Let’s face it, most companies
have larger things to worry about than the dormancy period of uncashed payroll
checks or researching state websites to determine if vendor checks should be
escheated this year or next. What was the last activity date again? Yuck! Many
of the organizations that have invested in unclaimed property filing software
aren’t even aware that outsourcing might be an option. Outsourcing your
unclaimed property process can be a great service to any company that simply
doesn’t have the time to worry about unclaimed property and the many rules and
regulations that must be adhered to.
Once you have enlisted an
organization to complete your unclaimed property processes for you, there
should be a series of activities that take place. Ideally, they should host a
kick-off call so you can meet the outsourcing team supporting you and they should
be easy to get in touch with. Once expectations, communication, and guidelines
have been established, the vendor you selected should be able to provide
accurate, efficient, and timely report processing. They should handle due
diligence, claims processing, the ensuing confusion that recipients tend to
have, followed by electronic filing for all applicable states, all while making
sure timeframes and deadlines are adhered to.
If the vendor you selected also
offers online filing, that would be a huge time saver for your organization so
you don’t have to write checks, stuff envelopes, and go through the headache of
tracking payments sent to various states.
When considering
a company to outsource your unclaimed property reporting processes, you will
want to select a team of experts having extensive knowledge, a solid and secure
reporting system, a proven track record, history of excellent customer service,
and assurance they will complete the process from start to finish.
Author: Kevin Thier
Account Executive
