The ROI of ACA Automation with ACA-Track
Navigating the complexities of the Affordable Care Act (ACA) can be a daunting task for businesses, especially for Applicable Large Employers (ALEs) that are required to comply with its regulations. ACA compliance involves intricate data management, timely reporting, and continuous tracking of employee eligibility for healthcare coverage. This is where ACA-Track shines, offering businesses an automated solution to streamline ACA compliance while saving both time and resources. Let’s explore the return on investment (ROI) businesses can achieve by leveraging ACA automation with ACA-Track.
What is ACA-Track?
ACA-Track is a comprehensive software solution designed to simplify the ACA compliance process. It enables businesses to collect, monitor, and report on ACA-related data with ease. By integrating with existing payroll systems, HRIS, and financial management platforms, ACA-Track ensures that all employee hours are tracked—whether full-time, part-time, or variable-hour—and that eligibility thresholds are met. This is crucial because failing to meet ACA requirements can result in hefty penalties, a risk that businesses cannot afford to take lightly.
The software’s automated features extend beyond just tracking. ACA-Track also generates the necessary IRS forms, such as Form 1094-C and Form 1095-C, ensuring businesses comply with both federal and state reporting requirements. With its user-friendly dashboard and customizable interface, ACA-Track eliminates the need for manual processes, reducing errors and increasing efficiency. Additionally, it offers security through robust encryption and SAS 70 certification, protecting sensitive employee data.
Key Features of ACA-Track
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Comprehensive Data Collection
ACA-Track collects real-time data on hours worked for all employee types, including variable-hour employees, which are crucial in determining ACA eligibility. It integrates seamlessly with timekeeping systems, mobile devices, and payroll systems to gather the necessary data. -
Automatic Monitoring and Alerts
ACA-Track constantly monitors employee eligibility thresholds, providing advance alerts when an employee exceeds the limit, ensuring no employee falls through the cracks. This proactive approach allows businesses to make adjustments well before penalties arise. -
Efficient ACA Reporting
The software provides automated generation of the necessary 1094-C and 1095-C forms, which can be filed directly with the IRS. ACA-Track also helps businesses stay on top of the deadlines for filing forms, preventing penalties associated with late submissions. -
Error Resolution
ACA-Track goes beyond just reporting—it also identifies errors and provides suggestions for fixing them, ensuring accurate filings and reducing the likelihood of IRS penalties. If discrepancies arise, the software helps businesses correct them efficiently, thus avoiding costly fines. -
Data Security
With ACA-Track, data security is paramount. The software is compliant with the SSAE 16 standard and SOC 2 Type 2, ensuring that sensitive employee information is encrypted and securely stored. -
Client Success Advisor
ACA-Track offers dedicated support through a Client Success Advisor who works closely with businesses to ensure smooth integration and ongoing support. This expert guidance ensures that businesses are always compliant with the ever-changing ACA regulations.
The Financial Impact of ACA-Track
Now that we understand how ACA-Track works, let’s dive into how its automation translates into financial benefits for businesses.
1. Reduced Administrative Costs
One of the most significant advantages of using ACA-Track is the reduction in manual labor and administrative overhead. Without automation, businesses often need to employ a team to manually track employee hours, monitor eligibility, and prepare ACA reports. This not only leads to additional labor costs but also increases the likelihood of human error, which can be costly to fix.
By automating these processes, ACA-Track drastically reduces the need for manual data entry and intervention, thus cutting administrative costs. The software provides real-time data and customizable dashboards, allowing businesses to efficiently manage ACA compliance with a small, dedicated team or even a single individual. This streamlined process leads to a substantial reduction in labor costs, freeing up resources to focus on other critical areas.
2. Minimized Risk of Penalties
The financial penalties for non-compliance with ACA regulations can be severe. Employers who fail to offer affordable health coverage to eligible employees may face fines of $2,000 per employee (excluding the first 30 employees), while penalties for failing to submit accurate ACA forms can range from $50 to $270 per return, depending on how late the filing is.
ACA-Track mitigates this risk by automating the tracking and reporting processes, ensuring that all employees are properly monitored and that reports are filed on time. Furthermore, by automatically generating error alerts and providing real-time corrections, the software minimizes the risk of mistakes that could trigger penalties.
3. Time Savings and Increased Productivity
Manual ACA reporting is a time-consuming task that demands attention to detail. By leveraging ACA-Track, businesses can automate the generation of reports, drastically reducing the time spent on these tasks. This allows HR, finance, and payroll departments to focus on more strategic initiatives rather than getting bogged down by the complexities of ACA compliance.
Furthermore, ACA-Track’s customizable dashboard enables businesses to access key data at a glance, saving time spent navigating through multiple systems. By improving efficiency, businesses can accomplish more with fewer resources, ultimately increasing overall productivity.
4. Improved Accuracy and Reduced Errors
Manual tracking and reporting of ACA data are prone to errors, especially when multiple departments are involved. A small mistake, such as entering incorrect hours worked or misclassifying an employee’s status, can result in significant penalties. ACA-Track helps to eliminate human error by providing color-coded warnings for discrepancies, allowing users to quickly identify and correct mistakes.
Accurate reporting not only ensures compliance but also protects businesses from costly fines. The software’s automated error correction features and advanced filtering options ensure that the right data is always provided to the IRS, reducing the likelihood of receiving penalty notices like IRS Letter 226-J.
5. Scalable for Growing Businesses
As businesses grow and expand their workforce, the complexity of ACA compliance increases. ACA-Track is designed to scale with your organization, accommodating changes in employee count and coverage options without requiring additional resources or system upgrades. This scalability ensures that businesses can continue to maintain compliance as they grow, without the need for costly, manual intervention.
Conclusion: Why ACA-Track is a Smart Investment
The ROI of ACA automation with ACA-Track is clear. From cost savings and reduced penalties to improved productivity and error reduction, ACA-Track helps businesses navigate the complexities of ACA compliance with ease. By automating the entire process—from data collection and eligibility monitoring to IRS reporting and error resolution—ACA-Track ensures that businesses stay compliant without sacrificing valuable time or resources.
With its user-friendly interface, real-time tracking, and comprehensive reporting capabilities, ACA-Track provides a solution that not only meets ACA requirements but also offers long-term value for your organization. Whether you’re a small business or a large enterprise, ACA-Track offers a tailored plan and pricing structure to fit your needs, ensuring that ACA compliance is a hassle-free experience.
Explore ACA-Track today and take the first step toward simplifying your ACA compliance process. Learn more here.
