Software that tracks your commissions

[Consultant]

Now that most companies sometimes send commissions bi-monthly and monthly depending on when the client pays their bill, I have found many discrepancies since day one in this business.

I don't want my assistant checking every client and every statement every month. Would Quickbooks take care of the checks and balances? Is there something even simplier I'm not thinking of? Thanks.

 

[Expat]

Now that most companies sometimes send commissions bi-monthly and monthly depending on when the client pays their bill, I have found many discrepancies since day one in this business.
I don't want my assistant checking every client and every statement every month. Would Quickbooks take care of the checks and balances? Is there something even simplier I'm not thinking of? Thanks.

When checking your statements you have to take into account that insurance companies accounting departments move at two speeds.
1 Dead Slow
2 Stop
It commonly takes at least 2 months before an issued application will appear on your monthly statement. Plus your residual amount will vary up and down from month to month, depending is you have written any quarterly or semi-annual.
The way I keep track is to make a list of applications I write and how much the premium was. (Excel is great for this).

Last name first on the list. Then copy and paste all the names in another column and have excel arrange them in alphabetical order. This way it saves a lot of time when checking if your statements are correct.

Much as I hate to admit it, I have hardly ever had any mistakes in my accounting statements.

 

[Consultant]

Much as I hate to admit it, I have hardly ever had any mistakes in my accounting statements.

Aenta and Kaiser have had errors in the comma mark this year. You should be proud your statements are rock solid!

However, what usually happens is the check-o-matic client pays late, i don't receive for that month and then next month I get the normal amount w/out last month's.

I'll just check my statements at the end of the year for any discrepancies. I don't like anyone but my CPA see the statements and doing it monthly seems like a waste of time.

 

[Expat]

I'll just check my statements at the end of the year for any discrepancies. I don't like anyone but my CPA see the statements and doing it monthly seems like a waste of time.

Not me, I do it every month, it takes 5 minutes max.
Plus I am extremely anal retentive when it comes to my money. I don't have enough to let any insurance company keep some of it

 

[James]

Yea, its called "Mrs" or "Wife". Nobody gets a penny pass her! What is that joke about a nickel in between the cheeks?

 

[Frank Stastny]

Yea, its called "Mrs" or "Wife". Nobody gets a penny pass her!

Do you know how copper wire was invented? The insurance company and me fighting over a penny.

I reconcile my commission statements monthly.