Sovos UPExchange

Ensure Unclaimed Property Compliance for your Small to Medium-sized Business with Sovos UPExchange

Unclaimed property reporting software

Prevent penalties and safeguard your business

State officials estimate that 80 percent of businesses fail to comply with unclaimed property law. Unclaimed property is quickly becoming one of the highest revenue drivers for states behind taxes, resulting in compliance audits that are 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.

Sovos UPExchange for small to medium-sized businesses streamlines the reporting process, safeguards customers from audit risk and has processed more than $8.5 billion of unclaimed property on behalf of our customers.

Mitigate risk

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

Avoid fraud

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

Reduce fines

State officials estimate less than 20 percent of companies in the U.S. are fully compliant with unclaimed property regulations. This means an overwhelming number of companies might be at risk of penalties.

Improve operational efficiency

Automate the reporting process and give overworked controllers their valuable time back with one less thing to worry about.

Bolster audit defense

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

Outsource non-core business activities

Refocus your time on revenue-generating projects and opportunities.

Remain compliant with UPExchange.

Automated

Point, click and generate your unclaimed property report automatically.

Audit defense

Maintain peace of mind with a full audit trail of “who did what and when,” as well as a library of reports, due diligence letters and cover sheets generated and submitted to the states.

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.

Security

UPExchange allows for basic security level assignment, limiting access to specific companies.
“With UPExchange I have a much brighter outlook on reporting and it has simplified my life tremendously!”

Sherri Corcoran

Unclaimed Property Administrator, Washington State Department of Licensing

Washington NFT

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