The best kind of insurance accounting software prevents you from being bogged down with accounting so that you have more time to focus on running your insurance business.

Since insurance companies face their own unique challenges in accounting, choosing software that is specifically designed for the insurance industry is a much better option than choosing a general accounting software application.

In this guide, we’ll cover the benefits of software for insurance accounting, what to look for, and review some of the different software to help you choose the best option for your business.

What are the benefits of using insurance accounting software?

There are some noteworthy benefits of using accounting software designed specifically for the insurance industry.

1. Helps to meet compliance standards for the insurance industry

Insurance companies operate in a regulated and complex environment dictated by local, state, and national governments. Understanding current insurance industry trends, such as the integration of advanced technologies and digital transformation, is crucial for insurance companies to stay competitive and compliant in this dynamic regulatory landscape.

By choosing software that is unique to the insurance industry and its workflow, the software will typically take these standards into consideration and help keep you compliant and up-to-date on the ever-changing requirements.

2. Simplifies complex insurance industry workflows

Some of the unique accounting challenges you run into in the insurance industry are claim reimbursements, premiums and recurring billing, compensation calculations, and revenue recognition.

Software that tracks claims, manages recurring billing, records insurance premiums, manages client accounts, and generates expense reports is going to save you a whole lot of time and money.

3. Ensures accurate documentation when dealing with multiple insurance companies

Agencies, in particular, typically support multiple carriers, along with constant quoting, ACORD forms, payments, and amendments.

A software solution that is a single cloud-based interface that sorts, organizes, and stores all of this information will save time, money, and stress.

Insurance Accounting Essentials by Nazim Toksavul, CPA

How we evaluated insurance accounting software

We examined accounting programs that were tailored to the insurance industry based on an independent assessment methodology.

In addition, we reviewed accounting software that was useful for insurance companies based on features, scalability, and user experience.

Questions to ask when choosing insurance accounting software

  • Is the accounting system specifically designed for the insurance industry?

  • Is the insurance accounting system cloud-based?

  • How many users do I need the system to support?

  • Does the software have the reporting capabilities I need?

  • Will the system integrate with other apps and systems that I currently use?

  • Does the insurance accounting software have all of the features I need or want?

  • Is the software system scalable?

  • Does the insurance software have a mobile app?

  • Is the insurance software cost-efficient?

  • Is the software appropriate for the size of my agency or company?

  • Is the software user-friendly?

How to choose insurance accounting software

There are some key features that should be incorporated into your insurance accounting software if you want to optimize the efficiency of your firm.

1. Cloud-based for easy accessibility

Cloud-based software makes it easy for users to access from anywhere, even on the go.

2. User friendly

The best insurance accounting system should be easy to set up, train on, access customer support, run, and maintain.

The easier the software is to use, the more efficiently your business will run.

3. Insurance-designed features

Insurance accounting software should streamline your industry’s workflow.

Features that are particularly helpful in the insurance industry include the following:

  • Billing

  • Invoicing

  • Quoting

  • Project expense tracking

  • Revenue recognition

  • Insurance payment calculations

  • The preparation of insurance documents and policy information

4. Various integrations

It’s important to be able to connect with other apps and insurance systems that your business utilizes to further streamline your business operations such as your CRM or ERP systems.

5. Batch invoicing

Batch invoicing, automatic invoicing, recurring payments, late payment reminders, and tracking unpaid invoices are just some of the billing and invoicing features that you don’t want to miss.

6. Robust reporting

You’ll also want to generate reports dealing with expense ratios, revenue based on the policyholder, and various reports on different aspects of your policy information.

Robust reporting features will give you a better insight to make informed decisions regarding your business.

7. Tax compliance

The best accounting software will calculate taxes and automatically ensure tax compliance across multiple states.

What are the top picks for insurance accounting software in 2024?

Below are the top picks for insurance accounting software in 2024.

1. FIS Insurance Accounting Suite – Best scalable software

FIS Insurance Accounting Suite, formerly known as Enterprise Accounting System, combines accounting and reporting making it a strong contender as a financial management solution for the insurance industry.

This software’s focus is based on insurers around the world growing their insurance business while remaining profitable, so FIS takes geographic expansion and new product lines all into consideration.

With their Insurance Accounting Suite, you have all of the advanced accounting features in addition to the following:

  • Add and track new product lines

  • Monitor the success of each business line

  • Monitor geographic expansion

  • Monitor the profitability of each region

The software provides enhanced tools for testing budgets and forecasting by providing insight into current and historical trends pertaining to the insurance industry.

You can even create multiple forecasts to test different scenarios with product lines and geographics.

