Why Outsource Unclaimed Property Reporting?
An outsourced solution can allow your organization to focus on its core competencies while ensuring unclaimed property compliance. As many as 65% of all companies are out of compliance with unclaimed property laws – risking audits, penalties and fines.
If you’re a mid-size business, don’t think you’re immune to the unclaimed property audit. With much of the big game already caught by state authorities, auditors now are prowling the hunting grounds for smaller quarry. And that means modestly-sized companies are in season.
Running for cover won’t help much. Nor will your smaller dimensions make you invisible. Compliance with unclaimed property regulations is required of all business entities. Thus, nobody eludes state radar.
Long of secondary importance to governmental auditors, mid-size concerns have had little incentive to batten down the hatches. Sloppy housekeeping has been the result. Thus, in contrast with their larger counterparts, these enterprises tend to have flimsier policies and procedures, as well as an inadequate supply of unclaimed property expertise and resources. Full of holes would be an apt description of these easygoing companies.
Filling those holes and getting up to speed requires a colossal investment of time and resources. Unfortunately, many mid-sizers don’t act until the dreaded audit notice arrives. At that point, the beleaguered enterprises have three options: (1) Enroll in the world’s fastest unclaimed property course and graduate with honors; (2) Beg the auditing squad for mercy; or (3) Consult unclaimed property advocates to take the load off your shoulders. Tip: Number (3) usually works best.
Do you have questions or concerns 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.