ACA Compliance: Ensuring Accuracy in Employee Benefit Tracking and Reporting

Staying compliant with the Affordable Care Act (ACA) is crucial for businesses to avoid penalties and maintain a smooth workflow in managing employee benefits. However, ensuring compliance is not always an easy task, especially when dealing with a large and diverse workforce. This is where ACA compliance software, like ACA-Track, can make a significant difference. The platform streamlines the process of tracking, reporting, and maintaining compliance data, making it easier for employers to manage the complexities of the ACA.

The Challenges of ACA Compliance

The ACA mandates that applicable large employers (ALEs) provide affordable health coverage to their full-time employees. Additionally, employers must file annual ACA reports (Form 1094-C and 1095-C) with the IRS to ensure they are in compliance with health coverage requirements. However, there are numerous challenges involved in fulfilling these requirements:

• Tracking Employee Hours: Accurately tracking the hours worked by both full-time and part-time employees is vital to determine whether they meet ACA eligibility thresholds. Employers must also track hours worked for employees in different classifications, such as variable-hour employees, substitute workers, and paraprofessionals.
• Data Integration: With multiple systems in place, such as timekeeping tools, HRIS, and payroll systems, integrating this data into a single platform can be difficult. Accurate reporting depends on the smooth exchange of information between all these systems.
• Eligibility Monitoring: Employers need to continuously monitor employee eligibility and provide timely alerts when eligibility thresholds are met or exceeded. Managing this for a large workforce can become overwhelming without automated tools.

How ACA-Track Simplifies Compliance

One of the key reasons why businesses turn to ACA-Track is its ability to simplify ACA compliance tracking. ACA-Track offers a comprehensive set of features to help businesses meet ACA requirements without the hassle:

• Data Integration: ACA-Track seamlessly integrates with existing payroll systems and HRIS, collecting data from various sources such as timekeeping systems, automated time clocks, and manual timesheets. This centralized platform ensures that all employee hours are accurately tracked, regardless of how they are logged.
• Eligibility Monitoring: The platform allows employers to monitor employee eligibility thresholds in real time, sending automatic alerts when an employee meets or exceeds the threshold. This proactive approach ensures that no employee is overlooked.
• Comprehensive Reporting: ACA-Track automates the creation of IRS Forms 1094-C and 1095-C, taking the guesswork out of reporting. Employers can quickly generate the necessary forms, including detailed employee data and ACA codes, ensuring accuracy and compliance.

Reducing the Risk of IRS Penalties

Failure to comply with ACA reporting requirements can lead to hefty fines. However, ACA-Track minimizes the risk of penalties by providing error-free reporting. The platform performs data integrity checks on all information and ensures that any errors are caught before submission. Should there be any discrepancies, ACA-Track offers support for error remediation and resubmission, eliminating the back-and-forth with the IRS.

The Benefits of Using ACA-Track

ACA-Track is more than just a tracking tool—it’s a comprehensive solution for ACA compliance. Here are some of the standout benefits of using ACA-Track:

• Easy-to-Use Interface: ACA-Track’s user-friendly interface allows both novice and experienced users to navigate the system with ease. The platform offers a customizable dashboard that lets users select and view data in a way that suits their needs.
• Dedicated Account Manager: Each ACA-Track client is assigned a dedicated account manager who is always available for support. Whether you need assistance with data issues or IRS error corrections, your account manager is there to provide personalized guidance.
• Data Security: ACA-Track ensures that your sensitive data is securely stored in an SSAE 16 SOC 2 compliant data center. Personal identifying information is encrypted, and all data transfers are conducted through secure channels.

The Peace of Mind You Deserve

With ACA-Track, businesses can focus on what they do best—running their operations—while leaving the complexities of ACA compliance tracking and reporting to the experts. By automating data collection, eligibility monitoring, and report generation, ACA-Track ensures that your organization remains compliant with the ACA’s ever-changing regulations. With features designed to reduce errors and streamline the process, ACA-Track is the solution you need to stay ahead of the compliance curve.

Get Started with ACA-Track

If you’re looking for a reliable, user-friendly ACA compliance solution, ACA-Track offers the full-service ACA tracking and reporting tools that your business needs. With seamless data integration, advanced error-checking, and exceptional support, ACA-Track makes ACA compliance easy, accurate, and stress-free. Get in touch with us today to learn more about how we can help you stay compliant and avoid penalties.