Premium Accounting gives managing general agents an insurance-native billing platform for creating premium invoices, managing installments, tracking receivables, collecting payments, processing policy adjustments, and connecting billing activity to premium accounting. Manage new business, renewals, endorsements, audits, cancellations, fees, taxes, commissions, and carrier obligations without relying on disconnected spreadsheets or generic invoicing tools. Premium Accounting operates as the insurance accounting subledger while QuickBooks, Xero, Sage, Workday, or another supported accounting system remains your general ledger.
Watch how Premium Accounting helps MGAs create premium invoices, manage policy transactions, collect payments, track outstanding balances, and connect billing with premium accounting and reconciliation.
MGA billing is more complex than ordinary business invoicing. A single policy transaction may include premium, taxes, policy fees, inspection fees, commissions, payment processing charges, producer obligations, and amounts payable to the carrier. The billing process may also change after the original invoice because of endorsements, audits, cancellations, reinstatements, installment activity, returned payments, or premium adjustments.
Premium Accounting gives MGAs a centralized system for managing these transactions while preserving the financial relationship between the invoice and the underlying:
Instead of treating an invoice as a standalone document, Premium Accounting connects billing directly to the insurance transaction that created it.
Learn more about Insurance Accounting for MGAs, Insurance Accounting Platform, and Insurance Premium Subledger.
MGA billing software is a financial operations platform used by managing general agents to generate insurance invoices, manage receivables, collect premium payments, track policy-level balances, and reconcile billing activity.
Unlike generic invoicing software, MGA billing software must understand insurance transactions such as:
Premium Accounting provides this insurance-specific billing structure while connecting each transaction to premium accounting, commissions, payments, settlements, and the general ledger. Learn more about Insurance Premium Accounting for MGAs, Insurance Premium Accounting.
Premium Accounting helps MGAs create invoices based on the financial details of an insurance policy transaction.
Invoices can be generated for:
Each invoice can remain connected to the related policy, insured, retail agency, producer, program, carrier, and line of business. This policy-level connection allows accounting teams to see exactly why an invoice was created and how it affects premium receivables, commissions, trust balances, and carrier obligations.
Learn more about Insurance Billing Software, Insurance Premium Billing Software.
Premium Accounting gives MGA accounting and operations teams visibility into the complete financial history of an invoice.
Invoice information can include:
Users can review the original billed amount together with subsequent payments, adjustments, return premium, and open balances. This eliminates the need to combine information from policy systems, payment portals, spreadsheets, and general ledger reports simply to understand the status of one invoice.
Learn more about Insurance Invoicing Software.
New business and renewal transactions often require the MGA to coordinate billing across insureds, retail agencies, producers, carriers, and internal accounting teams. Premium Accounting helps organize this activity by connecting the invoice to the policy term and transaction.
For new business, MGAs can track:
For renewals, accounting teams can distinguish the new policy term from the expiring term while maintaining the historical financial record of both. This helps prevent payments, commissions, or adjustments from being applied to the wrong term.
Policy changes frequently create additional premium or return premium after the original invoice has been issued. Premium Accounting helps MGAs manage endorsement billing without losing the connection to the original policy.
Endorsement activity may include:
The endorsement can be recorded as a separate financial transaction while remaining connected to the policy and policy term. This gives users a clear history of how the policy balance changed over time and why the insured or retail agency owes an additional amount or is entitled to a credit.
Auditable policies may create final premium adjustments after exposure information is reviewed.
Premium Accounting can help MGAs bill and track:
Audit billing remains separate from the original invoice while still being connected to the same policy and term. This creates a clearer accounting trail and makes it easier to reconcile the final premium against the original estimated premium.
MGAs may offer monthly, quarterly, or custom installment schedules based on the policy, program, or customer arrangement.
Premium Accounting can help structure and track:
Each installment remains connected to the policy and overall premium balance. Accounting teams can see both the status of the individual installment and the remaining amount due for the policy. Learn more about Insurance Installment Billing Software.
Premium Accounting gives MGAs a policy-level view of premium receivables.
Accounting teams can monitor:
Receivable information can be reviewed by insured, agency, producer, program, carrier, line of business, or accounting period. This helps MGAs identify collection issues earlier and understand which balances require follow-up.
Learn more about Insurance Accounts Receivable Software.
Premium Accounting can connect invoices with online payment workflows so authorized payers can pay by ACH or credit card.
Payment workflows may include:
When a payment is completed, the payment can be connected to the appropriate invoice and policy transaction. This reduces the need for accounting teams to manually compare processor reports against invoice spreadsheets.
Learn more about Insurance Payment Software, Insurance Customer Payment Portal, Insurance ACH Payments, and Insurance Credit Card Payments.
Receiving a payment is only one part of the billing process. The payment must also be applied correctly.
Premium Accounting helps connect payment activity to:
This helps reduce unapplied cash, incorrect allocations, and payments posted to the wrong policy or term. Where a payment covers multiple invoices, the allocation can be preserved at the invoice level rather than recorded only as one summarized amount.
Learn more about Insurance Payment Tracking Software.
Insurance payments do not always match the exact invoice amount.
