Professional Captive Accounting for Captive Managers
Captive Managers are in the business of helping clients manage risk through the use of captives. They are not, by trade or training, usually accountants. They tend to hire expensive accountants to manage the complex and exacting accounting requirements of captive management, and then use these professionals to handle low level customer service needs as well. Very expensive, and very inefficient. And, inevitably, when each accountant sets up the books his or her own way – in Intuit QuickBooks or perhaps Microsoft Excel – captive managers find themselves with a hodge-podge approach not based on good processes or sound technology with limited options for scale and visibility across multiple entities.
CapSure Accounting was designed with these captive managers in mind. Using enterprise-grade accounting software and enterprise-level treasury management solutions, CapSure Accounting provides the robust technological infrastructure that captive owners should expect from their captive managers. Whether you are managing 10 or 100 captives, CapSure can provide relief for your organization from the stresses of captive accounting. We deliver a sound, sensible and efficient captive accounting service designed to support and grow with your organization in a consistent and professional manner.
Why Outsourced Accounting Makes Sense
Captive company accounting is ideal for an outsourced service. It is a high volume, but relatively standardized accounting process that lends itself to scalable systems. Most captive managers have not devoted a lot of fire-power to the problem of the accounting task, preferring to devote resources to other areas such as business development and risk management.
The accounting process has therefore typically grown somewhat haphazardly, often using a QuickBooks model and multiple accounting teams. This type of organization has severe limitations and can ultimately become a devastating brick wall that impedes scalability. CapSure has built a model based on a high end ERP level accounting system. This means that all captive accounting is done within the same SQL database, and that quality control, standardization, review procedures, production quality and audit accountability are all of a much higher order than the typical process. It also means that costs can be controlled and forecast with much greater accuracy.
CapSure Accounting Service Offerings
CapSure Accounting offers preparation of your captive financial statements in accordance with accounting principles generally accepted in the United States of America or any other basis of accounting as required by domicile.
Financials include the following schedules:
- Statement of Financial Position
- Statement of Income
- Statement of Changes in Stockholder’s Equity
- Statement of Comprehensive Income
- Statement of Cash Flows
- Other custom pages such as Surplus Analysis
CapSure Accounting also provide pre-audit portfolio reports at year end to facilitate audit requirements. CapSure also has solution to the messy collection of monthly bank statements for multiple captives and accounts.
About CapSure Accounting
CapSure Accounting is a joint venture established between Burns & Herring, CPA of Gainesville, GA and Captive Alternatives, an Atlanta based risk consulting firm. The principals spent more than five years developing the processes, systems and adopting the scalable ERP software necessary to handle the accounting and tax needs of more than 150 individual captives. With an established system in place, it became clear that this approach was far superior to the existing low technology, QuickBooks based processes adopted by many captive management firms. CapSure Accounting was subsequently formed to offer a complete, secure accounting service to captive management firms that would allow them to focus on revenue-generating functions in business development and customer service, and remain secure in the knowledge that back office functions are being handled professionally. CapSure Accounting services promise measurable improvements in quality control, security, auditability, portfolio management and regulatory compliance.
David Kirkup, ACMA – CEO
David Kirkup manages business development for CapSure Accounting. With more than 20 years in the insurance industry and over 35 years of professional business experience, Kirkup is using his expertise to help make CapSure Accounting the premier outsourced captive insurance accounting resource.
Kirkup was formerly a Partner with national CFO outsourcing firm B2B CFO. He has also served as COO of a Risk Management consulting company, Captive Controller at Marsh Bermuda, managing international captives for a group of Fortune 500 companies, and was the CFO of the $1 billion Major Accounts Division of Zurich Insurance.
Kirkup holds a degree in Management Science and the Chartered Institute of Management Accountants certification, as well as the Associate in Risk Management.
Mark Burns, CPA – COO/ CFO
Mark has practiced in both public and corporate accounting for more than 20 years. Mark has built a team of associates who share his commitment to meeting the accounting needs of their clients through unmatched knowledge and professional assistance in all areas of accounting and consulting. Mark earned his undergraduate degree in accounting from the University of Georgia, and also holds a master’s in taxation from Georgia State University. Prior to his current role, Mark held positions with a major accounting firm, and then served as a Chief Financial Officer for a major Atlanta based software company.
Chase Herring, CPA, ACI – VP Operations
Chase has extensive experience with tax preparation and planning for small, mid-size and large businesses. His captive experience is extensive and he has built world-class, scalable systems to process hundreds of captive financial statements over the last five years.
He holds a bachelor’s in accounting from North Georgia College and State University in Dahlonega, and has extensive tax knowledge gained through his experience as a tax partner with a North Georgia CPA practice, working with both personal and small business clients.