Insurance - Economos

Accounting and Tax Advisory Services for Insurance Companies

With Australia’s insurance regulations in a constant state of flux, insurance companies and brokers need an accountant who can provide business advisory services all year long as well as tax time. We understand that as the CEO or director of your Insurance company, your role is high pressured and demanding. And there isn’t enough time to learn about complex tax structuring or handling. You need to rely on expert accounting and advisory services to ensure you can run your insurance well, with accurate reporting and financial analysis and profitably.

With over 40 years experience providing accounting and tax advisory services to insurance companies in Sydney, Economos’ accounting team knows what insurance companies need to keep up with the increased regulatory environment in their industry.

Our team keeps up with all the latest developments in the insurance industry and can help you with all the paperwork and strategies to handle IFRS 17 and other regulations that affect your tax burden. We take the time to learn about your insurance business and tailor our advisory service to your needs with a custom plan to lighten your accounting paperwork load and let you get back to helping your clients protect their lives, their property, and their businesses from life’s many risks.

CFO Advisory

Economos’ CFO advisory team can help even smaller insurance companies with financing, short-term and long-term business growth strategies, helping your finance team find ways to optimise cash flow and do their jobs more efficiently, and provide assistance in tackling challenging accounting tasks such as forecasting and budgeting to create a leaner, more efficient financial situation for your growing insurance business.

Tax Advisory

Insurance companies need tax advice by those who understand the uniqueness of their business model. We can help you meet your business tax requirements, quarterly tax payments, your indirect tax requirements, including GST, state and local requirements, and reporting issues related to employee tax matters, such as payroll tax. When end of year tax time is around the corner, Economos tax accountants can help you lodge your tax returns and review your financials to ensure you remain compliant with the ATO. Our reporting and lodgements are completed on time and with a high degree of accuracy. We also help insurance companies handle and resolve any of their current ATO tax disputes.

Business Advisory

Insurance is like no other industry. Not only does it respond to market conditions, but weather and other environmental conditions affect it as well. Our business advisory services can help your health, reinsurance, general insurance, and life insurance business make wiser decisions that can help reduce costs, increase cash flow and profits. As a result, the benefit of increased cash flow and profit may be able to benefit your client’s policy holders with reduced premiums making your insurance business more competitive in the insurance industry. Whether it’s external or internal audits, analytics and outlook modelling, or advice on risk management, reporting, or governance, our insurance accounting business advisory team and services will be able to assist the growing needs of your insurance business.

Audit Services

Economos’ experienced audit teams are assurance professionals who know the insurance industry inside and out. We will create audit plans that give you a glimpse into how to best control vulnerabilities, take advantage of opportunities, and assure you that your company is on the right track towards proper compliance, loss mitigation, and risk aversion. Economos uses the best people and practices to ensure you have accurate financial insights of your insurance company, so you can make better informed decisions to improve the performance of your company for stakeholders, investors and your clients.

What Our Clients Have to Say

Andrew Sanders, Director

Our experience working with your company continues to be excellent and we are fortunate to have an accounting firm we can rely on and who provide a complete package to service our needs. Over the years your guidance and advice has been an integral and much appreciated part of our success. You are now gaining clientele of our children, so third generation are now heading your way.

Dr. George M Calfas

GMC Medical Clinics I am a very satisfied client for over 15 years now. Both Albert and George are highly professional, have the highest integrity and honesty, place my needs and interests foremost, I have implicit trust in them, know intimately my complex family and business structures such that I can call them any time for advice or to discuss any issues, address all my issues and needs promptly with precise attention to detail. I recommend them to friends as well as to members of my family.

Joe Fusca

"George Shahinian and his team really understand the industry we work in – Commercial fitout. He and Adrian are more than our accountants, they have also been our advisors on all financial matters since day one. My partners and I have always felt comfortable that they have our best interests at heart. They know what they’re doing and are always only a phone call away”.

Mr Mark Herdman

I have been a private client of Economos since I emigrated to Australia in 2004. They assisted me in setting up my Australian financial entities such as a Trust and corporate beneficiary, Self-managed Super Fund with corporate trustee and a partnership. Economos produce tax returns for these entities as well as for the five individuals in our family. They also produce annual financial statements for these entities. Throughout this period, Economos have provided us with a friendly, supportive, thorough, prompt and proactive service. They respond promptly to email or direct meeting requests and proactively contact us should there be a change in tax or superfund legislation with examples of the consequences and appropriate recommendations. We highly recommend Economos for any accounting and tax requirements.

Michelle Vint

Economos have been an invaluable and trusted partner to Regital from day one of setting up in Australia. Their extensive knowledge and pragmatic advise has helped us launch and scale a subsidiary in an environment very different to our home market. They have invested time to get to know us and our business and really get under the skin of our goals and objectives for growth, in turn meaning their services and scope of work have always matched exactly what our business needed at each stage of the journey. Adrian and Sebastian have personally provided us with excellent service, offering us the piece of mind that all regulatory matters are in hand so we can get on with running the company.

Need an Accountant That Understands Your Business?

At Economos, we take the time to get to know you and your business. Only with this approach can we provide you with custom tax, accounting, property, and business solutions that best fit your needs. If you’re tired of the cookie-cutter approach to accounting, we need to talk. Get in touch with the Economos team today.

At Economos, we provide insurance companies with a full slate of business services to help them better manage their cash flow, minimise costs, improve internal operations and provide the best service to their clients.