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In your busy agency, mistakes are inevitable. Your goal is to minimize errors, especially oversights in insurance agency accounting. Accounting errors are (literally!) costly and can cause a domino effect of issues throughout your agency.

Read how to avoid other common agency E&O mistakes

How can you avoid these issues? By utilizing the one tool that touches each part of your agency: your agency management system. Your management system has the means to prevent errors from happening and, if needed, clean up your accounting messes when the inevitable happens.

Preventing Accounting Mistakes

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Make preventative practices the norm. Leverage your agency management system to do the following:

  • Utilize direct bill commission download
  • Put producer commissions on policies
  • Establish agency-wide processes for entering financial info
  • Audit yourself regularly
  • Get integrated accounting to stop double-data entry

Find out more on integrated accounting and how it can benefit your agency

Fixing Financial Errors

No matter how closely you watch or carefully you step, you and your agency staff are only human. Mistakes happen. When they do, know what tools you have in your management system to fix them. Use your system to:

  • Unapply incorrect client payments
  • Void improper checks
  • Unpost checks attributed to the wrong account
  • Unreconcile bank statements
  • Close/reopen months when posting items in the wrong period

Are you maximizing your management system? Find out how to utilize it to its fullest

Reaching Out for Help

How do we know these preventative and restorative practices? We got them right from our SIS team, who work with our clients daily to help them stay out of trouble…and get them out when the inevitable happens. We want our clients to feel secure in reaching out for help, allowing us to fix their issues so they can worry about bigger things.

You can find out more about SIS, our commitment to service and support, and how Partner XE can help grow your business at sisware.com. Or, get in touch with a real person today by dialing 800.747.7005, Option 6.

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Author: Sarah Deak

Sarah Deak has been contributing to the SIS team since 2013, covering topics like agency perpetuation, workflow improvements, data security, and marketing. She has a background in small business, working with organizations to improve their online presence and client engagement. Sarah also writes for the SIS newsletters and website, and counts herself lucky to hear from our many passionate, hard-working clients for our client stories. Her favorite part about working for SIS are the dedicated, service-minded people.

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