How does ACA compliance affect growing companies?

As a company grows and approaches 50 full-time employees or more, it becomes an Applicable Large Employer (ALE) under the ACA. This means the company must offer health insurance to eligible employees and file accurate reports with the IRS. ACA-Track simplifies tracking employee hours, eligibility, and ACA reporting, helping growing companies stay compliant and avoid penalties.

How does ACA-Track support growing companies in tracking employee hours?

ACA-Track helps growing companies track employee hours by integrating with payroll systems, timekeeping tools, and other data sources. It automates the collection of hours worked, ensuring accurate calculations for full-time, part-time, and variable-hour employees. This helps businesses ensure they meet ACA eligibility requirements as their workforce expands.

What ACA forms must growing companies file?

Growing companies classified as Applicable Large Employers (ALEs) are required to file Form 1094-C and Form 1095-C with the IRS to report health coverage offers to full-time employees. ACA-Track automates the generation of these forms and supports electronic filing, ensuring that the process is smooth and deadlines are met.

Why is Full-Time Equivalent (FTE) tracking important for ACA compliance?

Full-Time Equivalent (FTE) tracking is crucial for determining whether a business qualifies as an Applicable Large Employer (ALE) under ACA rules. FTE calculations take into account part-time and variable-hour employees to ensure compliance. ACA-Track simplifies this by automatically calculating and tracking FTEs, ensuring growing companies meet ACA’s employee count requirements.

How does ACA-Track help businesses with ACA error correction?

ACA-Track offers built-in error detection tools that flag any discrepancies in ACA reports before submission. If errors are found, the system allows businesses to make corrections easily. In the event of an IRS audit, ACA-Track stores all necessary data in a secure and accessible manner, helping businesses resolve issues quickly and avoid penalties.

Grow Your Business with Scalable ACA Compliance Tracking

Scalable ACA Compliance for Growing Companies

As businesses grow, navigating the complexities of regulatory compliance becomes more challenging. One of the most intricate regulations that growing companies face is the Affordable Care Act (ACA). For Applicable Large Employers (ALEs), ACA compliance is not just an annual task, but an ongoing responsibility that demands accurate tracking, timely reporting, and effective management. That’s where ACA-Track comes in—a robust, scalable ACA compliance solution designed to simplify tracking, reporting, and managing ACA compliance for companies of all sizes.

In this blog post, we’ll explore how ACA-Track provides scalable ACA compliance solutions to help businesses manage their ACA obligations efficiently as they expand. Whether you are a small company approaching the ALE threshold or a rapidly growing organization already dealing with ACA compliance, ACA-Track can help ensure you stay compliant and avoid costly penalties.

Understanding the ACA Compliance Landscape

Before diving into the specifics of ACA-Track’s solutions, let’s take a quick look at what ACA compliance means for businesses and why it’s crucial to stay on top of it. The Affordable Care Act (ACA) mandates that ALEs—employers with 50 or more full-time employees or full-time equivalent employees (FTEs)—must offer affordable health insurance that meets minimum coverage standards to their full-time employees or face potential penalties.

This means ALEs must track their employees’ work hours, monitor eligibility for health insurance, and provide IRS reporting on Form 1095-C (Employer-Provided Health Insurance Offer and Coverage). With increasing complexity as your workforce expands, the risk of non-compliance grows, which can lead to hefty fines.

How ACA-Track Simplifies ACA Compliance for Growing Companies

ACA-Track offers a comprehensive solution that addresses all aspects of ACA compliance, from data collection to reporting, and scales with your business as it grows. Here’s how ACA-Track helps companies at every stage of growth:

1. Collecting Employee Hours Worked: Precision is Key

For ACA compliance, tracking employee hours is paramount—especially for part-time and variable-hour employees. ACA-Track makes this process seamless by collecting actual hours worked across multiple systems, such as timekeeping tools, automated time clocks, manual timesheets, and payroll systems. This is essential because accurate hour tracking determines whether an employee qualifies as full-time (defined as 30+ hours per week or 130+ hours per month).

As a business grows, managing hours for a larger and more diverse workforce becomes increasingly difficult. ACA-Track streamlines this by integrating with various payroll and HRIS systems, ensuring that every employee’s hours are accurately tracked. This level of integration reduces the manual effort involved and provides a clearer picture of your workforce’s ACA status.

