continyous rightful ownership
Escheatment tracking to comply with regulations for unclaimed property has become a routine aspect of most companies Accounts Payable function. And no audit technology company is better versed in Escheatment Analysis than APEX.
Clearly, this aspect of your business can be complex. But routinely focusing on it is valuable for safeguarding disbursements in the future, and recovering claims today
Using solutions, expertise and technologies from APEX, you will be able to identify, resolve and maintain results for your un-cashed items.
Governing laws in states and provinces vary on dormancy periods, periods for vendor payments, and due diligence requirements. Each has their own reporting form, and some require electronic filing while others accept only hard copy. Some states and provinces exempt certain specific business-to-business (B2B) transactions, though just what is exempt may vary.
A particular gray area is where your company is in a location that exempts certain B2B transactions, but the vendor is in a state or province that does not. In general, the funds escheat to the vendor’s state.
Operational issues can add to the complexity. For example, how many bank accounts does your company issue payments from? Would you like to find a tool that allows you to track payments from multiple banks and accounts within one database?
Bottom line: Working with APEX, you can return property to its rightful owner and take a lot of complexity out of your process by leveraging APEX FirstStrike® escheatment tracking capabilities.