Insurance brokers play an important role of providing choice to consumers. Maintaining your client’s satisfaction is the most important facet of the business. Often times, this means the accounting becomes secondary. Edward & Manning can assist in streamlining the accounting so you can keep your focus on your clients and their needs.
Brokers in Ontario
Another requirement in Ontario is to provide a mid-year and annual report to RIBO (Registered Insurance Brokers of Ontario). An exemption is available if the broker files audited or reviewed financial statements within 90 days of the year end. As Licensed Public Accountants, Edward & Manning is able to provide an audit or reviewed financial statements to help meet this requirement.
RIBO also requires a trust account be maintained for customers’ payments when they are a broker bill customer. Once the payment is made to the insurance company, the commission income can then be transferred out of the trust account.