Vertafore AMS360 Agencies

IAAB has the capability to perform all core bookkeeping functions as in-house staff plus provide Financial Statement preparation and interpretation.

Agencies maintain in-house control over bank deposits and check printing & mailing.

How It Works

We access your AMS360 product in the same manner as agency staff. Agencies with an in-house server provide us with a means of remote access. You provide the login credentials.

  • Agencies route documents to IAAB through our online system (Citrix Sharefile), typically incorporating the process into an existing work flow.
  • On an agreed upon schedule IAAB creates checks in AMS360 and notifies you that checks are ready to print. We can also process vendor & company payments via your bank’s billpay or ACH system.
  • IAAB communicates with your staff & insurance company/broker accounting staff on billing issues, we don’t interact with your customers.
  • Agencies make bank deposits & upload to IAAB for recording. IAAB downloads transactions from bank websites, records EFT items and updates reconciliations within 48 hours.
  • IAAB downloads commission statements from company websites, where available. We reconcile against agency data or invoice from company data, according to your specifications. In all cases all commission received is accounted and documented. Producer statements can be reviewed prior to payment.
  • Financial statements are emailed to Agency Principals early each month. We encourage review and discussion.

Why It Works

Educated and Trained Staff

We are AMS360 accounting experts. We regularly attend NetVU conferences & local user group events. Staff has earned Bachelor & Associates degrees in accounting. IAAB staff work together in a Connecticut office, where ideas are shared and training is ongoing.

Quality Control

Financial Statements are reviewed by experienced IAAB Accountants (with Bachelor Degrees). Agency principals are encouraged to discuss the statements with their IAAB Accountant.

Separation of Duties

A well structured accounting department provides a system of checks and balances. At IAAB, bookkeeping is performed by one staff member, reconciliation functions by another, and reviews by another. Agencies with one bookkeeper on staff typically can’t provide this level of control, or this level of backup support.

Data Security

All computer equipment is owned & maintained by IAAB. PCs are actively monitored by an independent IT firm for virus & security protection.

What It Costs

Fees are a at monthly rate for contracted services. No long term commitment is required. Annual commission revenue is generally a good indicator for a typical online agency.

Annual Commission Revenue < $300,000 $300,000 – $1,000,000 $1,000,000 – $2,000,000 $2,000,000 – $3,000,000
Average Monthly Service Fee $600 $600-$2,000 $2,000 – $3,000 $3,000- $4,500

Actual cost is determined after consultation with the agency and is based upon volume & complexity. We can provide services to supplement in-house staff for agencies of any size.