Thursday, October 20, 2011
Even Hospitals Need An Unclaimed Property Checkup
Beckers Hospital Review has an article by Bob Herman entitled "5 Common Accounting Blunders Hospitals Can Avoid." Though the article is intended for those in the healthcare field, much of the advice -- such as not letting credits accumulate or making sure to stay up to date on accounting guidelines -- are useful for nearly all companies. The article also specifically mentions unclaimed property -- in the context of allowing uncashed checking to accumulate -- and warns of the expense and disruption attendant to unclaimed property audits. Notably, the article also warns companies against allowing credit balances to accumulate. Although that is presented in the context of making sure payment procedures and processes are accurate, accumulated accounts receivable credits are a favorite target of unclaimed property regulators in the audit context.