Over the past several weeks, we have been ⛵️ sailing the seas of accounting history and have touched on how it presently impacts insurance agencies. We’ve seen how bookkeeping has evolved, discussed groundbreaking methods developed in the Middle Ages, and we have laid out some of the basics of a Chart of Accounts. But, what’s … Read more
(Every Tuesday, we will discuss elements of insurance through the lens of Terms & Conditions. In this article, we go into Bill Wilson’s book, When Words Collide to look at the deeper and more profound elements of policy wording and implications for coverage and claims disputes) More on Policy Form Edition Dates Aside from distinguishing … Read more
This week, we are going to change course for a minute to tie insurance and accounting together from a historical perspective. The history of accounting and insurance is a tale of financial evolution. As businesses and trade expanded, the need for reliable record-keeping AND risk management became apparent. As commerce continued to advance, accounting and … Read more
Imagine this common insurance agency scenario: your agency receives a statement for $5,000 in direct bill commission. At the bottom of that statement, you see there is also a $500 charge in MVR fees. Are you simply entering the net $4500 as revenue? Or are you tracking $5,000 revenue and $500 expense? There is no … Read more
The advent of double entry bookkeeping is one of the most significant milestones in the history of accounting and finance. Developed during the late Middle Ages and popularized by Luca Pacioli in the 15th century, this ingenious system transformed the way businesses, governments, and individuals recorded financial transactions. Today, double entry bookkeeping stands as a … Read more