3 pain points of unclaimed property compliance

States have become more data-driven in identifying audit targets in unclaimed property cases. Finance and accounting departments must do the same to protect themselves from the risk of non-compliance. But without a structured approach to identifying and reporting unclaimed property, organizations are exposed to significant fines, interest payments, and operational interruptions.

Of course, the road to proactive compliance is no easy feat. Across our clients, we see three main pain points of unclaimed property compliance. Sound familiar?

1. Confusing and intricate rules

Teams need to spend significant effort to report and comply with complex regulations—and any deviation, even slight, can lead to sizable liabilities to the state.

2. Multiple state requirements

It’s not just one jurisdiction to keep on your radar—it’s multiple. And regulations and laws can be unique by state and property type.

3. Recognizing exposure

Unclaimed property laws cascade to different teams within an organization—like payables, receivables, payroll, and sales—and controlling this liability requires tight alignment.

The good news? Compliance doesn’t have to be complicated. See how our escheatment package can help.

Categories: Staff augmentation
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