8.2
Editor’s Rating:
Best Overall
Sage Intacct: Purchasing
Sage Intacct
  • Multi-dimensional reporting capabilities
  • Scalability for multi-entity support and user growth
  • Simple and responsive user interface
8.5
Editor’s Rating:
Best for Independent Agents
FreshBooks: Dashboard
FreshBooks
  • Customizable payment terms
  • Discounted intro pricing
  • No setup costs
8.3
Editor’s Rating:
Best for Mid-Sized Agencies
Dynamics 365 Business Central: General Leger Entries
Dynamics 365 Business Central
  • Combined ERP and CRM
  • Similar interface to MS Word and Outlook
  • Integrations with Microsoft applications

Insurance accounting software can help agencies and firms of all sizes streamline and optimize their accounting processes, such as invoicing, reporting, and regulatory compliance. We examined over 20 systems and selected the top options using our advanced review methodology.

1 Sage Intacct - Best Overall

Why We Chose It: We gave Sage Intacct an 8.4 as our best overall pick because of its multi-entity support and advanced accounting features. Multi-entity functionality is crucial for growing insurance agencies with several agents and locations requiring bookkeeping. The system consolidates all entities in one place, allowing total financial visibility for all locations and agents.

We also like Sage Intacct’s reporting dashboards, which allow broad and detailed financial reports using real-time data. Agencies can examine specific locations, compare performances, or roll entire company data into one consolidated view to evaluate overall financial health. Metrics like goal tracking, net income, revenues, and expenses are available to help management make better-informed decisions.

One drawback we found is Sage Intacct’s pricing is not available to the public. Additionally, based on our research and product demo, we wouldn’t recommend the system to agencies with under 15 employees, as the software can be costly for small businesses.

Best Overall:
Sage Intacct

Sage Intacct: Purchasing
Sage Intacct: Entities
Sage Intacct: Order Entry
Sage Intacct: Resource Search
Sage Intacct: Report Center
Sage Intacct: Financial Report Editor
Sage Intacct: Dashboard
What We Like
Multi-dimensional reporting capabilities
Scalability for multi-entity support and user growth
Simple and responsive user interface
What We Don’t Like
Budgeting and interactive reporting cost extra
Limited non-financial functionalities
Volume exports can be difficult
Overview
Price Range: $$$
Starting Price: $8,580/year
Client OS: Web
Deployment: Cloud Hosted

2 FreshBooks - Best for Independent Agents

Why We Chose It: We found FreshBooks a good choice for independent insurance agents looking to streamline their accounting processes. Our score of 8.5 reflects its strong invoicing and payment capabilities. These allow agents to create professional invoices, track online payments, and ensure they are paid on time with the correct amount. It also includes automatic reminders and the ability to accept credit cards directly on invoices, making it easy for customers to pay.

We also like FreshBooks’s core accounting features that streamline bookkeeping processes for independent agents. The double-entry system keeps financial data organized and accurate, helping users comply with regulations and taxes. Its key features include a general ledger, balance sheet, accounts payable, and journal entries, eliminating a manual filing system.

FreshBooks’s most popular Plus plan is $33/month, allowing users to set up recurring invoices and run financial reports. However, we don’t like that it only supports up to 50 clients, so users with more will need to upgrade to the $60/month Premium plan.

Best for Independent Agents:
FreshBooks

FreshBooks: Dashboard
FreshBooks: Add Ons
FreshBooks: Mobile Dashboard
FreshBooks: Accounting Settings and Reports
FreshBooks: Advanced Accounting
FreshBooks: Bank Connections
FreshBooks: Mileage Tracking on Mobile
FreshBooks: Email Templates
FreshBooks: Expense Report
FreshBooks: Invoice From Unbilled Hours
FreshBooks: Mobile Trip Tracking
FreshBooks: Mobile Dashboard
FreshBooks: Mobile New Invoice
FreshBooks: Available Integrations
FreshBooks: Mobile New Invoice
FreshBooks: Add New Client
FreshBooks: Add New Expense
FreshBooks: Payroll Settings
FreshBooks: Create New Invoice
FreshBooks: Time Tracking
FreshBooks: New Project
FreshBooks: View Invoice
FreshBooks: FreshBooks Reports
What We Like
Customizable payment terms
Discounted intro pricing
No setup costs
What We Don’t Like
Client-based pricing
No bulk invoice creation
Limited report customization
Overview
Price Range: $
Starting Price: $19/month
Client OS: iOS, Android, Web
Deployment: Cloud Hosted

3 Dynamics 365 Business Central - Best for Mid-Sized Agencies

Why We Chose It: Dynamics 365 Business Central is a cloud-based ERP that can help mid-sized insurance agencies streamline their accounting through advanced tools. After demoing the system, we liked its cash flow forecasting feature, which allows companies to create projections using AI to make more informed decisions. Its multi-currency and language support also benefit mid-sized agencies that are operating internationally.

