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KeepUP™ Blog

7/30/15 10:00 AM

9 Reasons Oil and Gas Companies are Good Targets for Unclaimed Property Audits


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Topics: Reporting, Audit, Third-Party Support

6/25/15 12:29 PM

Unclaimed Property Best Practices: Dedicated Recordkeeping System and Professional Support

Unclaimed property often is seen as a secondary accounting and compliance concern. As a result, unclaimed property objectives sometimes get shoehorned into the parameters of existing recordkeeping and scheduling technology. Sometimes new technology is purchased to supplement the old. 

  • A regulatory database is simply bolted on to old software
  • Due diligence template letters are dropped into existing customer information systems
  • Customer contacts are noted manually

Those who control the purse strings might say: "We'll just add manual notes in our old system to document transactions or modify an unused customer field to categorize property. We'll simply schedule reminders in the current system to track dormancy and trigger due diligence."

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Topics: Reporting, Third-Party Support