With all of these capabilities, you can make better-informed business decisions as you grow and expand.


  • Contact FIS to get started

2. Shoeboxed – Best app for scanning and organizing receipts

Shoeboxed's official homepage

Shoeboxed home web page

Shoeboxed turns receipts into data for expense reporting, tax preparation, and tax audits.

This software allows users to capture receipts on the go or import receipts automatically from Gmail to Shoeboxed.

Once receipts are uploaded to your Shoeboxed account, you can quickly search, edit, and manage them to create expense reports.

Shoeboxed also transforms business cards into online business contacts.

When it comes to taxes, data from receipts are automatically categorized into 15 different tax categories.

Shoeboxed also offers a free mileage tracker for business mileage.

This software integrates with other accounting tools and software designed for the insurance industry.


  • Start up: $18/month (save 20% if paid annually)

  • Professional: $36/month (save 20% if paid annually)

  • Business: $54/month (save 20% if paid annually)

  • 30-day free trial

Turn receipts into data for tax time ✨

Try Shoeboxed’s systematic award-winning approach to receipt tracking for tax season. Try free for 30 days!

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3. Flexi – Best functionality

Flexi is the best insurance accounting software for functionality and has all the necessary features to meet the needs of those in the industry.

This software’s full-featured enterprise platform includes features such as the following:

  • Real-time reporting

  • Conversion of global currency

  • Multi-company consolidation

  • Multi-book accounting

  • Daily close capabilities

  • Audit controls

  • Built-in compliance

  • Integration with third-party systems

  • Workflow automation

Flexi seamlessly integrates with your claims system, policy, and billing for transferring data into your accounting system.

All of these features also cater to performance, scalability, security, and flexibility.

Flexi Software can be tailored to meet your unique insurance needs.


  • Schedule a demo or contact

Accounting Software for Insurance by Flexi Software

4. FreshBooks – Most user-friendly software

Freshbooks home page

Freshbooks home page

While FreshBooks may be considered a more generic type of accounting software, the software itself is specifically designed for business and professional services such as the insurance industry.

FreshBooks’ mantra is “no accounting experience necessary, no math required,” and this software proves to be one of the most user-friendly insurance accounting software options on the market.

You can access FreshBooks at any time and from anywhere, it’s easy to set up and navigate, and the dashboard provides quick access to an overview of detailed reports.

Along with its user-friendly design, FreshBooks includes the following features:

  • Invoice creation

  • Expense monitoring

  • Generate financial reports

  • Time track projects

  • Collaboration on projects

  • Payment reminders

  • Secure online payment processing

  • Expense reports

  • Recurring payment processing


  • Lite: $6.80 month (billed annually) 

  • Plus: $12/month (billed annually)

  • Premium: $22/month (billed annually)

  • Select: contact vendor for pricing

  • 30-day free trial

Frequently asked questions

Is there accounting software that is designated strictly for the insurance industry?

Yes, there are quite a few software options available for the insurance industry.

What are some insurance accounting software options?

Some accounting software options specifically designed for the insurance industry include FIS Insurance Accounting Suite, Flexi, and FreshBooks.

What are some of the unique accounting challenges faced by the insurance industry?

Some of the unique accounting challenges you run into in the insurance industry are claim reimbursements, premiums and recurring billing, compensation calculations, and revenue recognition.

In conclusion

It’s important that agencies and companies use an accounting software solution that meets the unique needs of the insurance industry.

This is particularly important when it comes to keeping up with the stringent insurance regulations which vary from state to state and are constantly changing.

Insurance accounting software will keep your business compliant and streamline your business operations while increasing the productivity and efficiency of your business.

Caryl Ramsey has years of experience assisting in different aspects of bookkeeping, taxes, and customer service. She uses a variety of accounting software for setting up client information, reconciling accounts, coding expenses, running financial reports, and preparing tax returns. She is also experienced in setting up corporations with the State Corporation Commission and the IRS.

About Shoeboxed!

Shoeboxed is a receipt scanning service with receipt management software that supports multiple methods for receipt capture: send, scan, upload, forward, and more!

You can stuff your receipts into one of our Magic Envelopes (prepaid postage within the US). Use our receipt tracker + receipt scanner app (iPhone, iPad and Android) to snap a picture while on the go. Auto-import receipts from Gmail. Or forward a receipt to your designated Shoeboxed email address.

Turn your receipts into data and deductibles with our expense reports that include IRS-accepted receipt images.

Join over 1 million businesses scanning & organizing receipts, creating expense reports, and more—with Shoeboxed.

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