The Benefits of Using ACA-Track for Compliance
In the ever-evolving landscape of healthcare and employee benefits, complying with the Affordable Care Act (ACA) can be both a daunting and complex task for employers. As businesses navigate the intricacies of ACA regulations, they often find themselves grappling with tracking employee hours, understanding reporting requirements, and ensuring timely submissions to the IRS. Fortunately, tools like ACA-Track provide a comprehensive solution that simplifies and streamlines ACA compliance.
ACA-Track is designed to help employers confidently meet their obligations by automating tracking, reporting, and auditing processes, thus reducing the risk of non-compliance and costly penalties. Let’s explore how ACA-Track can help you maintain compliance with ACA regulations and why it’s the right solution for your business.
Complete ACA Compliance Tracking
At the core of ACA compliance is the need to track employee hours accurately—especially for part-time and variable-hour employees. ACA-Track excels at this by integrating seamlessly with payroll and HRIS systems, enabling businesses to track hours worked for all employees in real-time. This includes variable-hour, full-time, part-time, paraprofessional, and substitute employees, regardless of the type of system used to log hours, whether that’s manual timesheets, time clocks, or mobile device entries.
Tracking is essential because it ensures that businesses can correctly assess whether their employees qualify for health coverage based on their hours worked. ACA-Track’s variable hour tracking ensures that no employee goes unnoticed, and eligibility thresholds are met for health insurance coverage.
Automated 1095-C Reporting
The requirement for 1095-C reporting is one of the most critical aspects of ACA compliance. These forms are used by applicable large employers (ALEs) to report whether they offered their employees health insurance and the details of that coverage. ACA-Track simplifies this process by automatically generating these forms for your employees and preparing them for submission to the IRS.
By handling all ACA-related 1094-C and 1095-C federal and state reporting, ACA-Track ensures that you meet IRS deadlines and mitigate the risk of penalties for late or incorrect submissions. The system generates the necessary forms and even files them electronically, saving time and effort while ensuring that all information is accurate and compliant.
Accurate and Secure Data Management
The security and management of sensitive employee data is crucial when dealing with ACA compliance. ACA-Track provides a secure, cloud-based platform certified under the SSAE 16 and SOC 2 Type 2 standards. With encryption in place for all personal identifying information (PII), you can rest assured that your data is safe from unauthorized access.
Data is also organized in such a way that it is always readily available in the event of an IRS audit or a state healthcare exchange request. ACA-Track stores all of your ACA compliance data in one central location for easy retrieval, ensuring you’re always prepared in case of an audit.
Error Detection and Correction
One of the most valuable features of ACA-Track is its ability to detect errors in your ACA reporting. The system uses color-coded warnings to alert you to potential issues with your employee data, such as incorrect hours, missing information, or discrepancies in employee eligibility. These proactive alerts help prevent errors before they become costly mistakes, saving your business from penalties.
If errors do occur, ACA-Track also simplifies the correction process. The system can quickly generate corrections for any ACA reporting errors, ensuring compliance without the need for manual intervention or extensive back-and-forth with the IRS.
Comprehensive Client Support
Navigating ACA compliance can be complex, but with ACA-Track, you’re never alone. The platform offers access to a dedicated Client Success Advisor, who is there to guide you through the entire ACA compliance process. Whether you need help with data integration, generating reports, or correcting mistakes, the expert support team is available to ensure your ACA compliance journey is smooth and stress-free.
Customizable Dashboard and Reporting
ACA-Track’s user-friendly interface includes a customizable dashboard, allowing you to choose the data fields you want to view and arrange them in a way that works best for your organization. You can sort, filter, and group data to improve efficiency and gain insights into your ACA compliance status.
The system also features a snapshot summary, which tracks employee ACA data over time, preserving historical data in case it’s needed for audits or future reference. ACA-Track ensures that all your reports are comprehensive and easy to understand, with detailed views of employee hours worked, insurance status, and eligibility—all accessible in one place.
Compliance Flexibility for Different Business Needs
ACA-Track offers a flexible approach to ACA compliance, allowing businesses of all sizes and industries to configure the system to their unique needs. Whether your company has fluctuating employee hours or complex eligibility rules, ACA-Track can adapt to track all required measurements, such as measurement periods, administrative periods, stability periods, and affordability percentages.
This flexibility also extends to tracking employee events, such as waivers or leaves of absence, ensuring that all aspects of ACA compliance are covered. With ACA-Track, you have the tools you need to maintain compliance no matter how your employee base changes over time.
Cost-Effective and Scalable Solutions
As businesses grow, so does the complexity of ACA compliance. ACA-Track offers pricing plans that scale with your needs, ensuring that businesses of any size can take advantage of the platform. Whether you’re a small business with fewer employees or a larger organization that needs robust reporting tools, ACA-Track has a solution that fits.
Avoid Penalties and Fines
Failing to comply with ACA regulations can result in hefty penalties and fines. For example, employers that do not offer adequate health coverage or fail to report correctly may face penalties like the Employer Shared Responsibility Payment or fines for late ACA filings. ACA-Track helps reduce this risk by ensuring your data is accurate, submitted on time, and compliant with all relevant regulations.
Built by Experts in Data Management
ACA-Track is developed and powered by PSST, a software development and integration firm with more than 30 years of experience in providing seamless solutions for HR, finance, payroll, and benefits data management. With PSST’s expertise backing ACA-Track, you can trust that the platform is both reliable and compliant with all ACA requirements.
Conclusion
Complying with ACA regulations is no longer an overwhelming task, thanks to ACA-Track. With its automated tracking, reporting, error detection, and secure data management, ACA-Track makes it easier than ever for businesses to stay compliant with ACA requirements. Whether you’re looking to streamline your reporting process, avoid costly penalties, or ensure the accuracy of your ACA data, ACA-Track offers a solution that is both efficient and cost-effective.
If you’re ready to take the stress out of ACA compliance and ensure your business remains compliant, ACA-Track is the tool you need.
