The Benefits of Outsourcing ACA Compliance: Why ACA-Track is the Right Choice
As ACA compliance continues to grow more complex, outsourcing the tracking, reporting, and management of ACA data is becoming an increasingly popular choice for businesses of all sizes. Handling ACA compliance in-house can be overwhelming, requiring dedicated staff, extensive training, and ongoing management. But with the right ACA compliance solution like ACA-Track, outsourcing becomes an efficient and cost-effective option. This article explores the numerous benefits of outsourcing ACA compliance and why ACA-Track is the right choice for businesses.
Why Outsource ACA Compliance?
ACA compliance requires businesses to collect, monitor, and report data related to employee eligibility, hours worked, and coverage offerings. Failing to meet these requirements can result in severe penalties, both from the IRS and state healthcare exchanges. Unfortunately, keeping track of this data manually or using outdated systems can lead to costly mistakes. Outsourcing to an experienced ACA compliance provider like ACA-Track ensures that your business remains compliant without the headaches of managing the process yourself.
1. Save Time and Resources
Compliance with the ACA demands a significant time investment from HR, payroll, and benefits teams. Collecting and verifying data, running reports, and filing paperwork can take up hours of valuable time that could be better spent focusing on other aspects of your business. By outsourcing ACA compliance to ACA-Track, you free up your staff to concentrate on more strategic initiatives while leaving the complexities of ACA tracking and reporting to the experts.
2. Reduce the Risk of Penalties
One of the most significant risks associated with ACA compliance is the potential for penalties due to mistakes or missed deadlines. The IRS can impose hefty fines for failing to provide accurate reporting, or if there are discrepancies in the data submitted. With ACA-Track’s advanced error detection, your data is reviewed and corrected automatically, ensuring that you stay compliant and avoid penalties. ACA-Track even provides error correction assistance, so if any issues arise, they can be addressed swiftly, minimizing the risk of fines.
3. Simplify Complex Reporting
ACA compliance involves complex reporting requirements, including the creation of Forms 1094-C and 1095-C. These forms are crucial to IRS compliance and must be submitted on time and accurately. ACA-Track automates the creation of these forms, ensuring that all data is correct and properly formatted before submission. Moreover, the software provides support for e-filing with the IRS, including test submissions and error checks, so you can be confident that your reports are compliant.
4. Dedicated Support and Expertise
Outsourcing ACA compliance also means access to a team of experts who are knowledgeable about the latest ACA regulations and compliance requirements. With ACA-Track, every client is assigned a dedicated account manager, offering personalized support to guide you through the entire process. From tracking employee eligibility to handling IRS error corrections, your account manager is there to help you every step of the way. This expertise is invaluable, particularly for businesses that may not have the internal resources to stay up to date with ACA regulations.
5. Stay Ahead of Compliance Changes
The ACA regulations can change frequently, making it difficult for businesses to keep up. ACA-Track stays on top of these changes and ensures that your compliance efforts are always aligned with the latest requirements. Whether it's new reporting codes, changes to eligibility thresholds, or modifications to the IRS filing process, ACA-Track is constantly updated to reflect these changes, ensuring that your business remains compliant year after year.
How ACA-Track Can Help Your Business
ACA-Track is a comprehensive, cloud-based ACA compliance solution that simplifies the entire process of ACA tracking and reporting. The platform integrates seamlessly with your existing payroll and HR systems, automatically collecting and organizing data from multiple sources. ACA-Track also includes robust reporting tools, including customizable dashboards, to give you a clear and up-to-date view of your ACA compliance status. The user-friendly interface allows you to quickly identify any potential issues and make the necessary corrections before submitting your reports.
One of the standout features of ACA-Track is its ability to handle multiple Employer Identification Numbers (EINs) and coverage groups. This is especially useful for large organizations or those with multiple business units. ACA-Track’s coverage group feature ensures that you can easily track and report data for different employee populations, ensuring compliance across your entire organization.
Get Started with ACA-Track Today
Outsourcing ACA compliance to ACA-Track is a smart business decision. With the help of ACA-Track’s comprehensive features and dedicated support, you can ensure that your ACA reporting is accurate, timely, and fully compliant with the law. Whether you are a small business or a large corporation, ACA-Track offers a solution tailored to your needs. To learn more about how ACA-Track can simplify your ACA compliance efforts, visit ACA-Track's ACA Compliance Services.
