Finding Accounting Software for a Financial or Insurance Organisation

Finance and Insurance companies aren't just closely monitored, but they are also audited more regularly than most other industries. This flows through to the standard that they are expected to maintain when it comes to accounting and financial reporting. Share holders, staff and customers all need to be confident that they can trust a company that is overseeing their money and safety. So while the accounting portion and customer relations are important, it is crucial that there is a system that helps manage the back end of your organisation to oversee all money income and expense.

Key Features to look for when purchasing Financial or Insurance Software

• Reconciliation: Monitoring bank accounts and balances will allow you to compare your personal records to your bank statement showing you if there are any differences between the two reports. Picking up on differences between the bank and your software balances and give you the tools to update account information for reporting purposes, but most importantly, it will aid in defending you against and picking up fraud.
• Cash Position: There are a number of ways you can monitor the cash position of your company and accounting software offers multiple ways to view and monitor this. Keeping a close eye on figures will allow you to maximise efficiency and minimise waste, which will help your business in the long run.
• Customer Payment: Financial companies, most commonly in the business for lending money to people or things must monitor repayments and customers exceptionally close. Using automatic statement programs to cut down time it takes to send notices to people. You can monitor the receivables closely with many different reports, most commonly used though is the Accounts Receivable report which any accounting software will provide.
• Tax Reporting: Tax reporting and calculations for individuals or groups can be confusing at times to the best of us, even accountants. Taking the manual reporting and calcualtions out will save time, money and eliminate the human error. Using features like BAS or VAT return features will cut down the time it takes to lodge the reports as well as cut down the actual creating time.

Benefits of using Financial or Insurance Software

Aside from the Accounting benefits of using Financial or Insurance Accounting Software, you will have the ability to offer better customer interactions. Getting closer to your license and becoming a trusted advisor will increase confidence. This will help you to manage risks and compliance with your c feeling as though they can talk to you about their finance and payments while improving document management and customer profiles.

The improved productivity of your agents or staff comes from streamlined data input to make it easier for them to enter, access and find information for clients or reporting purposes. Giving them the ability to automate repetitive tasks will reduce overheads for you but improve their attitude by keeping their work some what diverse helping keep your team focused on their work.

Reduce customer turnover by being able to immediately create new quotes, record conversations and notes from contact with customers and contacts. Keeping policies on file and being able to renew them to be relevant to the market and person. Being able to track deals and work flows will give you insight to buying behaviours.