Insurance is an innovative model of investment which ensures your goals to be protected. Insurance companies work tirelessly to ensure the claims are paid fairly and quickly. During this economic turbulent era, insurance companies remain resilient to the global economy. Accounting for insurance companies can help them with risk management and assurances to compensate for the loss arising from an uncertain event. Accounting firms play a crucial role in helping businesses enhance in terms of the company’s goodwill, financial stability, credit management, auditing, financial reporting, etc. CDA is one of the leading accounting companies in Dubai, which helps businesses with excellent bookkeeping and accounting services. We provide accounting services to insurance brokerage companies along with other financial services.
To avail better investment ideas insurance brokers can be consulted because they understand the insurance market better, and their expertise in this field helps you to choose the best at a very affordable rate. The benefits of using insurance brokers are Cost-effective, Quick claim settlement, Convenience in services. To obtain insurance is one of the basic needs of an individual, the insurance companies in the UAE safeguard you from the unforeseen events. The analysis of the policy benefits and limitations can also provide a wide touchpoint. Before settling a plan on an insurance company in UAE, it is recommended to check the policy document and its wordings to avoid errors. There are different kinds of insurances which include:
Accounting for insurance companies is beneficial for financial reporting of the activities of insurance companies. Availing precise insurance accounting services helps insurance companies, agencies and brokers to prepare Monthly/Quarterly/Yearly financial reports, prepare tax returns, payroll processing, financial analysis and more. The challenges in optimizing business efficiency have forced insurance brokerage companies across the world to outsource their accounting services. Availing accounting services for insurance companies can take away the burden handling in-house accountants and bookkeeping professionals. At CDA, we provide a level of dependability and competence exclusive to insurance businesses in Dubai, UAE. The advantages of using proper accounting for insurance companies include:
CDA Accounting and Bookkeeping Services LLC offer quality bookkeeping and accounting services for insurance companies in Dubai and UAE. As a team of highly qualified professionals and experts we assure the following accounting services to Insurance companies with at most care and maintain high ethical values. Our services are:
1. Accounting and Bookkeeping Services
Bookkeeping is a complex task in an accounting system. Appointing qualified and skilled bookkeepers for maintaining the records and transactions up to date.
2. Business advisory services / CFO Services
Business advisory services emphasis on making strategies for the success and growth of a business. The advisors are a collection of business coaches, mentors and accountants. They examine the previous trends and combine them with forecasts, ask questions to understand the whole picture of the client’s businesses.
3. Risk and Resilience services
Preparation of monthly budget vs actuals reports, management reports upon a request of the owner or manager and developing of accounting policy and reports. Measuring the risks and providing assurance.
4. Audit services
Ensuring proper internal controls and frequent review of accounts with accuracy and materiality. Independent examination of the validity of the company’s financial records. A careful study on the company’s accounting books, payroll, purchasing records. Scrutinise the records for financial misstatements due to mistake, deception, or misappropriation. Preparation of comprehensive and impartial reports on corporate ethics for management executives.
5. Tax Audit consultation with VAT filings
CDA provides the following VAT Accounting services to insurance companies:
CDA has wide experience in the insurance industry, our workmanship and professionalism made us unique in this competitive environment. We impart professional and corporate ethics in all our services. Our client portfolio is evidence of our excellent accounting services for insurance companies.
“When it comes to financial and accounting matters, nobody can compete with him. I am sure that Charles and his team can satisfy all the clients as well. In my opinion, he is very good at controlling cost and advising for better decision making. Such a hardworking and dedicated individual is just a reason why we love the whole experience from CDA” NABIL YASIN- Managing Partner, Al Nahdah National Insurance Brokers Co LLC
Risk Management is the analysis of all exposures to the possibility of loss and determining how to handle these exposures through practices such as avoiding the risk, retaining the risk, reducing the risk, or transferring the risk.
Insurable Interest is the interest in a property which could cause a financial loss due to destruction.
We Recommend using the customised software leading in the market. Our team is well experienced in multiple leading software such as Oracle, Sap etc.
Our consistent reach to customers service requirements and prioritised decision making helps in business success. Our expert team and their proactive business advice on accounting and tax compliance make us unique in this arena.
Our prices are in competitive nature, we charge 50% advance payment for all our services. Our monthly rates are based on accounting software used, company type, contract term, skill, experience and frequency of visit required.
Yes, we do provide internal audit reports to insurance authorities in the prescribed format.
Yes, it is recommended to maintain a systematic record of all the policies to know the Credit Limit.
The accounting reports required for auditing purpose are insurance companies balance confirmations, customer balance confirmation, trial balance, bank reconciliation etc.
Yes, you can outsource finance department activities, but we recommend you to avail the CFO services with qualified Accountant.
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