Unclaimed Property Automated Solution

Automate your unclaimed property management workflow to streamline your processes and reduce the burden on your team. AUPTC unclaimed property automated solution is a task-driven interface that alerts you to approaching due diligence and reporting deadlines, maximizing your efficiency. AUPTC supports the full lifecycle of unclaimed property including property audit trails, compliance deadline tracking, due diligence letter generation, and state reporting. Enhanced AUPTC Enterprise includes courtesy letters, in-house system integration, and support for complex business entity hierarchies.

The Challenge

Unclaimed property is one of the most difficult business responsibilities for which to gain clarity. Over the past few decades, governments have expanded efforts related to the reporting and remittance of abandoned or unclaimed property. The digital age has assisted in these efforts by providing a means for improved financials handling, centralized advertisement of unclaimed property, and electronic channels for owners to claim the funds. As a result, the need for businesses to formalize the management of their unclaimed property has significantly increased over the years, as well as the need for enhanced technology. 

Being aware of unclaimed property tax laws and abiding by them in every state is vital to good standing and reputation. Frequently, uncashed checks are simply deleted from an organization’s outstanding check register and erroneously taken as revenue. Moreover, when unclaimed property is not reported in a timely manner, it is carried as a liability on a business’ records for years. When exposed to the responsible state agency upon audit, these reporting and remission delinquencies may result in penalties and interest which can then be used to extrapolate across the audit data set.

The Unclaimed Property Software Solution

Unclaimed Property Software Solution
 Abandoned & Unclaimed Property Total Compliance “AUPTC” addresses the management of unclaimed property and ensures compliance with unclaimed property regulations in the United States and Canada. AUPTC is designed to maintain property from the point the obligation becomes stale to the time the property is collected by an owner or escheated to the correct jurisdiction.

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