How Can Epic Accounting Essentials Help Your Agency?

“Accounting people” who work in insurance are often not accountants by trade – maybe you can relate? In our fast-paced, short-staffed industry, it’s not uncommon for folks to be dropped into this role without a traditional accounting background.

And even people with accounting bona fides quickly discover that insurance industry accounting is entirely different than general accounting. For example, insurance accounting involves Agency Bill and Direct Bill policies, and recognizing income can look a little different for both.  

Streamline Your Accounting Workflows

Whether you’re dealing with one of these situations or something similar, it’s crucial that you understand the Applied Epic® Accounting Standard Workflows for efficiency and accuracy. If your books aren’t in good order, it’s difficult (if not impossible) to get a grip on how your business is doing.

Fortunately, your Applied Epic suite is here to help you out. We offer various tools that help you streamline your accounting tasks and clearly understand your financials, including:

• An accounting system specifically designed for insurance accounting
• Reports and dashboards that establish a solid, consistent financial foundation for you to work from
• Workflows that accurately track your revenue – useful for everyday work and vital in the event you are ever audited

Understanding the Basics

Additionally, if you are responsible for presenting financials to leadership, it’s important for you to understand what you are reviewing so you can speak their language, including the following basics:

• Understand your chart of accounts with specific income and expense categories.
• Know your assets and liabilities to ensure a clear understanding of what your agency owns versus what it owes.
• Interpret your reports, especially your balance sheet and income statement. These allow you to better understand what revenue you have coming, what expenses you are incurring and what your future financial picture looks like.

Join the Experts to Learn More

If you feel like you could benefit from a refresher in any of these areas, you’re in luck! Join us for Epic Accounting Essentials, an in-person workshop from February 17-19 in Dallas, Texas. Join us and get:

• An overview of insurance-related accounting concepts specific to agency accountants
• A rundown of the Applied Epic standard accounting workflows, including transaction code review, agency and direct bill processing, and General Ledger functions
• Explanations of the Applied Epic reports that support accounting workflows
• A certificate of completion
• A digital badge for your email signature and LinkedIn profile
• Networking opportunities
• Two catered lunches and one dinner
• Fun Applied Systems® swag!

Best of all, you’ll be able to meet and learn from like-minded insurance accounting professionals who grapple with the same challenges you do every day. Insurance accounting can be tricky, but you don’t have to do it alone. The better you understand the fundamentals, the more vital you become to the strategic success of your agency.

Space is limited to 30 attendees to ensure personalized instruction and plenty of time for questions, so don’t delay! Register now or reach out to customersuccess@appliedsystems.com to find out if this program is right for you.