April 2022: Getting a Grip on Unclaimed Property

May 6, 2022

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Metric of the Month — Career Pathing in AP

Skill-siloing in accounts payable is a long-standing issue within many organizations. In a new IOFM white paper, “Employee Burnout and What You Can Do About It,” we surveyed AP professionals to discover whether they feel they have a clear career advancement track. Over half say they do, but a fourth do not.

Maintaining UP Compliance

States are rigorously enforcing unclaimed property reporting due to COVID-related revenue shortfalls, yet many AP organizations don’t have adequate UP procedures in place. We offer five tips to preventing noncompliance.

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Notifying Vendors of Unclaimed Payments

An important part of the escheatment process involves first notifying vendors that there are outstanding payments that they haven’t claimed. Download IOFM’s letter template to request more information from them.

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Who Owns the UP Process?

We asked our IOFM Advisory Panel which group manages the unclaimed property/escheatment process in their organizations. Answers ranged from specialized teams to outsource vendors to joint efforts by multiple departments.

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