5 Tools Employers Need for ACA Reporting and Compliance Tracking
It’s tax season and ACA Compliance is at the top of most employers’ minds, ensuring they are aligned with requirements and their employees have received what they need. It can be confusing and overwhelming if you’re manually trying to manage all of these moving pieces. You have not only documentation that needs to be sent by particular dates, but the gathering of various reports and other tedious tasks. It’s the perfect time to discuss and explore some vital tools employers need and should be exploring for reporting and tracking to ensure compliance in an efficient manner.
Time Management Software
At the top of this list is employee time management software. Few other things on this make a bigger impact than a system that efficiently tracks all employee hours and provides historical reports on every individual. As an employer striving for compliance, you need to understand which workers were full time and gather satisfactory reports to provide visibility into your workforce. Manually trying to pull all of these together would be a nightmare; software is essential. ACA reporting and compliance tracking becomes much easier when you can easily gather what’s needed through a centralized and accessible database.
Onboarding Process w/ Healthcare
The onboarding process varies from company to company as they bring on new associates. Part of that journey for most includes healthcare benefits. Considering the ACA is in place to ensure full time employees are receiving health care, a detailed onboarding process in regards to applying for healthcare is a must-have. New employees have enough to think about, so making signing up for healthcare as easy as possible should be the goal as well as adequate resources if questions arise.
Document Communication Automation
Part of ACA compliance is providing necessary documents to employees by a particular deadline. We previously wrote about some of those deadlines and it’s imperative a business meets them. This can be another arduous task considering the deadlines and understanding who within an organization gets what. By leveraging a tool that automates that process, the company can save a considerable amount of money purely from an efficiency perspective. Documents can be uploaded and employees can be segmented into groups to receive certain documents well ahead of time. This “set it and forget it” model streamlines a necessary task and frees up resources to focus on more strategic initiatives.
Alerts can be setup for a variety of reasons. They can alert an employee of improper data entry when logging their hours, alert management of a time sensitive file that needs to go out, or alert when a report needs to be run. The sky and imagination is really the limit. With a robust system of data – from time clock data to documentation – each item becomes a point of reference and something you could setup an alert against. Use this to your advantage. Build in the fail safes and ensure no deadline is missed. In regards to ACA reporting and compliance tracking specifically, this could entail document distribution deadlines and other helpful things to have an alert for.
Proper Storage, Security, & Backup
All of the above steps can be taken, but it can all be for nothing if you don’t have a proper storage, security, and backup solution for all of that data. ACA compliance, in part, relies on historical data. What happens if the system gets a bug and records are lost? Are those backed up? Are their security measures in place to detect an attack? Take the proactive steps to ensure the data is there when you need it.