Running a successful business isn’t all about profits. You also have to manage risk. While you may keep a close eye on the more obvious processes, like manufacturing processes for product recalls, for example, some risks are less apparent. Growth often means hiring new employees and, if you aren’t keeping an eye on your headcount, you might find yourself in violation of the Affordable Care Act (ACA). Yes, though it may be unpopular with the current presidential administration, it is still very much in place – especially the employer mandate.
Profits, Losses, Growth and Risk
Business owners and the c-suite have many priorities demanding their attention. Profits, losses, growth and risk are always on the mind of your leadership team. With the right business management system in place, you can gain both insight and control over financial operations, sales and marketing and other key business functions. The data will show when it’s time to increase production, add product lines or expand operations.
Don’t Let Growth Become A Risk
Increasing headcount is generally a good thing. You need people to support a growing business, it’s just that simple. However, you may not realize that increasing headcount also opens your business up to additional regulatory rules and oversight – such as the ACA. When you are approaching the threshold of 50 employees, it’s time to determine where your business fits into the existing ACA employer mandate and determine what you need to do next.
Prepare for ACA Compliance to Avoid Penalties
ACA compliance is a business-critical priority that demands more attention than you might think. There is a significant amount of data that requires collection, evaluation and oversight. On top of all that, data must be reported to the IRS and there are costly penalties should data management and reporting go awry. Prepare for ACA compliance just as you are preparing your business for growth.
Take a proactive position with ACA compliance by first understanding when your business falls under compliance obligations. Then, put the technology in place to manage it efficiently and accurately. The Integrity Data ACA Compliance Solution is reliable, comprehensive and simplifies the task of ACA compliance so your leadership team can continue to focus on other business-critical tasks.
The Integrity Data ACA Compliance solution seamlessly integrates with any enterprise resource planning (ERP) solution or payroll system and offers everything needed to manage ACA reporting requirements. This system also automates penalty risk management scenarios, primarily eligibility tracking and affordability monitoring. These are two common risks with expensive penalties. Finally, it streamlines IRS reporting and compliance for employees. A central dashboard delivers real-time information to your leaders within seconds or minutes, instead of hours or days when it’s buried in piles of files and forms.
Position Your Business for Successful Growth and ACA Compliance
Business growth is good for profits, but it doesn’t come without risk. Position your business for successful growth and ACA Compliance. Contact Integrity Data to learn how to determine whether your business is required to comply with the ACA mandate and how to prepare for ACA compliance when it’s time.