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This post is for companies who are Applicable Large Employers (ALEs) required to report to the IRS under the Affordable Care Act. Your business is considered an ALE if you have 50+ full-time employees or full-time equivalents (FTEs).
The current indications are that the ACA is not going away anytime soon. A repeal of the Affordable Care Act may or may not be pending, but right now, ACA compliance is still mandatory.
Ease the burden of ACA compliance
There are still a lot of companies that do not have a good way to report to the IRS. Many companies who tried to do it themselves using spreadsheets have described reporting and compliance as a “painful” process.
We hope you find this post helpful for sorting through ways to ease the burden of ACA compliance. In addition to manual tracking, there are various ways to manage ACA employee data. Some of these include:
- Forms-only software
- A cloud reporting service
- Your payroll service
With forms-only software, you are still responsible for gathering and monitoring employee data throughout the year. Essentially, these forms-only solutions may not alleviate the “headache” of manual tracking in order to avoid penalties.
Reporting services and cloud solutions fill out and submit forms, but they may not monitor compliance throughout the year to prevent costly errors. If they do track compliance year-round, ongoing payments can add up over time.
Comprehensive ACA software
However, there is an effective way to simplify tracking and reporting without the limitations of forms-only software, a cloud reporting service, or your payroll service.
Using comprehensive ACA reporting software drastically reduces manual tracking and entry with data import and automation. It also simplifies compliance and reporting by monitoring compliance year-round.
“Comprehensive” means much more than “just forms.” The time saved with automation instead of manual effort may actually pay for a comprehensive ACA reporting software solution that manages employee data year-round.
It is crucial to monitor compliance throughout the year because once you have made an error, you cannot correct it retroactively.
Plus, a one-time licensing fee for the software (with an annual nominal annual fee for upgrades) can be more cost-effective than ongoing cloud payments.
Passport Software’s Comprehensive ACA Reporting software
Passport™ Affordable Care Act Management software is IRS-certified, and we are IRS-approved to submit on your behalf with optional proxy-submission.
Our comprehensive ACA reporting software greatly simplifies compliance and reporting.
- Monthly employee status updates
- View employees trending towards full time
- Data Import, Speed, Ease
- Generate every employee record in seconds, easy to edit
- Even easier for the subsequent reporting year
Our ACA software includes an optional payroll module, so you can manage ACA compliance and issue paychecks in-house. Some of our clients have seen an ongoing ROI in as few as 6 months due to cost-savings with an outside payroll service.
This post was written by guest blogger Alix H. at TimeClick Software’s partner Passport Software. Learn more about Passport Software’s Comprehensive ACA Reporting software. Passport Software’s payroll module has an optional interface with TimeClick.