Introduction to ACA Compliance For New Business Owners
Hello! Today’s post is for new small business owners who are unfamiliar with the Affordable Care Act and how it impacts their organization.
The Affordable Care Act (ACA) (informally “Obamacare”), is a United States Federal Statute signed into law by President Barack Obama on March 23rd, 2010. The act was developed to raise healthcare outcomes, diminish costs, and improve methods of distribution and accessibility.
Does it affect my company?
Any company with over 50 full time or full-time equivalent employees is directly impacted because it is required to meet the ACA requirements. As part of this law, the healthcare benefits offered must also meet a specific level of quality.
It may sound overwhelming to someone who has never dealt with business regulation, but don’t worry, we can help you out.
Workforce Management Suite from Payroll Solutions offers businesses like yours a simple, automated answer for ACA compliance.
Step one is to track your staff members’ hours so you know who is full-time and who isn’t. TimeWorksPlus automatically tracks hours worked to determine each employee’s status, whether FT or FTE (full-time equivalent). It also creates an electronic “paper” trail for accurate and untampered reporting purposes and provides a Work Week and Work Month report that contains the total of hours worked for that week, and/or pay period.
What if I have associates whose hours vary and I want to keep them under the full-time limit?
The qualifying number of hours that determine an employee’s status of full-time or full-time equivalent for ACA are 30 hours per week or 130 hours per month. TimeSimplicity enables you to set an hour limit per employee that gives you an immediate alert when you attempt to add a shift to an employee who is at the threshold of 29 hours.
What else do I need to worry about?
TimeWorksPlus provides an extensive ACA checklist to assist you in knowing what other things you need to do to guard against thousands of dollars in non-compliance penalties.
You can visit http://solutionsforpayroll.payrollservers.info/ for more information on what Payroll Solutions can do to help you comply with ACA and DOL regulations.
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Payroll Solutions offers WorkforceHUB, the unified Human Resources portal that makes it easy to optimize the performance of your managers, employees, and business.
WorkforceHUB includes TimeWorksPlus, TimeSimplicity, TimeWorks Mobile, and ApplicantStack. We’ve just added recruitment, onboarding, benefits enrollment, performance reviews, and employee engagement! WorkforceHUB is created for busy employers like you who need to reduce cost-per-hire, streamline scheduling, automate time tracking, maintain regulatory compliance, and reduce labor costs.
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We can get you up and running with Workforce Management Suite in minutes. Contact us today to book a demo.
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