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Compliance Enhancement

“Unclaimed Property is just like other compliance functions, right?”

In short, yes—and no.

Your company may be used to managing complex accounting, finance and tax processes, so when you turn to managing compliance for abandoned and unclaimed property, you might think to yourself, “No problem.” 

However, laws governing abandoned and unclaimed property add layers of complexity. State statutes are meticulous in their demands, vary widely by state and property type, and are continually changing. State administrators and third-party auditors aggressively enforce the laws through audits, penalties, interest on unreported unclaimed property and sometimes criminal lawsuits if they believe your organization has intentionally avoided escheatment. 

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Once you understand the complexities and risks of compliance, you (or your boss) are likely to begin asking questions like these. The truth is, if your company produces a large amount of unclaimed property each year with owners in multiple states, abandoned and unclaimed property management can be very complex. It can cost a great deal. It can disrupt normal operations at inconvenient times, cause stress among personnel and affect your company’s reputation.
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    Analyze

    We begin by examining and evaluating your company’s records, accounting methods and compliance processes.

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    Plan

    Then we provide a customized assessment and plan of action with a clear determination of areas where your company is exposed to risk or can take advantage of procedural efficiencies.

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    Execute

    Finally, if it makes sense, we help you implement the plan to reduce your risk of audit and avoid other potential risks such as resource depletion, excessive staff hours, accounting mistakes and hits to your company image.

Why MarketSphere?

  • Years of experience in a wide variety of industries
  • Experience helping hundreds of companies save millions of dollars by assuring they are complying properly
  • A collaborative approach that draws on the experience of all team members and your own staff
  • The opportunity for you to apply unclaimed property best practices, create efficiencies and produce cost savings

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Steps of compliance enhancement:

We’ll leverage the experience of our compliance specialists to create a custom plan that could include any of the following steps.

  1. Ensure you are capturing all unclaimed property in your organization, so states don’t exact penalties or accuse you of willfully refusing to comply
  2. Minimize risks and costs associated with abandoned and unclaimed property 
  3. Minimize compliance mistakes and reduce the likelihood of audit
  4. Remove the stresses and demands of compliance by taking on due diligence tasks for you, allowing you and your staff to address more important business functions
  5. Confidently report to top leaders that you have covered all the bases and tapped every possible advantage to minimize the negative impact of unclaimed property on your company

We Can Help You:

  • Ensure you are capturing all unclaimed property in your organization, so states don’t exact penalties or accuse you of willfully refusing to comply
  • Minimize risks and costs associated with abandoned and unclaimed property and escheatment
  • Minimize compliance mistakes and reduce the likelihood of audit
  • Remove the stresses and demands of compliance by taking on due diligence tasks for you, allowing you and your staff to address more important business functions
  • Confidently report to top leaders that you have covered all the bases and tapped every possible advantage to minimize the negative impact of unclaimed property on your company

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Read the blog: 15 Questions to Single out the Best Abandoned and Unclaimed Property Provider

Are you overcomplying? Undercomplying?

Are you reporting and escheating too many dollars? Or are you reporting too little and risking huge penalties? Take two minutes to take the JustRight Compliance® quiz to find out!

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the invisible plan navigating & negotiating unclaimed property for least impact

We were particularly pleased we were able to achieve such measurable success during the busiest time of our year.

Director, Financial Process and Systems Support at a large Accounting, Tax, and Bookkeeping firm