Companies are always looking for simplified ways of handling the entire unclaimed property process. As an example, generating reports to be remitted to the state(s) has come a long way in the software vendor world. Electronic reporting can minimize or eliminate manual efforts such as downloading state files to CD’s, printing coversheets, and mailing individual reports. Those who are responsible for escheatment are excited and happily embracing functionality that helps reduce filing time and allows them to focus on more pressing business priorities. Consolidated reporting is another example of minimizing manual efforts. It allows entities with multiple holders to send a single report to states, regardless of the number of holders they are reporting for.
Additional efficiencies can be realized from vendors who offer the capability for their unclaimed property reporting system to extract data from an organizations’ source systems utilizing an application programming interface (API). Implementing API connectivity also significantly reduces input time, data entry errors, and do-overs as it replaces system imports requiring manual human intervention using direct system-to-system communication.
These features are available in some advanced enterprise systems today and for a progressive organization, implementing them can reap great benefits, cost savings, and a reduction in overall manual efforts.
Learn more about Sovos unclaimed property compliance solutions.