Reckon for Insurance business
What Is Reckon for Insurance business Accounting?
Reckon for Insurance business accounting means running your insurance brokerage accounting in Reckon, with jobs, categories and custom fields for each insurer, producer and class of cover. Since 2011, Cred Books has paired brokerages, agencies, authorised representatives and risk advisers across Australia and New Zealand with a Reckon Accredited Partner and a dedicated Reckon certified accountant.
We set up Reckon One, Reckon Accounts Hosted or Reckon Accounts Desktop for commission reconciliation, premium trust accounts, producer splits and insurer remittances, then handle the daily work and every BAS lodgement. Need another sector? We can also outsource Reckon accounting services.
Unreconciled insurer statements, mixed premium funds and missed endorsement adjustments are how agency books break. When you outsource insurance accounting services to Cred Books, we fix them at the source.
How Reckon Handles Premiums, Commissions and Carrier Statements
For insurance brokerage accounting, we keep premium funds in separate trust accounts, audit insurer commission calculations, apply GST correctly on brokerage, and prepare audit proof workpapers.
We connect Reckon with agency management systems, broker portals, carrier software and CRM platforms, so commissions, client billing, expenses and payroll run through one workflow.
What our Reckon setup includes:
- Producer and class of cover profit and loss reporting in Reckon
- Premium trust accounts reconciled daily and reported by insurer
- Commission reconciliation against carrier statements
- Integration with agency management systems and broker portals
- BAS lodgement, GST and STP Phase 2 filings with audit ready workpapers
Trusted by over 1,000 clients worldwide, Cred Books delivers monthly reporting packets, profit and loss statements, cash flow projections and year end audit files.
Our Reckon Services for Insurance Agencies and Brokerages
Every service below runs inside your Reckon file, so commissions, premium funds and carrier statements stay accurate.
Producer and Class Reporting
Jobs and categories tag brokerage and fees to each producer and class of cover, so you see which lines earn the most.
Premium Trust Accounting
Client premiums are held in separate trust accounts, reconciled daily and paid to insurers on time. This work sits within our Outsource Account Reconciliation Services for Insurance Businesses.
Commission Reconciliation
Insurer statements are matched line by line to policies, with short paid and missing commissions flagged for follow up.
Producer Splits and Payouts
Commission splits for brokers and referrers are calculated from approved statements and paid on a set cycle.
Direct Bill and Agency Bill Receivables
Open premiums, instalments and refunds are tracked by client and insurer, with ageing reports for the team. Need a full return? We offer Insurance Business Tax Return Filing Services too.
Supplier and Platform Payables
Broker platform fees, licences and professional costs are coded, approved and paid on time.
Financial Reporting for Principals
Monthly packs show brokerage by insurer, retention, expense ratios and cash flow for agency principals.
Payroll and STP Phase 2
Brokers, account managers and support staff are paid in Reckon Payroll with Single Touch Payroll filed on time. We also prepare management packs through our Insurance Financial Reporting Services.
BAS and GST Compliance
GST on brokerage and fees is reconciled and each BAS lodgement is prepared and reviewed before filing. Our Insurance Payroll Processing Services cover pay runs, filings and cost allocation.
Software Expertise
Cred Books vs In House Reckon Accounting: Which Suits Your Agency?
Outsourcing suits agency principals who want clean commission records without hiring a finance team. We also offer Offshore Insurance Accounting Services.
| Factor | In house team | Cred Books (Reckon for Insurance business) |
|---|---|---|
| Cost | Salary, benefits, software and training | Accounting costs reduced by 40% to 60% |
| Reckon expertise | Depends on one or two staff members | Reckon Accredited Partner and Reckon certified accountant on every account |
| Insurance knowledge | Generalist staff often mix premium funds with operating cash | Premium trust, commission reconciliation and GST handled to an insurance checklist |
| Reporting delivery | Commission reports lag behind insurer statements | Monthly commission and brokerage reports delivered on an agreed schedule |
| Agency growth | New producers and insurers add reconciliation work | Add producers and insurers without adding back office headcount |
| Coverage | Business hours, with gaps during leave | Dedicated team with trained backup |
| Audit readiness | Depends on the individual | Audit ready books with documented workpapers |
Why Insurance Businesses Choose Cred Books for Reckon
Cred Books has served more than 1,000 clients since 2011. These are the reasons insurance businesses stay with us.
Reckon Accredited Partner
Every client is paired with an experienced Reckon Accredited Partner and a dedicated Reckon certified accountant who set up, review and run the Reckon file.
