It is important to have strong policies and procedures in place to identify, track, and resolve oustanding unclaimed property items so that you can report accurately. This applies to both your internal departments and to your vendors that you use to outsource various functions like Payroll and Accounts Payable.
When changing systems or merging companies, be sure to obtain and retain records going back at least fifteen years. If you are missing a year, states will extrapolate what they believe should have been reported, and it is never to your advantage.
Audit Resource Group can evaluate your policies and procedures, document processes, and provide recommendations for improvement. We can also craft an entire manual.
With strong oversight, you can increase corporate-wide compliance, strengthen fraud deterrence, and reduce penalties and interest resulting from properties being reported late.