This blog was last updated on February 23, 2021
Let’s face it, most companies have larger things to worry about than the dormancy period of uncashed payroll checks or researching state websites to determine if vendor checks should be escheated this year or next. What was the last activity date again? Yuck! Many of the organizations that have invested in unclaimed property filing software aren’t even aware that outsourcing might be an option. Outsourcing your unclaimed property process can be a great service to any company that simply doesn’t have the time to worry about unclaimed property and the many rules and regulations that must be adhered to.
Once you have enlisted an organization to complete your unclaimed property processes for you, there should be a series of activities that take place. Ideally, they should host a kick-off call so you can meet the outsourcing team supporting you and they should be easy to get in touch with. Once expectations, communication, and guidelines have been established, the vendor you selected should be able to provide accurate, efficient, and timely report processing. They should handle due diligence, claims processing, the ensuing confusion that recipients tend to have, followed by electronic filing for all applicable states, all while making sure timeframes and deadlines are adhered to.
If the vendor you selected also offers online filing, that would be a huge time saver for your organization so you don’t have to write checks, stuff envelopes, and go through the headache of tracking payments sent to various states.
When considering a company to outsource your unclaimed property reporting processes, you will want to select a team of experts having extensive knowledge, a solid and secure reporting system, a proven track record, history of excellent customer service, and assurance they will complete the process from start to finish.
Take Action
Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.