2. Monitoring Eligibility: Staying Ahead of the Game

One of the key components of ACA compliance is monitoring employee eligibility for health insurance. ACA-Track continuously monitors eligibility thresholds and sends advance alerts when employees exceed these thresholds. This proactive approach allows businesses to address any issues before they become major problems, ensuring compliance and avoiding penalties.

ACA-Track also monitors other employee events, such as waivers or leaves of absence, which can affect eligibility. This real-time monitoring ensures that your business is always ready to make the appropriate coverage offers at the right time.

3. Effortless Reporting: Confidence in Compliance

Reporting is one of the most daunting aspects of ACA compliance. Every year, ALEs must submit Form 1094-C (transmittal form) and Form 1095-C (individualized health insurance offer form) to the IRS, as well as provide 1095-Cs to employees. ACA-Track simplifies this process by automatically generating these reports, ensuring accuracy and timeliness.

With ACA-Track’s centralized platform, businesses can maintain all ACA compliance data in one location, making it easy to retrieve data in the event of an IRS audit or a state healthcare exchange request. Furthermore, ACA-Track allows businesses to file the necessary forms electronically with the IRS, ensuring that deadlines are met and that the submission process is seamless.

4. Error Correction: Fixing Mistakes Quickly

Even with the best systems in place, errors can occur. When they do, ACA-Track helps fix ACA reporting errors quickly and efficiently. Whether it’s correcting an incorrect employee status or fixing a mistake in your 1095-C filings, ACA-Track makes it easy to amend submissions to the IRS, helping you stay in compliance and avoid penalties.

5. Customizable Dashboards and Reports: Tailored for Your Business

As your company grows, so do your ACA compliance needs. ACA-Track offers a customizable dashboard that allows you to filter and display the data most relevant to your business. You can choose the data fields you want to see, arrange them in your desired order, and quickly identify any areas of concern.

The platform also offers a snapshot summary feature, which provides a historical view of employee data, such as hours worked, job salary records, and insurance status, at any given point in time. This feature is especially useful for tracking employee changes over extended periods, which is essential for ACA compliance.

6. Scalability: Supporting Your Growth

As your company grows, ACA compliance becomes more complex. With ACA-Track, you don’t have to worry about outgrowing your solution. The platform is designed to scale with your business, whether you’re adding more employees, expanding into new states, or adding new benefit plans.

The platform is flexible and adaptable, ensuring that you can configure the system to meet the specific needs of your organization. From adjusting measurement periods to calculating full-time equivalents (FTEs), ACA-Track can accommodate your evolving needs without requiring a complete overhaul.

7. Data Security: Keeping Your Information Safe

Data security is critical when dealing with sensitive employee information. ACA-Track is built with state-of-the-art security features, including data encryption and secure data transfers via HTTPS. The platform is hosted in a SAS 70 and SSAE 16 certified data center, ensuring that your data is protected at all times.

Moreover, ACA-Track does not store HIPAA-based medical information, keeping your organization compliant with privacy regulations while maintaining high standards of data protection.

ACA-Track Features Designed for Growing Companies

Flexible Configuration: Adjust measurement, administrative, and stability periods; set hours worked thresholds; track waivers and more.
Error Warnings: Color-coded warnings and alerts for potential compliance issues.
Comprehensive Data Exporting: Export data to Microsoft Excel for further analysis.
Custom Reports: Generate custom reports to meet specific ACA compliance needs.
Real-Time Monitoring: Receive alerts for changes in employee status or eligibility.

Why ACA-Track is Ideal for Growing Companies

When you choose ACA-Track, you’re not just getting a tool—you’re gaining a dedicated partner in ACA compliance. A dedicated Client Success Advisor will work with your team to ensure that the system is set up to meet your unique needs and that you have the support you need to navigate ACA compliance year after year.

The platform’s ability to handle complex compliance tasks, while being flexible and scalable, makes it the perfect solution for growing businesses. As your workforce expands, ACA-Track grows with you, ensuring that you remain compliant and avoid costly penalties.

Conclusion: ACA-Track—Your Scalable ACA Compliance Partner

Navigating ACA compliance as your company grows can be challenging, but with ACA-Track, you can simplify the process and ensure that you remain compliant with the ever-evolving ACA regulations. From tracking employee hours to generating reports and filing with the IRS, ACA-Track provides a comprehensive, scalable solution for businesses of all sizes.

To learn more about how ACA-Track can help streamline your ACA compliance efforts, visit ACA-Track.

Stay compliant, save time, and avoid penalties with ACA-Track—your ACA compliance partner for growth.