We also found Dynamics 365 Business Central easier to use compared to other ERPs like NetSuite due to its familiar Microsoft interface. Agencies already acquainted with Microsoft Office products like Excel will already be accustomed to its layout, shortening the onboarding process. This works well for midsize insurance agencies with large amounts of data, such as claims, policy, and customer information. One drawback is that while it integrates well with Microsoft apps, third-party applications can be clunky.

Best for Mid-Sized Agencies:
Dynamics 365 Business Central

Dynamics 365 Business Central: General Leger Entries
Dynamics 365 Business Central: Dashboard
Dynamics 365 Business Central: Customer Management
What We Like
Combined ERP and CRM
Similar interface to MS Word and Outlook
Integrations with Microsoft applications
What We Don’t Like
Not ideal for complex manufacturing needs
May require extensive training
No free version
Overview
Price Range: $$$
Starting Price: $70/user/month
Client OS: Web
Deployment: Cloud or On-Premises

4 NetSuite - Best for Large Insurance Firms

Why We Chose It: We like NetSuite best for large insurance firms because of its all-in-one solution that meets enterprises’ needs. The comprehensive ERP includes accounting, financial, and global business management modules, so companies don’t require a third-party insurance system. NetSuite can track commissions both paid to the company and those owed to agents, ensuring nothing slips through the cracks.

We also like NetSuite’s enterprise performance management module, which offers planning, forecasting, and budgeting features. Specifically, its corporate tax reporting feature is strong for large firms with complex financial data that require streamlined and compliant filing. This helps with inefficient account reconciliations, as it automates the entire process. Because of the many features, NetSuite has a high learning curve for new users.

Best for Large Insurance Firms:
NetSuite ERP

NetSuite ERP: Home Screen
NetSuite ERP: Income Statement
NetSuite ERP: Journal
NetSuite ERP: Unrealized Exchange Rate Gains and Losses
NetSuite ERP: Ecommerce Customer Statistics
NetSuite ERP: Sales Orders
NetSuite ERP: Revenue Recognition
What We Like
Hundreds of third-party add-ons available
Feature sets for multiple industries
Highly customizable
What We Don’t Like
Must schedule a consult for pricing details
Tedious setup
Difficult to build reports
Overview
Price Range: $$$$
Starting Price: $99/user/month
Client OS: Web
Deployment: Cloud Hosted

5 Xero - Best for Small Insurance Agencies

Why We Chose It: We found Xero best for small insurance businesses with 10-50 employees. The system easily integrates with popular insurance agency software like Financial Services Cloud, so small businesses can keep their existing system. This integration can also help businesses comply with strict insurance laws and regulations.

After our product demo, we found Xero’s strong accounting features noteworthy. The system automates tasks like expense claims, bill payments, and online reporting for streamlined cash flow management. Its automated invoice reminders allow small agencies to get paid without chasing late payments. Xero’s mid-tier Growing plan is $42/month with unlimited users, making it an affordable option for small companies. However, expense tracking and analytics features are only available in the Enterprise plan at $78/month.

Best for Small Insurance Agencies:
Xero

Xero: Dashboard
Xero: Expenses
What We Like
Basic inventory management capabilities
Free trial available and no setup fees
Large number of add ons and integrations
What We Don’t Like
Big learning curve
Hard to get phone support (email is more frequent)
Limited to 2,000 transactions per month
Overview
Price Range: $$
Starting Price: $13/month
Client OS: Web
Deployment: Cloud Hosted

6 QuickBooks Enterprise - Best Reporting Functions

Why We Chose It: We found QuickBooks Enterprise ideal for midsized insurance agencies due to its effective reporting capabilities. The system offers over 200 customizable reports, encompassing almost any metric a company wants to analyze, such as entity-specific revenue, commission per agent, and expense ratios. Based on the information gained, management can create budgets and forecasts, all within the same system for easy access and real-time data usage.

We also like that QuickBooks Enterprise includes built-in payroll, so agencies don’t need a third-party system. Companies can store employee W-2s and 1099s through this module and offer a 401(k) plan. The software has the same look and feel as QuickBooks Online, making it an ideal choice for businesses familiar with the interface but outgrowing the smaller system.

One downside of QuickBooks Enterprise is that it requires annual contracts, which could be a sticking point for companies looking for more flexibility in monthly subscriptions.

