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