Saving Time and Money With a Centralized ACA Solution
Navigating the complexities of the Affordable Care Act (ACA) can be a daunting task for employers, especially with its ever-evolving regulations and reporting requirements. Fortunately, ACA compliance doesn’t have to be a time-consuming and costly process. With a centralized ACA solution like ACA-Track, businesses of all sizes can streamline their compliance efforts, reduce administrative burdens, and avoid costly penalties. Here’s how ACA-Track helps organizations save both time and money while ensuring they meet all the necessary ACA requirements.
Why Centralize ACA Compliance?
The Affordable Care Act imposes strict requirements on employers, especially those who are considered “Applicable Large Employers” (ALEs). ALEs, defined as employers with 50 or more full-time employees, must offer health coverage that meets minimum standards of affordability and value. Employers who fail to comply with these requirements may face hefty penalties from the IRS, as well as administrative headaches related to tracking and reporting employee data.
To meet these compliance obligations, employers must track employee hours, determine eligibility for health coverage, report data to the IRS, and maintain detailed records for future audits. Managing this process across multiple systems and departments—payroll, human resources, benefits, and finance—can be overwhelming. This is where a centralized solution like ACA-Track comes into play.
How ACA-Track Saves Time and Money
1. Centralized Data Collection
One of the most significant challenges of ACA compliance is collecting accurate data on employee hours worked. Whether employees are full-time, part-time, or variable-hour workers, employers need to track their hours meticulously. ACA-Track centralizes this process by integrating with payroll systems, timekeeping tools, manual time sheets, and other employee tracking systems.
By automatically collecting and consolidating data from all sources, ACA-Track eliminates the need for manual entry, which can be both time-consuming and error-prone. With real-time data, employers can easily monitor employee eligibility for health coverage and avoid compliance issues.
2. Simplified Monitoring and Alerts
Keeping track of employee eligibility thresholds is another critical aspect of ACA compliance. Employers must ensure they’re offering coverage to full-time employees (those working an average of 30 or more hours per week), including those who may fluctuate between full-time and part-time status.
ACA-Track simplifies this by providing advance alerts when an employee exceeds the eligibility threshold. It also tracks various employee events—such as leaves of absence or insurance waivers—to ensure accurate reporting and prevent costly mistakes. This proactive monitoring helps businesses stay ahead of potential compliance issues, minimizing the risk of fines and penalties.
3. Effortless ACA Reporting
Generating the required ACA forms—such as Form 1094-C and Form 1095-C—can be a time-consuming process, especially when the data is spread across multiple departments. ACA-Track takes care of this by automatically generating accurate IRS forms, ensuring they are filed on time and in the correct format.
With ACA-Track, employers can easily submit an XML file to the IRS, ensuring compliance without having to manually complete these complex forms. The software also provides detailed error-checking to identify potential issues before submission, reducing the likelihood of IRS penalties for incorrect filings.
4. Error Resolution and Support
Even the most meticulous tracking can result in occasional errors—whether it’s a misclassification of an employee’s status or a missing data point. ACA-Track helps resolve ACA reporting errors quickly and efficiently. Its user-friendly interface allows businesses to fix errors directly within the system, ensuring data accuracy before filing.
For added peace of mind, ACA-Track offers dedicated support through Client Success Advisors, who provide personalized assistance to help resolve issues and ensure compliance. This support can save businesses valuable time, as they don’t have to navigate the complexities of ACA compliance on their own.
5. Easy Access to Historical Data for Audits
In the event of an IRS audit or a state healthcare exchange request, having quick access to accurate records is crucial. ACA-Track stores all ACA-related data in one centralized location, making it easy to retrieve information when needed. This eliminates the time-consuming process of searching through multiple systems to gather the necessary documentation.
With ACA-Track, businesses can rest assured that all required data is readily available, ensuring a smoother audit process and reducing the risk of penalties due to incomplete or incorrect records.
The Key Features of ACA-Track
ACA-Track stands out for its comprehensive and user-friendly features that make ACA compliance both manageable and efficient. Some of the key features include:
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Customizable Dashboard: Employers can choose the data fields they want to view and arrange them in a way that works best for their needs. Sorting, filtering, and grouping data is easy, providing a streamlined experience for users.
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Snapshot Summary: ACA-Track’s snapshot functionality maintains employee ACA data over time and preserves payroll records as they were at a specific point, ensuring historical accuracy.
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Flexible Configuration: The system allows for customizable settings, including measurement periods, affordability percentages, and waiver codes. This flexibility ensures that businesses can tailor the system to their specific needs.
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Data-Driven Insights: ACA-Track provides detailed analytics, allowing users to sort, filter, and export data. Color-coded warnings help users quickly identify errors or unusual data, enhancing efficiency and accuracy.
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Security and Compliance: With SOC 2 Type 2 compliance and data encryption, ACA-Track ensures that sensitive employee information is kept secure. The system is built to comply with data protection regulations, providing peace of mind for businesses concerned about security.
How ACA-Track Helps With Non-Compliance Risks
Non-compliance with ACA regulations can result in significant penalties. These penalties can quickly add up, especially if employers fail to provide the required coverage or fail to report correctly. ACA-Track minimizes these risks by helping employers stay on top of their reporting requirements and ensuring that they meet all ACA guidelines.
For example, if an employer misses the deadline for submitting Form 1095-C or makes an error on the form, they could be subject to penalties of up to $270 per return or statement. With ACA-Track’s automated filing and error-checking features, the chances of missing a deadline or submitting incorrect information are drastically reduced.
Conclusion: A Smart Investment for Employers
ACA compliance doesn’t have to be complicated, time-consuming, or expensive. By centralizing ACA tracking, reporting, and error resolution, ACA-Track simplifies the entire process, saving businesses both time and money. With its user-friendly interface, customizable features, and secure data management, ACA-Track provides a cost-effective solution that meets the unique needs of businesses, organizations, and their clients.
If your company is struggling with ACA compliance or simply looking for a more efficient way to manage it, ACA-Track has the tools and expertise to make the process easier and more cost-effective. Let ACA-Track take the stress out of ACA compliance, so you can focus on growing your business while staying compliant with the law.
