Record-Keeping Tips and Tricks

record keeping for insurance agentsRecord-keeping is an important task in an insurance sales career. Most agents are independent contractors and therefore are responsible for all of their tax information and paperwork. And even those who work for an employer must file required paperwork each time a sale is made. So it is important to make sure that your processes are efficient. Below are some ideas.

1) Choose a day to do all your paperwork and stick to it. Many agents use Monday through Thursday as their selling days, then reserve Friday to catch up on paperwork, do follow ups, and call current customers to see if they need anything. Sticking to a particular day of the week to turn in paperwork will keep you on a set schedule.

2) Keep your office organized. Knowing where everything is and how to find it is a challenge. Have a specific file cabinet or filing system you use for the most important paperwork. Sort files according to the type of action they involve, such as SALES, DOCUMENTATION, CLIENT INFORMATION, REQUIRED PAPERWORK, and others. Using different color folders also sometimes works to separate types of tasks and documentation.

3) Use software such as QuickBooks to organize financial statements and transactions.

4) Use a handheld scanner (such as The Magic Wand) to scan important documents at your client’s location, at your office, or any time. The portability of this neat tool and others like it allows you to scan whatever and whenever you need to without having to remove the documents from the original location. Tools like this will save much time and keep you organized in the long run.

5) Use TurboTax or other tax reporting software at tax time. This will save valuable time and energy when you are trying to keep up with your earnings. As long as you keep your 1099 forms and other important documents, you can enter this information into the software and send it to the IRS and to the state with minimal fuss.

Having some handy tools at your disposal will save time and money in the long run by allowing you to input information or do what you need to do “on the go.” There is a world of technology that is designed specifically to help busy insurance agents as well. Do a search on the internet for insurance sales tools and you are likely to find a number of items to help you make the day-to-day tasks of your job easier.

Using the above tips on getting and staying organized will help you focus less on the organizational tasks and more on making sales and serving your customers.

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