Use An HCM To Stay ACA Compliant
ACA Reporting & Compliance: Choosing HR Resources And An HCM Solution
As a business owner, staying on top of the ACA reporting rules can prove a full-time job. Many executives find that as soon as they believe they have a firm grasp on what is required the rules and regulations change again. 2015 has quickly proven no exception; ACA reporting rules mandated that beginning in 2015:
- Employers with 50-99 FTE (full-time equivalent) employees must adhere to the current ACA rules and complete 1094 and 1095 forms by early 2016
- Employers with 100 or more FTE employees must complete 1094 and 1095 forms as well as adhere to employer shared responsibility rules
The new rules also state that, beginning in 2016, all employees with 50 or more FTE employees must adhere to employer shared responsibility rules as well as provide affordable coverage with various required essential benefits to employees or risk incurring penalties.
If so, you are not alone. For business owners with any sized operation, outsourcing their ACA compliance can prove an ideal solution.
What You Can Expect When Outsourcing Your Human Resources Needs
A skilled and qualified provider will offer a wide range of HR services to ensure your company maintains ACA compliance. Some key benefits that you will enjoy include:
- Trained and experience team skilled in the nuances associated with these regulations
- Tracking and administering measurement periods for part-time staff members
- Enrollment completion that correlates with the organization’s administrative period
- Management of terminations
Using a third party provider can offer insight on these as well as many other HR needs and requirements to streamline efficiencies and keep your organization compliant.
Consider An HCM System For Your Business Needs
Of course, some organizations do not want to completely outsource their human resources requirements. Instead, these organizations want the benefits offered by a third party resource, but prefer to manage other options internally. These entrepreneurs find an ideal option by tapping into a well-designed HCM package that automates their system and tracks their compliance for them.
Finding an HCM system that can handle the ever-evolving ACA compliance regulations can prove challenging. It is critical to partner with a provider that offers a comprehensive and innovative system that keeps your company ahead of the regulation curve. Beyond tracking critical HR functions, you will also want to consider an application that you can customize based on your specific corporate requirements and terminology.
Whatever human capital management system you select, you will also want to thoroughly qualify the vendor that will provide the system to your organization. Search for a responsive provider who has the capabilities needed to answer questions as well as keep your system up-to-date for real-time compliance confirmation. A professional partner with extensive HR experience as well as a comprehensive human capital management solution can give any sized business the right final compliance fit for optimal results.