ACA Reporting Software – Important Features
This post is for Applicable Large Employers (ALEs) required to comply with the Affordable Care Act. We hope you find it useful.
Here is a checklist to help with selecting your ACA Reporting Software:
· If you want to simplify compliance, it is important that your software is comprehensive. This includes data import, monthly reporting, and the ability to track employee status throughout the year – not just end-of-year forms filing.
· Customer service should be readily available and knowledgeable about answering software questions or ACA consulting. Some companies, such as Passport Software, also provide consulting about possible ACA penalty relief.
· Security is important, and data encryption is necessary in order to protect employee social security numbers.
· Make sure the ACA Reporting Software data base stores employee information. ACA reporting is subject to IRS audits for up to 7 years after filing.
· Does your vendor provide optional proxy-submission? Make sure they are IRS-approved and set up to file on your behalf if you require this service.
· After uploading your employee data spreadsheet, is the ACA software easy to use? Does the ACA Reporting Software provide logic for different coding situations, and does it provide robust capabilities for variable hour tracking?
· Cloud vs. Desktop – A desktop solution offers a one-time licensing fee with a nominal annual fee for upgrades. A cloud solution requires monthly payments, but does not require any download or installation of software.
· Can you save money by doing ACA reporting in-house rather than spending on an outside payroll service? Ask about extra charges, such as an additional charge of $3 to $5 per employee to file the forms with the IRS.
Passport Software provides all these features and more. We can help you ease the burden of ACA reporting and year-round compliance.