Best Reporting Features:
QuickBooks Desktop Enterprise

QuickBooks Desktop Enterprise: Inventory Dashboard
QuickBooks Desktop Enterprise: Company Snapshot
QuickBooks Desktop Enterprise: Payroll
QuickBooks Desktop Enterprise: Income Tracker
QuickBooks Desktop Enterprise: Credit Card Entry
QuickBooks Desktop Enterprise: Company Preference Pane
QuickBooks Desktop Enterprise: Batch Invoices
What We Like
More advanced inventory features than other QuickBooks versions
Higher record capacity than other QuickBooks versions
Includes payroll and employee management
What We Don’t Like
Most expensive version of QuickBooks
Requires annual contracts
Windows only
Overview
Price Range: $$$
Starting Price: $199/month
Client OS: Windows
Deployment: Cloud or On-Premises

7 Multiview - Best Security Measures

Why We Chose It: Multiview is a cloud-based ERP that best suits medium to large-sized agencies aiming to enhance financial operations and keep their data secure. We found Multiview’s security ideal for insurance companies that deal with sensitive customer information. The system procures third-party services to help find vulnerabilities within its security to prevent data breaches as much as possible. Owners and management can also deploy user authentication for logins and role-based access to secure specific data.

We also like Multiview’s scalability, as it can handle growing agencies that require more storage as new agents and insurance plans are added. It also features Viewpoint business intelligence, an integrated reporting feature with BI and drill-down capabilities. This lets owners extract granular insights on metrics like policy count, claims ratios, and retention rate. However, Multiview lacks an integrated payroll module, so businesses must integrate a third-party system.

Best Security Measures:
Multiview

Multiview: Supply Expenses
Multiview: Report Viewer
Multiview: Purchase Orders and Invoices
Multiview: Payroll Analysis
Multiview: Expense Reports
Multiview: Customers by State
What We Like
ViewPoint tool offers strong reporting and analytics
Scalable, user-based pricing model
Includes 18 fully integrated modules for different industries
What We Don’t Like
Asset module functionality could be more streamlined
Some initial challenges with system setup
Pricing quote requires consultation
Overview
Price Range: $$$$
Client OS: Windows
Deployment: Cloud or On-Premises

8 AccountingSuite - Another Good Option

Why We Chose It: We included AccountingSuite because of its strong accounting capabilities suited for small insurance agencies. It includes features such as budgeting, reporting, and a client dashboard, allowing businesses to evaluate all aspects of their financials. These tools are included in the Business plan at $99/month, making it an affordable option for small businesses.

We like AccountingSuite’s audit log feature, which helps agencies optimize their auditing process by allowing them to view all past transactions with details, including date, time, and any changes. This helps businesses become more transparent in complying with regulations. However, the system does not have a mobile app, which can dissuade owners looking for on-the-go accounting.

Another Good Option:
AccountingSuite

AccountingSuite: Home Page
AccountingSuite: Create Quote
AccountingSuite: Create Purchase Order
What We Like
Includes inventory management and time tracking
No costs beyond subscription fee
Use multiple modules at once via tabs
What We Don’t Like
Crowded user interface
No mobile app
Less efficient with high volume of transactions
Overview
Price Range: $$
Starting Price: $19/month
Client OS: Web
Deployment: Cloud Hosted

What is Insurance Accounting Software?

Insurance accounting software is a tool agencies and firms use to streamline accounting processes such as invoicing, billing, payments, revenues, and financial reporting. The systems are designed to handle complex accounting processes specific to the insurance industry and comply with strict laws and regulations.

Insurance agencies’ accounting systems must also integrate with existing insurance agency software to process complex processes like premium recognition and claims management. The integration ensures accurate data filing and syncing so businesses can have a cohesive system.

Sage Intacct Dashboard
View specific revenue charts in Sage Intacct.

Key Features

  • Automated Accounting: Streamline processes like general ledger balancing, revenue and expense tracking, and AR/AP.
  • Compliance: Comply with strict insurance laws and regulations that vary widely between states. Streamline auditing processes with electronic receipts and document filing.
  • Billing and Invoicing: Generate and send accurate and timely professional invoices. Pay bills on time with automated reminders. Collect payment directly from a credit card through the invoice.
  • Commission Management: Calculate commissions based on different product rates and due commissions to agents.
  • Claims Management: Facilitate the tracking and management of claims from initiation to settlement, including automated workflows to speed up processing.
  • Customer Management: Tools to manage customer data, policy details, and interaction history to enhance customer service and retention.
  • Multi-Entity Support: Consolidate financial data from all company entities into one central location.
  • Reporting: Create financial reports on key insurance metrics, such as policy count and revenue by entity, to help the business make more informed decisions.
  • Payroll: Manage employee payroll, commissions, and direct deposits.
FreshBooks Create New Invoice
Create new customizable invoices in FreshBooks.

Primary Benefits

Increased Automation and Productivity

Tedious back-office tasks can create time-consuming tasks like general ledger balancing, spreadsheet updating, and manual invoice creation. One of the main benefits of insurance accounting software is its ability to make companies more efficient. With accounting systems, companies can automate these tasks to free up more time for their employees to be productive elsewhere.

