Unclaimed Property Due Diligence For Enterprise

Ensure Unclaimed Property Compliance for your Medium to Large Business with Sovos UPEnterprise

Unclaimed property compliance software

Become compliant and prevent penalties

Unclaimed property experts estimate that 80% of our nation’s businesses are out of compliance with state unclaimed property reporting requirements. 

Businesses are falling behind because enterprise unclaimed property compliance is riddled with uncertainty and state governments are constantly changing compliance standards. To make matters worse, compliance audits are more stringent and costly than ever. The result is reputational risk and financial penalties that could cripple your business.

Benefits of UPEnterprise

Mitigate risk

Stay up to date on state rules and manage compliance with a continuous stream of state dormancy and unclaimed property due diligence regulation data.

Avoid fraud

Without adequate focus on unclaimed property, rogue employees could easily move assets to personal accounts. UPEnterprise offers business leaders the ability to safeguard the organization and minimize opportunities for fraudulent activity.

Reduce fines

Unclaimed property is quickly becoming a primary revenue driver for states, in part because compliance audits have become more stringent and costly. Noncompliance with unclaimed property regulations can result in fines totaling more than two and a half times the amount originally owed to the state.

Improve operational efficiency

Use automation to complete the reporting process in less than half the time.

Bolster audit defense

Easily access the historical data needed all in one place in case of an audit.

Tailor your solution

Weigh the benefits of our software-based and fully outsourced offerings and choose which is the best fit for your business. Get full details on our fully outsourced offering below.

UPEnterprise Features

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Security

SSN/FEIN Masking: Keep your client data secure by masking social security and federal identification numbers.

Complex Security Assignments: Keep your client and organization’s data secure with role-based security assignments and a solution that is ISO 27001 certified and HIPPA compliant.

Compliance

Compliance Calendar: Set up reminders for yourself or your staff with email notifications for upcoming due dates for state reports, due diligence or internal custom events.

Audit Defense: Maintain peace of mind with a full audit trail of “who did what and when,” as well as a library of reports and all of the unclaimed property due diligence letters and cover sheets that have been generated and submitted to the states.

State Capitol Building in Atlanta, Georgia, USA.
Closeup of businessperson working on laptop

Reporting

Automated Reporting: Point, click and generate reports for multiple states automatically.

Consolidated Reporting: Produce state and company reports individually or consolidate and streamline multi-state reporting efforts by processing multiple state reports for numerous companies or divisions simultaneously.

Additional Features

Customized Due Diligence Letters

Use standard or customized due diligence letter templates, thresholds and dormancy periods and apply QR codes for streamlined response handling.

Seamless Integration

Manage data in one centralized system with a real-time API integration to consolidate data from multiple source systems for accurate calculations of unclaimed property reporting due dates and due diligence letter timeframes.

QR Code Scanning

Scan QR codes to update the status of due diligence letters quickly and efficiently. This allows your business to update client data such as RPO (return from post office) letters directly into the unclaimed property record.

Automated Ledger Reconciliation

Take advantage of an automated tool for ledger reconciliation.

Simplified Activity Tracking

Record notes, calls, tasks, and attachments, keeping your workflow and activities in one place for simplified tracking.

Postal Address Verifications

With PAV you can correct, standardize, and verify addresses to reduce postage costs and minimize the number of due diligence letters returned by the post office.
Managed services

Fully outsource your unclaimed property obligations

Our team of unclaimed property compliance experts will take over all your compliance obligations, help you minimize your reporting exposure and ensure your reports are sent in an accurate and timely manner. Our services are affordable and flexible enough to precisely align with your company’s unclaimed property needs. Below is a detailed summary of our fully outsourced offering:

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Ensure unclaimed property compliance for your medium to large-sized business.
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