The team assigned by your business to manage potential unclaimed property audits is like any other team. It must mount a powerful defense. Without this fortification, valuable yardage and probably the game will be lost.
Preparing an adequate defense for the infamous unclaimed property audit is not a Herculean task. Nor is it a mystery worthy of the infallible detection skills of a Sherlock Holmes. Defending against an unclaimed property audit simply requires the execution of several fundamental steps.
The most important of these steps is a necessary component of virtually all important endeavors – organization. By keeping records neat, orderly, and eminently trackable, a business concern maximizes the chances of early problem detection – well before J.Q. government rings the bell. Additionally, neatly organized data creates a much-appreciated picture of transparency — if and when auditors peg you for a visit.
Once organized, unclaimed property info should be tracked through a dedicated accounting system. Why dedicated? Because many rules of conventional accounting are inapplicable in this sphere.
Word to the wise — never leave things to chance. Once your unclaimed property accounting policies are duly established, assemble a team to codify the information into a set of guidelines for future use. Unless, of course, you’d rather start all over again when new personnel come on board.
Do you have questions about unclaimed property audits or about any other issues pertaining to unrecovered assets? The Argent Firm can help you with a diversity of proven unclaimed property support services and solutions.
Whether you’re an individual intending to recover unclaimed property, a professional requiring escheatment support services, or a business owner who must satisfy compliance regulations and reduce exposure, Argent can help you reach your objectives.