The foundational importance of an AMS for accounting professionals
In any insurance agency, the accounting department is pivotal for keeping operations running smoothly. Whether it’s managing commissions, handling billing, or ensuring compliance, the accounting team is a fundamental part of agency operations. That’s where an Agency Management System (AMS) like AMS360 steps in.
Your AMS isn’t just another piece of software; it’s the backbone of your agency’s financial workflow. By consolidating all accounting functions into one place, an AMS empowers accountants with the tools to work smarter, faster, and with fewer errors.
Here are the top 3 accounting benefits to look for in your AMS:
1. Timing: Automation and real-time updates
Time is money, and the clock is always ticking for accounting professionals. With your AMS, accounting tasks should be automated, meaning billing, invoicing, and other routine functions happen in real time. No more waiting for batch processes or end-of-day closings. Real-time updates ensure you have the latest financial data at your fingertips, helping you stay ahead of deadlines and ensure nothing slips through the cracks.
Example: For accounting, AMS360 provides integrated financial management tools, ensuring accurate reporting, automated reconciliation, and efficient handling of agency billing and commissions.
2. Accuracy: Streamlined record-keeping
In any agency, accuracy is critical to ensuring smooth operations and maintaining client trust. With an AMS, agencies can centralize their financial records and reduce the risk of manual errors and inconsistencies. An AMS ensures that all financial data is entered correctly and consistently across the entire system, making it easier to maintain accurate records and spot discrepancies early.
One of the key advantages of having an AMS is the ability to keep all data synchronized, from billing and invoicing to commissions and payments. This integrated approach eliminates the need for manual reconciliation between different systems, ensuring that every financial detail is accounted for. As a result, agencies can avoid costly mistakes that could impact both financial performance and client satisfaction.
Example: AMS360’s commission templates make it easy to ensure every agent gets paid on time and correctly, even when commission structures vary. This consistency in record-keeping is crucial for avoiding compliance issues and keeping financials tight.
3. Reporting: Simplified and actionable insights
Effective reporting is at the heart of any successful insurance agency. An AMS allows agencies to generate real-time reports that help guide financial decisions. Track performance and support strategic growth; instead of relying on disconnected spreadsheets or multiple systems, an AMS consolidates all financial data into one centralized location, making accessing and interpreting key metrics easier.
With robust reporting capabilities agencies can streamline month-end closings, track revenue, analyze commissions, and assess overall profitability. The ability to quickly generate and analyze these reports ensures that decision-makers have all the information that they need at their fingertips, which helps in identifying opportunities and mitigating risks. Plus, with customizable templates and real-time data, all of this can be tailored to meet the unique needs of the agency, making it easier to monitor their financial health and make better decisions.
Reports are the bread and butter of accounting, especially when it comes to month-end closes, audits, or financial forecasting. AMS360 makes it easy to generate accurate reports without hours spent hunting data down. From client-level revenue reports to detailed profit and loss statements, AMS360 gives you the tools you need to understand where your agency stands financially, whenever you need it.
Example: With just a few clicks, you can pull up a real-time revenue report that shows client income and details commissions and fees. This streamlines decision-making and ensures that you never miss a key financial insight.
Why AMS360 is the best fit for accounting teams
Beyond the core functionalities, Vertafore’s AMS360 solution offers features that specifically cater to the unique needs of accounting professionals in the insurance industry:
- Automated billing and bank reconciliation: AMS360’s automated month-end process streamlines reconciliations, reporting, and financial closeouts with minimal manual effort.
- Customizable commission structures: Easily track and manage complex commission splits and service fees.
- Real-time financial data: No more waiting to access crucial financial data for the end of the day. With AMS360, your financial information is live and accurate.
- Seamless integrations with best-in-class partners: AMS360 integrates seamlessly with top-tier solutions that enhance your agency’s operations. Through Vertafore’s Orange Partner Program, we collaborate with industry-leading companies like ePay Policy, which simplifies payments and improves the efficiency of your payment processes. You too can outsource accepting physical checks!
By incorporating AMS360 into your agency’s accounting workflow, you eliminate inefficiencies and gain more profound control over your financial processes. Whether you’re a small or large agency, AMS360 scales with your needs, offering tools that save time, improve accuracy, and enhance overall agency profitability.
Get to know AMS360 better
Want to dive deeper into how AMS360 can streamline accounting at your agency? Check out the resources on Vertafore’s website or tune into the Vertafore Insurance Podcast for expert insights on accounting best practices and the latest software updates.
The right tools make all the difference when it comes to accounting. AMS360 doesn’t just keep your accounting in check; it elevates your agency’s financial processes, freeing up your team to focus on what matters, growing the business, and fostering client relationships.
