Keeping up with ACA Reporting Requirements
Meet the Authors
Key Takeaways
⇨ Organizations face increasing administrative burdens with Affordable Care Act compliance, leading many to seek streamlined automation solutions to alleviate manual work for HR teams.
⇨ PlanSource provides an end-to-end automated solution for ACA reporting that reduces HR efforts by 25% and cuts employer premium costs by 5%, while ensuring compliance with essential regulations.
⇨ Data security is critical when handling sensitive information; PlanSource complies with various standards such as HIPAA and GDPR, offering a reliable platform for managing ACA compliance without the risks associated with traditional payroll systems.
With the reporting deadline for Affordable Care Act compliance rapidly approaching, many organizations are dreading the work it will take to keep up with administrative burdens. Compliance only grows more and more complicated as requirements shift and expand, overextending HR teams that are already saddled with significant manual work.
Leading organizations are simplifying these processes to reduce the strain of manual work on their teams while also ensuring that important reporting processes are executed smoothly and efficiently.
Accommodating ACA Requirements with Simplicity
Many SAP companies are turning to partners like PlanSource to streamline their ACA reporting process. PlanSource offers end-to-end automation of the measurement, distribution, and reporting in this area, all hosted on one platform. This allows for better visibility into compliance activities while minimizing the time required of HR teams.
PlanSource has shown to reduce HR team effort by 25% and cut down on employer premium costs by 5%. It also tracks any updates that apply to team members, helping reduce the potential risk of errors introduced by manual updates.
All too often, companies simply rely on their existing payroll software to execute crucial compliance functions. Yet this strategy can backfire – payroll solutions often struggle to communicate with outside sources and lack the specific level of detail needed to meet all compliance requirements. Payroll systems often lack the data storage customization needed to streamline ACA reporting.
Overcoming Data Security Concerns
When choosing a system to handle sensitive and personal data, security should be the top priority. PlanSource features numerous certifications and compliances, including HIPAA, CCPA, GDPR, and more. It also relies on industry-leading standards to ensure data is accurate and stored properly, allowing companies to quickly access what they need and make all necessary disclosures to accommodate the ACA compliance process.
What This Means for SAPinsiders
Leading organizations understand that non-compliance can be a drain on both finances and HR teams, so relying on systems that are not specifically designed for ACA compliance is not an option. Many are turning to PlanSource to ensure that all necessary information is reported by the deadline.
PlanSource’s platform offers end-to-end compliance for ACA reporting, importing all necessary information from payroll, generating and distributing 1094-C and 1095-C forms, checking eligibility, and transmitting forms to state and federal authorities. It does all this while keeping administrators notified of any changes, allowing them to intervene if needed, but giving them the freedom to spend time on other work that adds value to the organization.