Document organization is another way that agencies can become more efficient. Specifically, agents can quickly retrieve past payments, submissions, and quotes without sifting through stacks of paper files. Systems can also store templates for new policy packages, making it easy for new customers to get the information they need.

Budgeting and Projections

Insurance agencies and firms can use accounting software to better manage their budgets and create revenue and expense projections. The system consolidates data across all entities and creates one central financial report, which can drill down as needed. Businesses can then easily create budgets for each entity or company. Additionally, systems with business intelligence can use this data to project future financial revenues.

Security

Insurance agencies deal with extremely sensitive customer information, so keeping that secure is a must. Accounting systems for agencies are encrypted and secure cloud-based systems, so the risk of data breaches is minimal. Large agencies can set permissions for certain information, ensuring only certain employees can access it.

Dynamics 365 Business Central Customer Management
View customer information and manage accounts with Dynamics 365 Business Central.

Pricing

Insurance accounting software can cost anywhere between $20 and $50,000. This wide variation is due to basic accounting systems and full ERPs. Software like FreshBooks is great for independent agencies that only require accounting automation, and the price reflects that, with their starting Lite plan being $20/month. ERP systems like NetSuite and Multiview are much more expensive due to the more complex and large number of features they have to offer. These prices are usually quote-based and depend heavily on the size of your business and desired features.

All Products

No products found
Sage Intacct Screenshot

Sage Intacct

★★★★★
★★★★★
(46)
Sage Intacct is a browser-based, GAAP-compliant financial management software system. It features multi-entity financial reporting, customizable reports, and a user-friendly interface. The AICPA has endorsed the platform as a “preferred provider of financial management application.”
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$8,580/year
Client OS
Web
Deployment
Cloud Hosted
FreshBooks Screenshot

FreshBooks

★★★★★
★★★★★
(5)
FreshBooks is well-recognized in the accounting world and stands as a competitor to QuickBooks Online. It’s a simple cloud accounting software that allows you to invoice clients, track expenses, and accept payments.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$19/month
Client OS
iOS, Android, Web
Deployment
Cloud Hosted
Dynamics 365 Business Central Screenshot

Dynamics 365 Business Central

★★★★★
★★★★★
(10)
Microsoft Dynamics 365 Business Central provides finance, human resources, operations, marketing, sales, and more functionalities. It is a part of Microsoft’s suite of enterprise applications and integrates seamlessly with services like Office 365, Power BI, and Azure.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$70/user/month
Client OS
Web
Deployment
Cloud or On-Premises
NetSuite ERP Screenshot

NetSuite ERP

★★★★★
★★★★★
(25)
Oracle’s NetSuite is well-known in the ERP world for its customization and scalability. It’s a multi-tenant ERP software supporting finance, operations, sales, service, and HR needs.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$99/user/month
Client OS
Web
Deployment
Cloud Hosted
Xero Screenshot

Xero

★★★★★
★★★★★
(3)
A contender against QuickBooks Online, Xero is a popular solution for its user-friendly interface, affordability, and unlimited users per subscription. It’s a cloud-based, double-entry accounting software that offers bank reconciliation, financial reporting, and basic invoicing and billing.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$13/month
Client OS
Web
Deployment
Cloud Hosted
QuickBooks Desktop Enterprise Screenshot

QuickBooks Desktop Enterprise

★★★★★
★★★★★
(38)
QuickBooks Desktop Enterprise is a Windows-based accounting system for small to medium businesses. It’s perhaps Intuit’s most advanced platform under the QuickBooks brand, offering more capacity and advanced inventory features. The software’s strong inventory management tools, including advanced tracking and automation, particularly benefit businesses managing complex inventory across multiple locations. [QuickBooks Desktop Enterprise offers cloud access](https://quickbooks.intuit.com/desktop/enterprise/hosting/) as an annual subscription, in addition to its on-premises offering. It also has industry-focused editions with tools and reporting tailored to specific business needs, enhancing customization.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$199/month
Client OS
Windows
Deployment
Cloud or On-Premises
Multiview Screenshot

Multiview

★★★★★
★★★★★
(3)
Multiview is an ERP software designed to enhance financial operations. Its key features include advanced financial consolidation, customizable reporting, and integrated budgeting and forecasting. Multiview offers customizable dashboards, data export to Excel, and advanced drill-down capabilities to enhance audit efficiency and data transparency.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Client OS
Windows
Deployment
Cloud or On-Premises
AccountingSuite Screenshot

AccountingSuite

★★★★★
★★★★★
(11)
AccountingSuite is a competitively-priced accounting software offering advanced functionalities beyond financial management. It provides banking integration, budgeting, financial reporting, and accounts receivables and payables.
Price Range
   $     $     $     $     $   
   $     $     $     $     $   
Starting Price
$19/month
Client OS
Web
Deployment
Cloud Hosted

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