The issue of online unclaimed property reporting is an important one. State legislation varies widely on when and how to submit unclaimed property reports, and many states now require that holders use an online reporting system in order to remain compliant. As you consider your options, it is important that your online reporting system is reliable and secure.
So what should you look for in an automated online reporting solution?
- Security– First, make sure your online reporting solution is secure. With so much concern about hacking these days, it is important to know that your system is safe from infiltration attempts so that you know your information and the information of your customers remains safe and secure.
- Reliability-You need to know that your system is reliable and will work the way you expect it to. When you use an online reporting system, the last thing you want is to find out it is off line or out of service. So choose a server and a solution that is reliable over time.
- Ease of use– The whole idea of online reporting is to streamline your processes and take the physical workload out of compliance reporting. Find a solution that is intuitive and easy to use, and one that reduces the time it takes to remain compliant.
- Technical support– No matter how good your system is, there will be times you may need technical help. Inquire as to whether your online reporting solution has a tech support line or contacts you can call if you have a problem.
Online reporting takes much of the paperwork out of your hands and makes it a more streamlined, automatic process. But you must make sure that the one you choose is reliable, secure, and automated. In addition, the company that stands behind the technology should be experts in their field and offer technical support when you need it.
Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.