10+ Best Accounting Software for Insurance Agents and Brokers - NewBalancejobs
Insurance Tips

10+ Best Accounting Software for Insurance Agents and Brokers

As an insurance agent or broker, choosing the right accounting software is crucial for managing your books and finances. 

The best insurance accounting software helps you track policies, monitor commissions, process payments, and more.

In this review, we’ll compare the top accounting software options for insurance professionals based on features, pricing, and user reviews.

Read Also: How to Start a Bounce House Rental Business

Overview of Accounting Needs for Insurance Agents

Before diving into software options, let’s review key accounting activities insurance agents and brokers need to perform:

  • Track policies sold and renewals
  • Calculate commissions accurately
  • Send commission statements to carriers
  • Manage accounts receivable
  • Track insurance payments from clients
  • Process payroll
  • Create financial statements and reports
  • Pay state taxes on commissions

The right software choice will automate these tasks to save you time and minimize errors. 

Cloud-based programs offer the most convenience with anytime, anywhere access.

Now, let’s explore the leading accounting software for insurance agents and brokers.

10+ Best Accounting Software for Insurance Agents and Brokers

The following are the best accounting software for insurance agents and brokers ranked:  

Best Overall: AgencyBloc

AgencyBloc offers comprehensive accounting tools designed specifically for independent insurance agencies. 

Robust features include:

  • Policy Lifecycle Tracking – Manage policies from quote to renewal/cancellation. Set reminders for key dates.
  • Commission Tracking – Calculate, report, and collect commissions automatically per each carrier’s comp rate.
  • Accounting/Billing – Send invoices, collect payments, process deposits, and manage receivables aging.
  • Payroll – Built-in payroll management and direct deposit.
  • Accounting Insights – Custom reporting and financial analytics.
  • Carrier Statements – Automatically generate commission statements for carriers.
  • Integrations – Syncs with most agency management systems.

AgencyBloc combines ease of use with powerful insurance agency-focused tools. 

Pricing starts at $100/month, with bulk discounts available. The platform earns consistently excellent reviews.

Best for Customization: QuickBooks

The leading small business accounting platform, QuickBooks offers stellar insurance agency features:

  • Customize invoices, statements, bills etc. with agency logo and details
  • Memorable Class Tracking to categorize policies, revenue sources, etc
  • Batch Enter/Print Commissions
  • Real-time reporting and insights
  • Accept payments via PayPal, Apple Pay, etc
  • Automate workflows entirely in QuickBooks or integrate with agency management tools
  • Advanced inventory, payroll, billing, and other features

While more generic than industry-specific software, QuickBooks’ customization makes it ideal for insurance agencies to personalize completely. Plans from $15 to $80/month.

Best for Accounting Novice: Wave

Wave offers free, easy-to-use accounting software for insurance professionals. Features include:

  • Invoicing, quotes, receipts tracking
  • Bank, credit card, Paypal integrations
  • Multi-user logins and permissions
  • Payroll management with direct deposit
  • Mileage tracking
  • Basic reporting
  • Inventory monitoring

Wave provides user-friendly essential accounting capabilities for insurance agencies at zero cost. 

However, the platform lacks robust agency-specific or advanced functions.

Best for Enterprise Agencies: NetSuite

NetSuite delivers high-end customizable accounting solutions for large insurance brokers. 

Features include:

  • Custom workflows, roles, dashboards
  • Real-time global data and consolidation
  • Robust reporting and business intelligence
  • Revenue recognition management
  • Advanced billing and invoicing
  • Inventory and warehouse tools
  • E-commerce integration and multi-channel management

NetSuite is a full ERP system that provides enterprise-grade financial management but at high subscription costs, starting at $99 per user/month.

Read Also: List of the Best Clothing Manufacturers & Suppliers in NYC

Best for Commissions Management: BrokerOffice

BrokerOffice focuses specifically on commission tracking and accounting needs for insurance agencies. Features:

  • Calculate, report, and distribute commissions automatically
  • Carrier commission statement generator
  • Pay commission bills and statements
  • Manage sub-broker commissions
  • Agent hierarchy management and statements
  • Payroll and accounting integrations

Simple, specialized, affordable – BrokerOffice commissions software starts at $39/month.

Best for Digital Agencies: HoneyBook

HoneyBook provides specialized tools for creative and digital service agencies, useful for digital insurance agencies:

  • Client management and communication
  • Custom-branded proposals and contracts
  • Time tracking and online billing
  • Online booking and client management portal
  • Accounting and reporting dashboards
  • Automated workflows and payment tracking

Prices from $15 to $49 per user/month make HoneyBook affordable. Integrates with QuickBooks.

Other Top Insurance Accounting Systems

Here are a few other recommended accounting software options for insurance professionals:

  • Freckle – Time tracking and automated invoicing/billing. Starts at $10/month.
  • SlickPie – Intuitive online accounting for smaller agencies. From $27/month.
  • Zoho Books – Affordable online invoicing and accounting. Starts at $9/month.
  • QuickFile – Specialized insurance accounting tools. Around $30/user/month.
  • PowerPlan – Financial reporting and analysis for agencies. Custom pricing.

Choosing the Best Insurance Agency Accounting Platform

Choosing accounting software depends on your agency’s unique needs and budget:

  • Carefully assess required features – are policy management tools essential or only light accounting?
  • Consider the experience level of your team. Ease of use matters.
  • Determine if you need standalone accounting or integrated agency management.
  • Do you want broad small business software or specialized insurance tools?
  • Review pricing tiers and scalability as your agency grows.

You can determine the ideal accounting solution to maximize productivity and profits by evaluating your workflows, growth goals, and budget.

Implementing Accounting Software for Success

Once you’ve chosen the best platform for your insurance agency, follow tips for effective implementation:

  • Migrate over existing data like policies, clients, and financial records.
  • Dedicate staff training time on using the software proficiently.
  • Set up key workflows like commission handling and billing reminders.
  • Integrate with any other productivity tools your agency relies on.
  • Slowly phase out old accounting methods so the transition is smooth.
  • Leverage al features rather than just basic functions. Maximize value.

Take time to fully optimize your new insurance agency accounting system. Your chosen software will provide major time and cost savings with the right setup.


Finding the right accounting software tailored to insurance agents and brokers specialized needs can be a game-changer for productivity and profitability.

The above options represent top-rated platforms based on insurance professionals’ unique accounting requirements. 

Comparing solutions smartly will ensure you choose software that fits your agency’s needs and budget.

Implementing new technology takes work, but the long-term payoff is immense. 

With automated accounting, you can focus your energy on growing your agency, not paperwork. 

So don’t leave profits on the table – find accounting software that helps your agency thrive.