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.

1. A QUICK INTRODUCTION TO
INSURANCE ACCOUNTING

2. About Insurance Accounting
It is a Set of Rules or
System of Recording,
Analyzing and Verifying
an Organization’s
Financial Status.

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. Monthly/Quarterly/Yearly Financial Reports
The Reporting Schedule
Allows you to Update
Business Performance
Records at Regular
Intervals.

5. Preparation of Income Tax Returns
It is Tax Form Used to
Report Income and
File Income Tax with
Tax Authorities

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. Payroll Processing Services
It Involves Records of
Company Employees'
Salaries and Wages,
Bonuses, and Withheld
Taxes.

8. Fixed Asset Management
Process to Track Fixed
Assets for the Purposes
of Financial Accounting,
Preventive Maintenance,
& Theft Prevention

9. Financial Analysis
It’s the Process of
Evaluating Business,
Projects, Budgets &
other Finance-Related
Entities to Determine
their Performance

10. Importance of Insurance Accounting
Eliminating Corrupt *
Helpful in Creating Data *
Helpful in the Taxation Procedure *
Maintained Proper Record of Accounts *

11. Types of Insurance accounting

12. Insourcing Accounting
Its In-House Process of
Insurance Business where
Accounting has been done by
Internal Employee

13. Outsourcing Accounting
In this Process Accounting
has been done Outside the
Organization By Outsource
Companies

14. Benefits of Insourcing Accounting
-
Better Business Control *
Long-Term Investment *
Employees Understand the Company Needs*

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. 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. Better Business Control
If you keep a Process, Project
or Facility in-House, you &
your Staff have Complete
Control Over it

18. Benefits of Outsourcing Insurance Accounting
Increased Efficiency *
Focus on Core Areas *
Faster & Better Services *

19. Increased Efficiency
When you Outsource
your Business , Work is
Done by Experts which
Leads to an Increase in
Productivity & Efficiency

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. Focus on Core Areas
Outsourcing Your
Business Processes would
Free your Energies and
Enable you to Focus on
Building your Brand.

22. Conclusion

23. Sponsored By:
Cogneesol is a Leading Provider of Back Office Services & Outsourcing
Accounting Services to Insurance Companies

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/