Use Professional Payroll Processing Services
Can Your Payroll Service Provider Handle Your ACA Reporting?
The Affordable Care Act marks a host of health insurance reforms and mandates with specific requirements on business owners. The current laws have distinctive requirements based on size of your organization. Some of the employment mandates pertain to:
- Self-employed individuals
- Less than 25 employees
- Less than 50 employees
- More than 50 employees
Oftentimes, business owners falling into these specific employment categories find the best way to ensure ACA compliance means hiring a third party payroll processing services firm. However, once they begin their search they quickly realize that not all payroll processing services vendors are alike. Knowing what to look for in a qualified provider can ensure compliance at all times for your business.
Payroll Processing Services Firms: Streamlined Solutions
The most important thing to look for in a professional payroll processing team is the use of one system to manage all of your HR/payroll needs. Some executives utilize several individual systems throughout their company, with subpar results. Gathering data from different applications can prove a major waste of time. Additionally, scouring through separate systems increases the opportunity for error. It is critical to find a payroll processing team that houses all of your critical information in one universal system that can be integrated interdepartmentally.
Working with a firm that keeps your data centrally located exponentially improves your ACA compliance process in a wide range of ways. First, this type of application offers real-time data to personnel with permission to view it. They can quickly access current information as well as receive notifications about changes real time. Additionally, having one system means that your employees can directly update their files as needed. No longer will they have to visit HR and wait for changes to get made. Instead, they can modify their records and instantly update their specific compliance requirements in the process. Most importantly, having a payroll processing services firm with one system means that they can quickly run reports and documentations substantiating your compliance as needed.