Virtually every company has unclaimed property and is therefore required to file abandoned property reports annually with the states. Industry experts estimate that Americans abandon about $5 billion each year in stock certificates, dormant saving accounts, premium checks and a variety of other financial assets. Any company in possession of abandoned property is legally required to report it to the states.
However, only a small percentage of companies submit their unclaimed property to the states each year, and most of these report only a fraction of the unclaimed property they possess. Thus, a large number of companies are failing to comply with the states’ requirements concerning unclaimed property filing.
At FSITrack our methodology is to build cutting-edge unclaimed property software that enables our clients to build financials and solve database management problems easily and efficiently. To that end, we invest in research and development, technology, and employee training.
We continue to evolve and improve our products to align with our client’s needs and the ever-changing state laws and accounting practices. We provide big-business results with small-business values.