Applied Epic Agencies

IAAB has the capability to perform all your bookkeeping tasks and provide accurate, timely financial statements including clarification for Agency owners and CPAs.

How It Works

We access Epic in the same manner as Agency staff.  You provide IAAB with an Epic license.

  • IAAB provides the Agency with an Operational Workflow detailing the interaction process for each accounting task.
  • Agencies route documents to IAAB through Epic, typically incorporating the process into an existing workflow.
  • IAAB implements efficient, modern, operating expense & premium payment processes.
  • IAAB communicates with Agency staff & insurance company/broker accounting staff on billing issues, we don’t interact with your clients.
  • IAAB maintains Epic Bank Reconciliations by downloading transactions from bank websites, ensuring all transactions are recorded.  Agencies make bank deposits, IAAB records in Epic.
  • IAAB records Direct Bill commission on a cash basis.  We process commission downloads, imports, and manually record commission statements.  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 experts in the insurance agency general ledger and Epic accounting.  We regularly attend AppliedNet and participate in online forums.  Many staff members have earned Bachelor & Associates degrees in accounting, several have 10+ years bookkeeping experience.  IAAB staff have regular training and idea sharing sessions.  With a staff of more than 40, vacations and staff changes are easily covered.

Quality Control

Work is performed using a standardized, efficient yet thorough process designed around checks and balances.  Each Agency is assigned a team consisting of an Accounting Clerk, Accounting Associate, and Staff Accountant.  Financials Statements are reviewed by IAAB Staff Accountants using proprietary checklists.

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 by IAAB and maintained by our independent IT firm.  Security software is installed and monitored.  All IAAB staff execute confidentiality agreements.  IAAB maintains all recommended insurance coverages including cyber liability, crime, and accountant’s professional liability.

What It Costs

Fees are a flat monthly rate based upon annual commission revenue.  The fee is recalculated at the start of each calendar year.  The table below samples standard rates for all services, except payroll processing, effective 01/01/2021.

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

In addition, Agencies provide IAAB licenses to access Epic; Agencies with commission revenue less than $2.5M require one license, greater than $2.5M require two licenses.

Cleanup/Catchup work is performed at an hourly rate of $125.