Insurance Accounting Specialists
Our team knows premium trust accounts, commission reconciliation and brokerage GST inside Reckon.
Over 15 Years of Experience
Cred Books has been operating since 2011 and has refined its insurance business accounting checklists on real files across several countries.
In House Team of 100+
More than 100 in house certified accounting professionals means cover for leave, peak periods and growth. No freelancers and no handoffs to strangers.
Client Money Discipline
Daily premium trust reconciliations and documented workpapers keep your agency ready for any compliance review.
Lower Accounting Costs
Clients cut back office accounting costs by 40% to 60% without lowering quality, because they pay for expertise instead of desks and recruitment.
Which Insurance Businesses Benefit Most from Reckon?
These insurance agencies see the biggest gains when Cred Books runs their Reckon file.
General Insurance Brokers
Accurate commission records across many insurers.
Life and Risk Advisers
Trail commissions and upfront fees recorded clearly.
Independent Agencies
Clean premium trust accounts without a finance hire.
Authorised Representatives
Licensee fees and commission splits tracked correctly.
Risk and Claims Consultancies
Project fees and expenses tracked by client. See our Year End Accounting Services For Insurance Businesses for closing the books cleanly.
Cost Conscious Agencies
Cut back office costs by 40% to 60% without lowering quality.
Our Reckon Setup Process for Insurance Agencies and Brokerages
A five step onboarding process that moves your agency books into Reckon without disrupting client service.
Reckon File and Trust Review
We review your Reckon file, premium trust balances, insurer statements and open commissions.
Producers, Jobs and Accounts Setup
We set up jobs, categories, custom fields and ledger rules for each producer and insurer.
Agency System Integration
We connect your agency management system or broker portal so policy and commission data reach Reckon.
Daily Bookkeeping and Reconciliations
We code transactions, reconcile trust and operating accounts and chase unmatched commissions.
Monthly Commission and BAS Reporting
We deliver commission reports, management packs and your BAS lodgement.
Related Services for Insurance Agencies and Brokerages
Frequently Asked Questions
Which Reckon products do you support for insurance businesses?
We support Reckon One, Reckon Accounts Hosted, Reckon Accounts Desktop and Reckon APS, and we recommend the one that fits your agency size and reporting needs.
How do you manage premium trust accounts in Reckon?
We keep client premiums in separate trust accounts, reconcile them daily against the bank and report balances by insurer and client.
Can you reconcile carrier statements?
Yes. We match insurer statements to policies and expected commission, then flag short paid, missing and reversed items for follow up.
How are producer commission splits handled?
We calculate splits for brokers and referrers from approved statements, record the payable and prepare remittance details on your set cycle.
Do you integrate Reckon with agency management systems?
Yes. We connect Reckon with agency management systems, broker portals, carrier software and CRM platforms so policy and commission data reach the ledger.
How is GST applied to brokerage and fees?
We set tax codes for commission, brokerage and fees, so GST is reported correctly on every BAS lodgement.
Do you process payroll and Single Touch Payroll for agencies?
Yes. We run pay cycles in Reckon Payroll, calculate leave and super, and file Single Touch Payroll STP Phase 2 data after each pay run.
What is a Reckon Accredited Partner?
A Reckon Accredited Partner is an accounting firm or professional recognised for its training and experience with Reckon products. At Cred Books, every insurance business client gets an experienced Reckon Accredited Partner, plus a dedicated Reckon certified accountant who handles the daily work.
How much can outsourcing Reckon accounting save an insurance business?
Cred Books clients typically reduce back office accounting costs by 40% to 60% compared with running the same work in house. The saving comes from skipping salaries, benefits, software training and recruitment, while still getting certified accountants and a monthly review of every file.
How long does it take to move an insurance business to Reckon?
Most Reckon onboarding handled by Cred Books takes between 3 and 7 business days. The timeline depends on how much history you bring across, the number of locations or entities, and how clean your existing records are.
Is Reckon or Xero better for an insurance business?
Xero suits smaller agencies that want a simple cloud tool. Reckon suits Australian and New Zealand agencies that want strong BAS and GST handling, desktop or hosted options and job based reporting. Cred Books supports both and can advise on the best fit.
Why choose Cred Books for Reckon for Insurance business?
Cred Books has run outsourced accounting since 2011, with more than 100 in house certified accountants and over 1,000 clients worldwide. You get a named Reckon Accredited Partner, a Reckon certified accountant, a monthly senior review and insurance business specific checklists rather than a generic bookkeeping service.