If
you or your department is responsible for the management and/or reporting of
unclaimed property to the state, then I feel your pain. It’s a necessary and
sometimes daunting task. Compliance is
extremely important, but let’s face it….how much time are you currently
spending on managing the entire unclaimed property reporting process?
If
you’re not presently automating the process, it’s likely that you could be costing
your company money in time and you may not be in compliance. Keep in mind that
automating the process is not about replacing jobs, it’s about streamlining the
process and helping your organization remain compliant, eliminating the need
for additional headcount during busy reporting seasons.
Businesses
have been reporting unclaimed property for years and many of them have never understood
the possible impact to their bottom line. What is a major pain point for many
organizations, costing thousands of dollars? LABOR… While we all might realize
this, it’s difficult to see in non-production environments where we may lack
the proper tracking metrics. It’s easier to examine labor costs in a
manufacturing facility based on direct output of products, but how
do you effectively track when it comes to compliance and reporting? For
instance, the task of measuring an accounts payable department is usually done
by assigning much work to the employees until you see an upsurge in overtime. When
it’s noticed, the company usually just adds an additional employee or something
doesn’t get done. Have we fixed the problem or have we added to it? Band-aids
only cover the issue so it doesn’t get dirty, unfortunately it won’t
permanently fix the problem.
2018
is the perfect time to start evaluating your internal compliance processes. There’s
no need to endure financial pain or open yourself to unnecessary audits if you
don’t need to.
