Accounting and Tax Advisory Services for Insurance Companies
With Australia’s insurance regulations in a constant state of flux, insurance companies and brokers need an accountant who can provide business advisory services all year long as well as tax time. We understand that as the CEO or director of your Insurance company, your role is high pressured and demanding. And there isn’t enough time to learn about complex tax structuring or handling. You need to rely on expert accounting and advisory services to ensure you can run your insurance well, with accurate reporting and financial analysis and profitably.
With over 40 years experience providing accounting and tax advisory services to insurance companies in Sydney, Economos’ accounting team knows what insurance companies need to keep up with the increased regulatory environment in their industry.
Our team keeps up with all the latest developments in the insurance industry and can help you with all the paperwork and strategies to handle IFRS 17 and other regulations that affect your tax burden. We take the time to learn about your insurance business and tailor our advisory service to your needs with a custom plan to lighten your accounting paperwork load and let you get back to helping your clients protect their lives, their property, and their businesses from life’s many risks.
Economos’ CFO advisory team can help even smaller insurance companies with financing, short-term and long-term business growth strategies, helping your finance team find ways to optimise cash flow and do their jobs more efficiently, and provide assistance in tackling challenging accounting tasks such as forecasting and budgeting to create a leaner, more efficient financial situation for your growing insurance business.
Insurance companies need tax advice by those who understand the uniqueness of their business model. We can help you meet your business tax requirements, quarterly tax payments, your indirect tax requirements, including GST, state and local requirements, and reporting issues related to employee tax matters, such as payroll tax. When end of year tax time is around the corner, Economos tax accountants can help you lodge your tax returns and review your financials to ensure you remain compliant with the ATO. Our reporting and lodgements are completed on time and with a high degree of accuracy. We also help insurance companies handle and resolve any of their current ATO tax disputes.
Insurance is like no other industry. Not only does it respond to market conditions, but weather and other environmental conditions affect it as well. Our business advisory services can help your health, reinsurance, general insurance, and life insurance business make wiser decisions that can help reduce costs, increase cash flow and profits. As a result, the benefit of increased cash flow and profit may be able to benefit your client’s policy holders with reduced premiums making your insurance business more competitive in the insurance industry. Whether it’s external or internal audits, analytics and outlook modelling, or advice on risk management, reporting, or governance, our insurance accounting business advisory team and services will be able to assist the growing needs of your insurance business.
Economos’ experienced audit teams are assurance professionals who know the insurance industry inside and out. We will create audit plans that give you a glimpse into how to best control vulnerabilities, take advantage of opportunities, and assure you that your company is on the right track towards proper compliance, loss mitigation, and risk aversion. Economos uses the best people and practices to ensure you have accurate financial insights of your insurance company, so you can make better informed decisions to improve the performance of your company for stakeholders, investors and your clients.
Dr. Stuart Rook
Need an Accountant That Understands Your Business?
At Economos, we take the time to get to know you and your business. Only with this approach can we provide you with custom tax, accounting, property, and business solutions that best fit your needs. If you’re tired of the cookie-cutter approach to accounting, we need to talk. Get in touch with the Economos team today.