ACA Software Streamlines Compliance Management for Your Company
This post is for Applicable Large Employers (ALEs) required to comply with the Affordable Care Act. We hope you find it useful.
The Great Resignation has resulted in record numbers of employees leaving their jobs, and hiring and retaining employees has become a challenge for some companies.
HR professionals or administrative staff are responsible for a host of duties, and hiring and retaining talent amidst a mass exodus of employees can add more responsibility to an already long to-do list of duties.
When dealing with extra responsibilities added to an already busy schedule, it’s important to continue to stay on top of compliance management activities.
Keeping up with changing federal, state, and local regulatory compliance requirements is crucial for avoiding non-compliance fines and penalties.
Being aware of evolving industry-specific regulations can add more complexity to your compliance management duties. When it comes to ACA compliance management, the stakes can be high as non-compliance may result in steep penalties.
Comprehensive ACA software can help you track and manage ACA-related data year-round to help streamline this important compliance management duty. Aggregating your data in a central location can help reduce the risk of errors compared with manual tracking. Data-accuracy is necessary to ensure compliance.
In addition to Federal filing, many states now require, or will soon require state-level ACA reporting. An effective ACA solution provides much more than forms and helps streamline data management in order to provide applicable offers of coverage and for accurate filing.
Our ACA software provides status reports that alert when offers of coverage are needed and if the coverage is considered “affordable” based on IRS criteria. Maintaining compliance is crucial in order to prevent errors that could result in steep penalties.
If you are manually tracking or are doing most of the work manually for your payroll service, being proactive and utilizing ACA Software and services can help prevent costly tracking errors.
Tracking employee hours worked, termination and hire dates, temporary or seasonal staff hours and making appropriate offers of coverage can be streamlined with ACA software. Our IRS-certified ACA software provides much more than forms and helps manage compliance throughout the year.
Avoiding Compliance Mistakes
Accurate record-keeping is crucial for avoiding compliance mistakes. Good Faith Transition Relief ended starting with the 2020 tax year for ACA reporting. This means…
ACA related-data tracking can be complex for many companies but is more important than ever to avoid penalties. If you are manually tracking, overlooking fluctuating employee hours or failing to notice when part-time employees are trending towards full-time could result in costly errors.
Employee misclassification can be costly if you don’t make appropriate offers of coverage to qualifying full-time employees in a timely manner. Automation that allows you to easily update employee status can help you track employee statuses more accurately.
Having your employee ACA-related data aggregated into ACA software that provides reports indicating when to offer coverage can help streamline compliance management.
Human error can also result in compliance errors, and having one employee tasked with ACA compliance management can help prevent communication errors resulting from multiple staff tracking data. It’s important to stay on top of deadlines, as missing an ACA filing deadline or failing to furnish Forms 1095-B or -C to employees can also result in penalties.
If you are managing complex ACA-related data manually or doing most of the compliance management work yourself on behalf of your payroll provider, automation can help you simplify the process.
Given the complexities of ACA compliance management, comprehensive ACA software or a knowledgeable ACA Full Service provider can help those who feel overwhelmed by the entire process.
Streamline Your Company’s Data
Passport Software’s Accounting software helps manage compliance with regulatory requirements, including the Affordable Care Act and Sales and Use Tax management and reporting.
PBS™ Accounting helps streamline your company’s financials and includes an optional ACA software module that integrates with PBS™ Payroll. Or, the ACA module can act as a stand-alone ACA solution.
Document management is also fully integrated into Passport Business Solutions™ as opposed to being a separate application and, at this time, is available in Accounts Payable. Document management allows the customer to eliminate or greatly reduce their paper files and can reduce or virtually eliminate searching for documents.
Streamlining your company’s financials, company data, document management, and managing compliance related activities are important benefits of PBS™. Effective ACA-related data management is crucial for compliance management, and ACA non-compliance could result in some of the more costly penalties of all the regulatory compliance errors, depending on which penalties you receive.
PBS™ allows you to streamline your company data to save and free your staff up for important tasks such as effective compliance management to help your company avoid fines and penalties.
Our ACA software helps businesses across a broad spectrum of industries. Manufacturers and Distributors that qualify as Applicable Large Employers can benefit from our ACA software as well as our Manufacturing and Distribution ERP.
Passport Software’s Manufacturing and Distribution ERP suites can help you improve on-time deliveries, gain control of your shop floor, manage your financials, as well as manage both ACA and Sales compliance as needed.
Due to The Great Resignation and pandemic, many manufacturers and distributors are facing the challenges of labor shortages, supply constraints, and inflation. It’s important to stay on top of compliance management when there may be various other pressing matters that demand your time.
Restaurants and hotels may also face compliance management challenges due to the complexity of tracking employee hours for staff working various jobs with varying pay rates at different locations. Food Service payroll with optional ACA software is specifically designed for restaurants and food service industries.
We’ve been helping Applicable Large Employers simplify and comply with the ACA since 2015, and our knowledgeable support staff can answer any questions about our ACA software and services or questions about the ACA in general.
We can help you ease the burden of ACA compliance and reporting, and we can walk you through the entire reporting process. In addition to our comprehensive ACA software, we offer ACA Full Service and can manage compliance for you year-round including filing.
If you are overwhelmed by the process, were late filing, have failed to file in prior years, or received a penalty notification, we can help. Our ACA penalty response services have helped many companies drastically reduce or avoid penalties.