A business, no matter what its size or financial depth, has a tall order when dealing with unclaimed property compliance. But not all entities are on the same playing field when it comes to managing this crucial facet of operations. While there is substantial overlap in the area of unclaimed property compliance, smaller companies face certain issues having little or zero impact on their larger counterparts. And vice versa.
A modestly-sized company, for instance, many handle record-keeping quite differently than a behemoth operation. For the smaller entities, paper documentation may still play a significant role in their efforts to achieve unclaimed property compliance. Typically less efficient and precise than digital housekeeping, printed records increase error risk, sometimes significantly. On the bright side, the smaller the business, the fewer the records. Thus, by its very nature, the small-scale system is blessed with a certain simplicity.
Unclaimed property compliance at larger companies gets a boost from staff size – more people for more tasks. At smaller concerns, tracking unrecovered assets may be one of many duties handled by designated team members. Big and medium-sized companies, on the other hand, have the numbers necessary for specialization. Depending on need, record-keeping for unclaimed property compliance often is the sole responsibility of a single, group exclusively focused on the task at hand.
Do you have questions about unclaimed property compliance or about any other issues pertaining to unclaimed property? 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 Unclaimed Property Services can help you reach your objectives.
For more information and answers to all of your unclaimed property questions, contact Argent at toll free 800 930-5993 or questions@argentfirm.com. Our consultants will be happy to assist you any way we can.
