The right accounting software for insurance companies should make it possible for users to focus on their core business, without being held back by any sort of accounting issues. Looking for a solution that caters to the unique needs of insurance companies is much better than going with general accounting software.
With that in mind, Sage 50 is a great accounting solution for insurance companies due to a number of important reasons. Continue reading below to find out more about the main advantages of this accounting solution for insurance companies.
What Is Sage 50?
Sage 50 is considered to be among the most popularly used accounting software among small and medium sized businesses, including insurance companies. The software is designed to give users complete control over the financial element of their business – making it a great option for insurance companies, given the dynamic and demanding financial requirements of the industry.
Insurance companies can enjoy a variety of advantages by simply choosing Sage 50. For starters, this solution can be installed on-premise or deployed on the cloud for secure and convenient access.
More importantly, this solution works well with other Sage products, including HR and Payroll, among others – making it easier for users to create a well coordinated business, where all financial operations flow seamlessly. As such, users can be able to upgrade their accounting and financial systems to keep up with the changes of their business.
The Main Features Of Sage 50
It is important to look at some of the main features of Sage 50, before delving deeper into the advantages for insurance companies. As an efficient computerized accounting solution, Sage is designed to accept financial data and organize it in a way that makes it possible for you to see the data in a simplified format. Some of the main features of the software include:
– Sales analysis
– Printing out invoices
– General ledger automatic updates
– Making payments
– Client account summary with balances
– Automatic calculation of payroll
– Updating supplier and customer records
Sage solutions have many other capabilities, in addition to the above mentioned features.
Advantages Of Sage 50 For Insurance Companies
Seamless Accounting
Sage is designed to help business ensure seamless workflow by bringing together all accounting data in one place. Sales and customer service teams can be able to access all relevant sales data, invoices, customer history and purchase orders in a convenient and swift way with the deployment of this solution.
Furthermore, project managers at insurance companies can be able to check the status updates on various projects, conduct milestone checks, detailed analytics and assess timesheets all in one convenient place.
Lastly, Sage 50 also makes it possible for auditors to check various reports, making the audit process much simpler.
Flexible
As previously mentioned, Sage 50 is designed to meet all the accounting requirements of small and medium sized businesses. By choosing to use this solution, insurance companies can be able to put together an accounting system that caters to all of their business needs. For instance, users can add other Sage packages, such as HR and Payroll – thereby, expanding their accounting system to accommodate their specific needs.
Simplicity
Insurance companies face complex accounting workflows. The right accounting solution should help simplify these workflows; and with it, ensure that nothing – in the way of transactions – gets lost or left out. As an easy to use, computerized accounting solution, Sage 50 helps you simplify things by generating expense reports, tracking claims, recording premiums, managing recurrent billing as well as client accounts.
Simply put, Sage 50 can help you sort through all accounting data; thus, simplifying accounting and making your life easier.
Cloud Capabilities
Sage 50 can be installed on-premise or in the cloud. This helps ensure swift, secure and convenient access to accounting data and information at all times. Insurance companies can boost collaboration and productivity with the help of this highly efficient solution. Deployment in the cloud makes real time access to information possible – helping businesses realize all associated benefits.
Cost Effective
Sage 50, like all Sage accounting products, is efficient, easy to use and fast – this results in a cost effective solution. For starters, Sage 50 comes with a low monthly subscription. Furthermore, by simplifying the complex accounting workflows associated with the insurance industry, this software reduces the accounting workload on employees – thereby, reducing hourly paid work.
Final Thoughts
Insurance companies need to use accounting systems that properly match their unique requirements. This is especially important considering the existence of strict guidelines that must be followed by these companies across the country.
As an efficient, easy to use and cost effective accounting solution, Sage 50 is a great option for insurance companies. This solution is designed to help users maintain simplified, but accurate accounting information that is easily and conveniently accessible. And, given the above described advantages, Sage 50 might be exactly what insurance companies need to keep up with the demands of this highly regulated and dynamic industry.
