Are You Considering Outsourcing Your Unclaimed Property Processes?

Sherry Hale
October 16, 2019

Managing an organization’s unclaimed property can be a full-time job. With the complexities of regulatory requirements, the numerous due diligence and dormancy tracking rules by property type and state, along with due diligence requirements, also varying by state, record retention needs in case of an audit, as well as reporting to multiple states, the process of completing the entire escheatment process can be downright daunting to say the least.

Outsourcing can be an effective way to reduce costs and improve efficiency. Some of your strategic and operational activities, such as unclaimed property reporting, are critical to meeting compliance requirements. Here are just a few of the benefits of outsourcing your unclaimed property processes:

  • You do not have to memorize, track, and look up various state legal requirements. Service providers take on the burden of staying current on the constantly changing legislative and legal requirements in all states and jurisdictions.
  • Using your data from source systems, an outsourcing provider should be able to run your data in their own unclaimed property reporting system based on property type, statutory requirements, and other factors to determine and track when that property becomes dormant (old enough to turn over to the state based on determined requirements)
  • When property is considered dormant, an outsourcing provider can perform the required due diligence, following applicable laws, to attempt to reunite the property with its owner(s).
  • Keeping track of and responding to due diligence inquiries with property owners is a critical piece in the due diligence process. Service providers should be able to offer a variety of options, including validation of responses, updating the property history with any returns from the post office, etc.
  • A complete outsourcing provider should be able to do all of your reporting, regardless if you are reporting to one state or multiple states/jurisdictions.

When considering a company to outsource your unclaimed property reporting processes, make sure you select a team of experts having extensive knowledge, a solid and secure reporting system, proven excellent customer service, and that they will complete the process from start to finish. A solid outsourcing provider should be able to help you minimize your reporting exposure and comply with unclaimed property regulations in an accurate and timely manner. They should offer affordable and flexible options that will fit in well with your company unclaimed property needs.

Take Action

Contact Sovos to learn more about unclaimed property solutions. 

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sherry Hale

Sherry Hale assists in managing sales and marketing initiatives. Sherry has a degree in Marketing, Business Management, and HR Management from Mount Mercy University in Cedar Rapids, Iowa. In her free time, she loves spending time with family, volunteering with animal rescue, playing with her own rescue pets, and riding her Harley.
Share This Post

North America ShipCompliant
May 25, 2023
Out-of-State Breweries Gain Self Distribution, DtC Rights in Oregon

Under a settlement agreement, breweries located outside of Oregon now have more options for selling into the Beaver State, including direct-to-consumer (DtC) shipping and self-distribution to retailers. The settlement arose out of a lawsuit filed by a group of Washington breweries last year challenging Oregon laws that limited beer self-distribution to in-state breweries and DtC […]

EMEA VAT & Fiscal Reporting
May 24, 2023
VAT and Art: What you need to know

Significant inflation increases have impacted most of the world’s economies, with the UK still above 10% in 2023. This increase means a reduction in the purchasing power of consumers. Together with increases in the cost of raw materials, this has created uncertainty regarding growth of entire industrial departments and reduced profit margins for companies. The […]

North America ShipCompliant
May 23, 2023
Top 5 Myths Surrounding Retailer Direct-to-Consumer Wine Shipping

By Tom Wark, Executive Director, National Association of Wine Retailers Politics breed myths. This has always been the case as politics is, at its most fundamental, a form of storytelling. So it should be no surprise that myths have arisen as various elements of the wine industry have fought against consumers and specialty wine retailer seeking […]

EMEA IPT
May 23, 2023
IPT: Location of Risk and Territoriality

Much of the discussion on the Location of Risk triggering a country’s entitlement to levy insurance premium tax (IPT) and parafiscal charges focuses on the rules for different types of insurance. European Union (EU) Directive 2009/138/EC (Solvency II) set out these rules. However, a related topic of growing importance in this area concerns territoriality, i.e. […]

Asia Pacific E-Invoicing Compliance
May 23, 2023
Japan: New e-Invoice Retention Requirements

Japan’s new e-invoice retention requirements are part of the country’s latest Electronic Record Retention Law (ERRL) reform. Along with measures such as the Qualified Invoice System (QIS) and the possibility to issue and send invoices electronically via PEPPOL, Japan is implementing different indirect tax control measures, seeking to reduce tax evasion and promote digital transformation. […]