Premium Accounting helps accounting teams identify and manage:
The remaining invoice balance stays visible until the transaction is resolved. This prevents invoices from appearing fully paid when a balance remains and gives the accounting team a clear record of any adjustment made.
A policy cancellation can affect premium, fees, commissions, carrier payables, producer payables, and amounts previously collected.
Premium Accounting helps record the financial impact of:
The cancellation transaction remains linked to the original policy and billing history. This gives users a complete view of the original invoice, payments received, earned premium, return premium, and remaining financial obligations.
Billing activity directly affects commissions.
Premium Accounting can maintain commission detail for:
When an endorsement, cancellation, or audit changes premium, the related commission can also be adjusted. This preserves the relationship between the billed premium and the commission generated by that premium.
Learn more about Commission Accounting Software.
MGA billing also affects the amount ultimately owed to the carrier.
Premium Accounting can help calculate and track carrier obligations using:
The carrier payable can remain connected to the policy transaction instead of being calculated only through a separate spreadsheet at settlement time. This gives accounting teams better visibility into amounts billed, amounts collected, and amounts payable.
MGAs often manage billing rules that vary by carrier, program, product, line of business, or state.
Premium Accounting can organize billing activity by:
This allows an MGA to maintain a consistent billing process while preserving the reporting and accounting detail required for each program. Program-level visibility also helps leadership understand receivables, payment activity, commissions, and carrier obligations across the portfolio.
Premium Accounting helps connect invoices, payments, adjustments, commissions, and carrier payables within one financial workflow.
Billing reconciliation can identify:
Instead of waiting until month-end to discover these issues, accounting teams can review billing exceptions as they occur.
Learn more about Insurance Reconciliation Software, Premium Reconciliation Checklist, Insurance Commission Reconciliation Checklist, and Insurance Month End Close Checklist.
Premium Accounting operates as the insurance accounting subledger while the MGA continues using its existing accounting or ERP system as the general ledger.
Depending on the configured integration, billing activity can be synchronized with:
Synchronized activity may include:
The general ledger maintains company-level accounting, while Premium Accounting maintains the detailed policy-level billing record. Learn more about General Ledger Integration for Insurance.
Premium Accounting gives accounting and leadership teams visibility into billing performance across the MGA.
Reporting can include:
Information can be reviewed by:
This gives MGAs a more complete picture than a general accounts receivable report that lacks insurance transaction detail. Learn more about Insurance Financial Reporting Software.
Many MGAs use spreadsheets to manage installment schedules, outstanding balances, commissions, carrier payables, and payment reconciliation.
This can create:
Premium Accounting centralizes insurance billing activity and preserves the relationship between each financial transaction and the underlying policy. Spreadsheets can still be used for analysis, but they no longer need to serve as the primary billing system.
Premium Accounting helps MGAs establish a more controlled billing process.
Financial controls can include:
This helps accounting teams understand who created, changed, approved, paid, adjusted, or reconciled a billing transaction. It also gives management greater confidence that billing processes are being handled consistently across programs and teams.
As an MGA grows, billing complexity often increases faster than policy volume.
Growth may introduce:
Premium Accounting provides a consistent financial structure across these relationships. This allows MGAs to scale billing operations without creating a separate spreadsheet or manual process for every new program.
| Manual or Generic Billing | Premium Accounting |
|---|---|
| Invoices managed separately from policy transactions | Invoices connected to policies, programs, carriers, and agencies |
| Installments tracked in spreadsheets | Installment schedules maintained with the policy lifecycle |
| Payments matched manually | Payments connected directly to invoices and policy transactions |
| Endorsements handled through manual adjustments | Additional and return premium preserved in complete policy history |
| Commissions calculated separately | Commission accounting connected directly to billed premium |
| Carrier payables calculated during settlement | Carrier obligations tracked continuously from policy transactions |
| Limited insurance reporting | Reporting by program, carrier, agency, producer, policy, and transaction |
| Summary accounting entries only | Policy-level insurance accounting with complete audit history |
| Manual reconciliation | Continuous billing and payment reconciliation |
| Generic invoicing software | Insurance-native billing platform built for MGAs |
Premium Accounting connects billing, premium accounting, premium collections, commissions, carrier obligations, and reconciliation into one insurance-native workflow. Every invoice remains connected to the policy that generated it, giving MGA accounting teams complete visibility throughout the insurance lifecycle while continuing to use QuickBooks, Xero, Sage, Workday, or another supported accounting platform as the general ledger.
Premium Accounting helps Managing General Agents simplify insurance billing by connecting premium invoicing, installment billing, receivables, premium collections, commissions, carrier obligations, reconciliation, and policy-level accounting through one insurance-native platform. Every invoice remains connected to the underlying policy, eliminating disconnected spreadsheets while improving financial visibility, billing accuracy, operational efficiency, and customer service.
Manage billing, premium accounting, trust accounting, commissions, carrier settlements, reconciliation, and reporting.
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Insurance financial operations software for MGAs to manage premium accounting, billing, payments, trust accounting, commissions, carrier settlements, reconciliation, and reporting.
Replace disconnected invoice tools, payment reports, and billing spreadsheets with an insurance-native platform for premium billing, receivables, payments, installments, endorsements, commissions, reconciliation, and carrier accounting.