The Affordable Care Act, or ACA, was enacted in 2010 with the goal of making health coverage more accessible to all Americans and providing protections for those with preexisting conditions. The ACA has lowered the uninsured rate of Americans significantly since its commencement.
If you’re an employer, choosing one of the many ACA compliance vendors out there can simplify the process and help ensure that your ACA reporting is accurate and on time. The question is, what should you look for when selecting reporting services? We’ll break that down for you here.
How Does the Software Offered By ACA Compliance Vendors Work?
If you’re looking to get your ACA reporting done all in one place in a timely manner, reporting software is a great choice. These tools can help keep track of your employees and all relevant data.
1. Reporting Analysis and Modeling:
Find out how ACA compliance is impacting your business. The information from the modeling and analysis can help businesses minimize liabilities and make important decisions on health care coverage offers to employees.
2. Employee Tracking:
Tracking employees for ACA compliance can be complicated. The complexity heightens when employees work variable hours at multiple locations or when large numbers of seasonal employees are employed. ACA reporting software can simplify the complex payroll tracking by calculating your Applicable Large Employer (ALE) status and identifying employees who require an offer of coverage under the ACA regulations.
Look for software that collects all the information in one place. This one feature can dramatically simplify your reporting process.
The right software can provide streamlined reporting and generate essential documentation such as 1095-C based on the information that’s been fed into the software. Complete with codes for lines 14 and 16, the software allows you to electronically file your forms with the IRS.
Accuracy is important for ACA compliance. Avoid headaches and fines with software that automatically updates with ACA regulations.
Other Factors to Consider When Choosing an ACA Compliance Vendor
- Customer Service and Training Options:
ACA reporting can get complicated. That’s why so many ACA compliance vendors exist! Customer service can be a critical part of your choice. When you have questions, having someone to turn to for answers should always be part of the deal.
- Cost Benefit:
Software isn’t free, but it can save your business money. Compare prices between the ACA reporting vendors. It’s not only the upfront cost that counts. An overly complicated system can be a burden on HR staff. A simple software can allow your staff to move onto more pressing matters. More accurate information will help your business avoid fines or the costly time it takes to find errors and redo forms.
- Customer Reviews:
How do you find out if a company has good customer service? How do you know that the software works smoothly and accurately? It’s all in the reviews. Take your time and read through what other people have to say to see if the ACA reporting vendors you’re considering actually have what you need.
- Data Security:
Be upfront and protect your staff. Ask what the vendor is doing to protect your employees' data.
ACA reporting can be a complicated, time-consuming task but it doesn’t have to be. If you choose the right ACA reporting vendor, your process will be simplified and you’ll wonder why the ACA acronym ever made you sweat in the first place. Ready to take the next step in your decision-making process? Schedule a free consultation today!