IAAB is the leading outsourced bookkeeping & accounting firm for Applied Epic and Vertafore AMS360 agencies. IAAB was formed in 2007 to help Independent Insurance Agencies throughout the United States manage their accounting and bookkeeping. Currently 55 staff members strong, all performing services in the United States of America. IAAB is headquartered in Connecticut.
IAAB records your direct bill commission on a cash basis using company commission statements as the source document. We process commission statement downloads, imports, and manually record commission statements. All commission received is accounted and documented.
IAAB monitors your open agency bill premium payables for customer payments and pays the companies/brokers within a few days of receipt. We remit premiums electronically whenever possible and notify the companies/brokers with payment application details. We work with Agency staff and insurance company/wholesaler staff to ensure records agree.
IAAB has accountants on staff skilled in reconciling all accounts reported on your financial statements, providing agency principals with the details needed to successfully manage. Agency's bank accounts are reconciled several times throughout the month. Customer accounts receivable and company premium payables are balanced.
IAAB has accountants on staff who prepare & review your agency's financial reports each month. We provide you with a Balance Sheet, Income Statement, and reports of Open Receivables & Open Payables. We also offer ad hoc reporting to answer your specific questions. All agencies have the opportunity to review their reports with a staff accountant.
IAAB pays your approved vendor bills via paper check for you to authorize, or use your bank's billpay system, or pay on the vendor website.
IAAB records your customer payments and regularly provides you with reports of unpaid balances. We assist agency staff with invoicing.
IAAB is an Accountants partner with ADP payroll. We offer payroll processing to client agencies as an add on service to our standard services. Agencies may use the payroll provider of their choice and retain the reporting responsibilities. IAAB records all payroll transactions in the agency’s management system.