found before they become big problems. Additionally, these types of businesses are prone to many chargebacks. If they don’t have an effective way to manage these issues, they will run into major financial problems.
Not only is this type of business susceptible to chargebacks, but one of its biggest enemies is fraud because fraud often comes from within the company itself and not outside sources like banks or credit card companies. To handle all these issues, you can choose the best accounting software for insurance agencies from the list below.
Our Top 5 Best Accounting Software For Insurance Agencies
Best Accounting Software For Insurance Agencies Review
1. Best Overall: Oracle NetSuite
Oracle NetSuite is a web-based application that offers a browser-based environment, mobile apps, and a suite of integrations with web services to help insurance agencies manage their business. They are hugely popular in the US but are starting to grow in Europe.
Here is what you can expect from Oracle NetSuite:
- A complete view of your agency’s financial health without compromising on speed or security.
- Web-based tools for managing customer relationships, customers, and opportunities.
- Customizable dashboards that can be tailored to suit your needs.
- Integration with external systems through API.
2. Best for Growing Businesses: Financial Services Cloud by Salesforce
The Financial Services Cloud from Salesforce is the leading product for insurance agencies to upgrade their technology infrastructure, accounting, and business operations.
- Provide accounting features.
- Increase agent efficiency with mobile apps.
- Calculate taxes.
- Improved marketing, lead management.
- Tax reporting.
- Improve Customer Experience.
- Capture Data from Numerous Sources.
- Improve Customer Service with Predictive Analytics.
- Leverage Partnerships to Expand Your Operations.
Enhance your customer service by providing real-time information to both customers and agents. Boost lead generation efforts through the use of predictive analytics and reduce missed opportunities. Record financial transactions in a central location and quickly generate reports for regulatory compliance purposes.
3. Best Integrate Product: EZLynx Client Center
EZLynx Client Center is the next generation of accounting software for Insurance Agencies. This is a complete ERP solution that integrates all aspects of agency business, from underwriting to billing and everything in between.
Guided by years of experience and practical know-how, EZLynx has done all the hard work for you so that your agency can focus on just being great at what it does best. With Client Center, your agency will have more time for marketing and servicing clients – delivering better customer service with fewer resources!
The software has a comprehensive web client portal that lets agencies customize their service offerings to each client’s need while maximizing profitability by adding pricing/services dynamically as new policies are created.
4. Best for Small Business: FreshBooks
If you’re looking for a way to streamline the process of billing and accounts receivable, then this is the solution for you. FreshBooks is online accounting software that makes managing your business finances more manageable. It’s a powerful toolkit with all of the essentials every business needs to succeed: invoicing, time tracking, expenses tracking, estimates and quotes.
It also includes email integration with Freshbooks reporting dashboard and the ability to import clients from LinkedIn or Google Contacts. If you’re an insurance agency, this could be an invaluable choice for your needs.
Keep track of invoices and expenses using the time tracking feature. Each project is given a number that can be used for billing. This also enables you to figure out how much you’ve spent on a particular project so you can accurately allocate costs while reporting. You can also track how many days or hours it takes you to complete an activity, leading to saving on overtime charges.
It’s not just about invoicing. Expenses tracking and time tracker are elementary to use. No more guessing at the correct amount for your customer’s invoice, nor wasting time trying to calculate the time spent on each invoice.
5. Best for Automating Operations: AgencyBloc
AgencyBloc is a powerful accounting and insurance software suite for independent insurance agencies, commerce, trade associations, and local governments. We’ve been working with these groups for over 30 years to provide excellent customer service while investing in new features that make AgencyBloc the most effective solution for their needs.
AgencyBloc brings together all your financials and inventory management so you can find exactly what you need by keying in or scanning a document. If it’s not there on the first try, our astonishingly fast auto-document retrieval system will track it down for you using the power of optical character recognition (OCR).
The first thing to look for when searching for the right accounting software for insurance agencies is finding a company specializing in this type of software. You don’t want to buy from a company that has many different types of software.
Some specialized companies have been making these programs for decades and have experience in the industry, unlike other companies who just copied them. These specialists are also more likely to release the latest updates and upgrades because they need to stay on top of their game, and they are also more reliable because they take pride in what they do.
In addition to finding a specialist, you want to make sure that the company has been around for many years. If a company has been in business for years and is still doing business, it has good quality software and services.
When comparing companies, you also want to examine the prices they offer. Some specialists will also overcharge because they know that insurance agencies aren’t familiar with the software to get away with it. Next, you want to make sure that the company doesn’t just copy and paste one program into another.
What Is The Best Insurance Accounting Software?
The most functional and helpful software would be Quickbooks. Quickbooks is a feature-packed desktop-based bookkeeping system that allows for every facet of an accounting practice, from budgets to expenses to invoicing, all with minimal effort.
You can export transactions into over 150 tax formats for filing with the Internal Revenue Service (IRS) before they even hit your billing statement! Additionally, it has built-in solutions that make hiring and managing employees easier than ever before.
What Accounting Software Do Insurance Companies Use?
Different insurance companies can use different software to help with their accounting for claims and other needs that arise in the business. Some are headquartered in a specific area or state, while others have multiple offices abroad. One of the most popular services for this type of business is called Oracle NetSuite. It provides a variety of options that will satisfy the needs of even small businesses.
What Accounting Software Do Insurance Adjusters Use?
Most insurance adjusters use QuickBooks. However, some businesses decide to use Sage as accounting software for their business. A few of the favorite versions of QuickBooks are QuickBooks Enterprise Cloud, QuickBooks Premier, and the regular version of the software.