Is your business ready to prepare reports or, if needed, navigate an IRS audit as part of the Affordable Care Act (ACA)? A study of human resources and finance executives suggests that small and medium sized businesses might not be as prepared as they should be when it comes to ACA compliance. Improved collaboration and modern technology could be the key to ACA reporting success.
The “Survey: HR leaders, finance need to strengthen relationship,” posted by Tom Starner on HRDive.com, confirms that this is the first year for employers to get ACA reporting under control and face IRS audits. If that isn’t concerning enough, a survey of 400 senior-level human resources and finance executives revealed ACA was a top priority for only 58% of respondents. Other more important priorities included employee wellness and productivity improvements and cost management. Although 78% of financial executives indicated they consider human resources as a strategic partner, 97% had ‘significant concerns’ with benefit costs. About 64% of respondents indicated ACA compliance could impact their ability to stay in business.
This is a big year for the many businesses that fall within the guidelines for ACA compliance. It’s time for both human resources and finance executives to work together to ensure ACA compliance is achieved efficiently, accurately and affordably. Mistakes in data management or reporting can be expensive, which is why you can’t trust paper-based systems for this complicated task. Deploy the technology that will support your business through each step of the ACA compliance process.
Manage ACA Compliance Efficiently, Accurately and Affordably
Integrity Data’s ACA Compliance Solution seamlessly integrates with either a standalone payroll system or the payroll module of an enterprise resource planning (ERP) system and delivers benefits, such as:
- Continuous monitoring of employee eligibility for coverage and calculations of employee contributions to verify affordability of coverage
- A central dashboard to monitor key reporting dates, action items and alerts notifying you when it’s time to review a situation or take action on other important tasks
- Automatic population of data in IRS Forms 1095-C and 1094-C at year-end with emailing, snail mailing and e-filing with the push of a button.
No one likes going through an audit and costs for ACA mistakes can have significant impact on the financial health of your business. Make sure you are ready to maintain ACA compliance by deploying Integrity Data’s ACA Compliance Solution. Contact Integrity Data for additional information and guidance with putting this important technology into place.