Unclaimed Property Software – Financial Software Innovations

ABANDONED ASSETS

Industry experts estimate that Americans abandon about $5 billion worth of unclaimed property each year. Governments require you to report most unclaimed property, including accounts payable checks, vendor checks, payroll and commission checks, along with abandoned checking and savings accounts, utility deposits and stock certificates. However, only a small percentage of organizations actually escheat their unclaimed property each year.

FILING CHALLENGES

As states increase the frequency of unclaimed property audits, organizations need to examine their escheatment policies and procedures, and address any current or potential challenges getting in the way of compliance. FSITrack, our unclaimed property reporting software, along with our commitment to customer support, makes unclaimed property compliance easy. Challenges with maintaining abandoned property can range from state-specific due diligence requirements, changing dormancy periods, tracking down lost property owners, and knowing filing dates, just to name a few. Since holders are required to file with the state of the owner’s last known address, a manual filing process can be exhausting for those with hundreds, if not thousands, of unclaimed property records.

COMPLIANCE SOLUTIONS

If you are currently filing with a manual system or if you are dissatisfied with your current unclaimed property software, we recommend obtaining an all-in-one system to ensure time efficiency, simple due diligence, and state regulated functionality. FSITrack is an easy to use escheatment software that allows entities of all sizes to comprehensively track, manage, and report unclaimed property as mandated by the states.

WHY FSITRACK?

At FSI, Inc., we continue to evolve and improve our products to align with our clients’ needs and the ever-­changing state escheat laws and accounting practices. FSITrack will benefit your business by providing a centralized console to view filing and reporting statuses, generate due diligence letters, customized reports, filing alerts, B2B exemptions, audit trails, task scheduler, email notification, and much more. Using FSITrack will translate to a significant savings in time and money and provide you with the peace of mind of knowing that your company is in compliance with unclaimed property regulations.

INCLUDED WITH PURCHASE

• Unlimited toll free technical support
• Installation and implementation
• Initial customized training and ongoing training as needed.

CANADA IS COVERED

In addition to the fifty US states, Puerto Rico, Guam, US Virgin Islands and the District of Columbia, FSITrack includes the compliance rules for the Canadian provinces that currently have unclaimed property laws: Alberta, British Columbia, and Quebec.

Our software is continuously updated as new jurisdictions enact their own unclaimed property laws.