Our experience with unclaimed property consulting comes from the Multi-State Tax Commission, Arthur Andersen and other "Big 4" accounting firms, the largest independent state and local tax consulting firm in the U.S., and working for state unclaimed property agencies. Over the past several years, our professionals developed and managed the annual unclaimed property filing process on behalf of several companies (ranging from privately held enterprises to the Fortune 50, with most of our clients in the Fortune 1000).
We maintain a low cost structure that results from our high degree of specialization, utilization of technology, and built-in economies of scale. Comparably, most of our clients incur vastly higher research, software, development, and human resource deployment expenses trying to manage this process internally. Our clients often seek consultation from us regarding a broad array of general issues that only dedicated unclaimed property professionals can deliver, including but not limited to: Gift Card Management, Consulting & Process Enhancement; Litigation Support; Expert Witness Testimony; General Consulting on Liability Accruals and other Novel Issues.
With ever-increasing frequency, we are asked to assist companies with internal policy & procedure development. Many companies have limited, if any, unclaimed property policies and procedures that can result in inefficiencies and the potential for overreporting. We are frequently engaged to design specific controls and processes for a particular organization's needs in this area that result in accurate reporting, enhanced personnel productivity, and direct financial benefit. These services typically include:
- Perform assessments of present internal controls
- Coordinate processes across various functional lines
- Work with department managers to manage unclaimed property early and increase compliance
- Develop business performance and reporting metrics for all departments affected by implemented processes
- Work with departments to drive policies and procedures to ensure compliance
- Conduct a post-implementation review to assess adherence to the implemented processes
- Coordinate requests from internal and external auditors
Often driven by internal audit, Sarbanes-Oxley compliance, or some other external force - we can assist your company by creating and implementing a policy and procedure for effective unclaimed property compliance.