Sovos Unclaimed Property Reporting is an automated solution designed to simplify and streamline the complex process of managing and reporting unclaimed property. This comprehensive software suite offers a range of tools and services to help businesses of all sizes comply with state-specific regulations and industry standards. From identifying dormant accounts to generating compliant reports and conducting due diligence, Sovos ensures that all aspects of unclaimed property management are handled efficiently and accurately. The solution is adaptable to various business needs, offering options from self-service software for smaller companies to fully managed services for large enterprises with complex reporting requirements.

Key Features

Automated Reporting Sovos automates the unclaimed property reporting process, ensuring efficiency and accuracy.

• Calculates dormant accounts and assets based on up-to-date state requirements
• Generates state-specific, compliant reports adhering to NAUPA standards

Due Diligence Management The solution streamlines the due diligence process to meet regulatory requirements.

• Creates, prints, and mails customized letters to unclaimed property owners
• Uses state-specific templates and last known addresses

Electronic Filing and Remittance Sovos facilitates electronic submission of reports and payments to state authorities.

• Allows simultaneous electronic reporting and remittance to participating states
• Provides instructions for states without eFile options

Compliance Updates The system ensures ongoing compliance with changing regulations.

• Automatically updates state regulatory changes within all solutions
• Sends email notifications for upcoming due dates and events

Benefits

Improved Compliance Sovos helps businesses stay compliant with complex unclaimed property regulations.

• Ensures adherence to state-specific requirements and NAUPA standards
• Reduces risk of non-compliance penalties and audits

Increased Efficiency The solution streamlines the entire unclaimed property management process.

• Automates time-consuming tasks like report generation and due diligence
• Centralizes unclaimed property management for multiple business entities

Flexibility and Scalability Sovos offers solutions tailored to different business sizes and needs.

• Provides options from self-service software to fully managed services
• Accommodates growth from single-company reporting to complex multi-state operations