Insurance Accounting: A Quick Guide for Beginners

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A detailed guide on Accounting for Insurance Companies by Cogneesol Pvt. Ltd. | Subscribe to learn more about insurance accounting or give a call at +1-646-688-2821.

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Insurance Accounting: A Quick Guide for Beginners

  1. 1. A QUICK INTRODUCTION TO INSURANCE ACCOUNTING
  2. 2. About Insurance Accounting It is a Set of Rules or System of Recording, Analyzing and Verifying an Organization’s Financial Status.
  3. 3. Financial Analysis * Management Reports * Payroll Processing Services * Fixed Asset Management * Preparation of Income Tax Returns * Monthly/Quarterly/Yearly Financial Reports * What It Covers?
  4. 4. Monthly/Quarterly/Yearly Financial Reports The Reporting Schedule Allows you to Update Business Performance Records at Regular Intervals.
  5. 5. Preparation of Income Tax Returns It is Tax Form Used to Report Income and File Income Tax with Tax Authorities
  6. 6. Management Reports It’s a Formal Business Document that Discloses a Company's Profit and Loss Statements in one- to four- Month Periods
  7. 7. Payroll Processing Services It Involves Records of Company Employees' Salaries and Wages, Bonuses, and Withheld Taxes.
  8. 8. Fixed Asset Management Process to Track Fixed Assets for the Purposes of Financial Accounting, Preventive Maintenance, & Theft Prevention
  9. 9. Financial Analysis It’s the Process of Evaluating Business, Projects, Budgets & other Finance-Related Entities to Determine their Performance
  10. 10. Importance of Insurance Accounting Eliminating Corrupt * Helpful in Creating Data * Helpful in the Taxation Procedure * Maintained Proper Record of Accounts *
  11. 11. Types of Insurance accounting
  12. 12. Insourcing Accounting Its In-House Process of Insurance Business where Accounting has been done by Internal Employee
  13. 13. Outsourcing Accounting In this Process Accounting has been done Outside the Organization By Outsource Companies
  14. 14. Benefits of Insourcing Accounting - Better Business Control * Long-Term Investment * Employees Understand the Company Needs*
  15. 15. 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.
  16. 16. 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
  17. 17. Better Business Control If you keep a Process, Project or Facility in-House, you & your Staff have Complete Control Over it
  18. 18. Benefits of Outsourcing Insurance Accounting Increased Efficiency * Focus on Core Areas * Faster & Better Services *
  19. 19. Increased Efficiency When you Outsource your Business , Work is Done by Experts which Leads to an Increase in Productivity & Efficiency
  20. 20. Faster & Better Services Make your Service Offerings Better with High Quality Deliverables & Decrease the time it Takes for Product to Reach the Marketplace
  21. 21. Focus on Core Areas Outsourcing Your Business Processes would Free your Energies and Enable you to Focus on Building your Brand.
  22. 22. Conclusion
  23. 23. Sponsored By: Cogneesol is a Leading Provider of Back Office Services & Outsourcing Accounting Services to Insurance Companies
  24. 24. References https://www.cogneesol.com/insurance-accounting-services https://www.cogneesol.com/blog/role-of-outsource-accounting-for- insurance-businesses https://www.cogneesol.com/insurance-services https://en.wikipedia.org/wiki/Accounting http://www.iii.org http://www.iaisweb.org http://whatis.techtarget.com/ http://www.investopedia.com/

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