Functional Finance’s Post

What if your financial operations could be a catalyst for growth instead of a bottleneck? MGAs are uniquely positioned as frontline innovators in the insurance industry, but outdated financial operations often hinder progress. Unified FinOps integrates finance and data management across platforms to simplify every aspect of your financial workflow. Benefits include: Reduced Costs: Automate repetitive tasks and reduce manual data entry. Improved Accuracy: Minimize errors and enhance reporting precision. Scalable Solutions: Easily adapt to growth without overhauling your finance infrastructure. Ready to take your business to the next level? See how Functional Finance can drive your success at www.functionalfi.com. #FinOps #Insurance #InsurTech #Finance #FinancialOperations #Billing #Payments #Reconciliation #TechInnovation #MGA #Accounting #PremiumFinance #Automation #Workflow #WomeninLeadership #WomeninInsuranceLeadership #WomeninTech

For those who have been working in insurance for (dare I say) decades, we know we need better, quicker, and clearer financial insights to the front line sales data coming in the door. No better way to do that than to get your FinOps stack in order. Here's how we at Functional Finance are driving success for our customers. https://lnkd.in/geeQiUuR

Reconciliation shouldn’t be a guessing game. Functional Finance redefines this critical process with real-time updates and automated error detection, eliminating the inefficiencies of manual checks. Why it works: 1. Faster reconciliation cycles mean less downtime. 2. Enhanced data accuracy improves compliance and reporting. 3. Teams can focus on strategic growth instead of fixing errors. By integrating #billing, #payments, and #reconciliation onto a unified platform, MGAs can elevate their operations and ensure seamless financial performance. Visit functionalfi.com to learn more.  #Insurance #InsurTech #Finance #FinancialOperations #Billing #Payments #Reconciliation #TechInnovation #MGA #Accounting #PremiumFinance #Automation #Workflow #WomeninLeadership #WomeninInsuranceLeadership #WomeninTech

Time and time again, I see companies realizing growth is extremely painful without the correct systems in place.

Is your company struggling with complex financial processes that slow your business down? For MGAs, success hinges on scaling efficiently while maintaining accuracy. That’s where unified FinOps comes into play—integrating finance and operations for a seamless, growth-ready financial backbone. The Functional Finance platform is tailored to the unique needs of MGAs, enabling better visibility, streamlined compliance, and efficient data handling. Why it matters: With unified FinOps, you can finally focus on what matters most: growing your business. Visit www.functionalfi.com to learn how we empower MGAs to optimize their financial operations and scale confidently. #FinOps #Insurance #InsurTech #Finance #FinancialOperations #Billing #Payments #Reconciliation #TechInnovation #MGA #Accounting #PremiumFinance #Automation #Workflow #WomeninLeadership #WomeninInsuranceLeadership #WomeninTech

Skipton Business Finance has today announced a strategic collaboration with Lenvi Riskfactor, the UK’s leading risk and portfolio management software provider, to enhance operational efficiency and further strengthen client relationships. #riskmanagement #fintech #workingcapital

𝗟𝗮𝘄 𝗙𝗶𝗿𝗺 𝗦𝘂𝗰𝗰𝗲𝘀𝘀: 5 𝗦𝘁𝗲𝗽𝘀 𝘁𝗼 𝗘𝗳𝗳𝗲𝗰𝘁𝗶𝘃𝗲 3-𝗪𝗮𝘆 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 🔍 Are you struggling with trust account reconciliation? Follow these key steps for a seamless process: 1️⃣ 𝗚𝗮𝘁𝗵𝗲𝗿 𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝗰𝗼𝗿𝗱𝘀 • Bank Statement • Trust Ledger • Client Ledgers 2️⃣ 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗲 𝘁𝗵𝗲 𝗕𝗮𝗻𝗸 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 • Adjust for Timing Differences • Review Cleared Transactions 3️⃣ 𝗖𝗼𝗺𝗽𝗮𝗿𝗲 𝗧𝗿𝘂𝘀𝘁 𝗟𝗲𝗱𝗴𝗲𝗿 𝘄𝗶𝘁𝗵 𝗕𝗮𝗻𝗸 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 • Match Totals • Investigate Discrepancies 4️⃣ 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗲 𝗖𝗹𝗶𝗲𝗻𝘁 𝗟𝗲𝗱𝗴𝗲𝗿𝘀 𝘄𝗶𝘁𝗵 𝗧𝗿𝘂𝘀𝘁 𝗟𝗲𝗱𝗴𝗲𝗿 • Total Client Balances • Investigate Discrepancies 5️⃣ 𝗗𝗼𝗰𝘂𝗺𝗲𝗻𝘁 𝘁𝗵𝗲 𝗥𝗲𝗰𝗼𝗻𝗰𝗶𝗹𝗶𝗮𝘁𝗶𝗼𝗻 𝗣𝗿𝗼𝗰𝗲𝘀𝘀 • Record Adjustments • Create a Reconciliation Report ➡️ Regular reconciliation ensures accurate financial management and enhances client trust. P.S. Are you struggling with 3-point reconciliation for your trust account? DM me "Trust" for help!

💡 Are you ready for the open finance era? 💡 Open finance compliance isn’t just about meeting regulations—it’s about unlocking opportunities for growth, innovation, and customer trust. Yet, the journey can feel daunting: legacy systems, evolving regulations, resource constraints, and data security challenges are just the start. 📖 Discover more in our latest blog: The Compliance Challenge – Why Financial Institutions Struggle with Open Finance We break down the key hurdles and show how a strategic approach to compliance can transform your bank’s future. 🔗 Read the blog now and see how we can help your business turn compliance challenges into competitive advantages. https://lnkd.in/dSkH934N

𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗙𝗿𝗮𝗺𝗲𝘄𝗼𝗿𝗸 The financial reporting framework is a set of rules, standards, laws, and regulations that govern how companies prepare and present their financial statements to stakeholders such as investors, regulators, creditors, and others. It provides a structured framework that ensures transparency, accuracy, and comparability in financial reporting. For an insurance company, the financial reporting framework would consist of insurance laws, applicable International Financial Reporting Standards (IFRS)/International Accounting Standards (IAS), insurance reporting standards, and industry best practices. These guidelines help insurance companies accurately report their financial performance, manage risk, and comply with regulatory requirements. Similarly, banks and other sectors have their own specific financial reporting frameworks tailored to their industry-specific characteristics and regulations. For banks, this framework includes regulatory requirements from banking authorities (central bank regulations), IFRS/IAS, and industry-specific reporting standards. In a nutshell, the financial reporting framework plays a crucial role in ensuring that businesses present their financial performance in a clear and consistent manner. It helps stakeholders make informed decisions, assess the company's financial health, and hold management accountable for their financial stewardship. By providing a standardized set of rules and guidelines, the framework enhances trust and confidence in the accuracy and reliability of financial reporting.

Staying compliant in auto finance is more critical than ever. With regulations constantly shifting, how can your organization keep your communications compliant without sacrificing efficiency? Read on to discover 7 strategies to transform your auto finance communications and stay compliant: https://hubs.li/Q02Rfdy00 #AutoFinance #RegulatoryCompliance #AutoFinanceCommunications #CCM #CustomerCommunications