Choosing the right captive insurance accounting software is crucial for firms managing complex financials, regulatory compliance, and client billing. With so many options available, here are the key factors to consider: 1. Industry-Specific Features Generic accounting software may not handle premium calculations, claims reserves, or regulatory reporting efficiently. Look for:…

Many accounting firms handling captive insurance clients still rely on manual billing methods—spreadsheets, paper invoices, or disconnected systems. While this may seem manageable, it comes with hidden costs that can hurt efficiency and profitability. 1. Lost Billable Hours Manual tracking often leads to missed billable hours, resulting in lost revenue.…

Accounting for captive insurance companies is far more complex than traditional business accounting. These firms must manage regulatory compliance, financial reporting, premium calculations, and claims reserves—all while handling multiple entities. Here are some of the biggest challenges and how to overcome them: 1. Complex Financial Calculations Captive insurers must track…