June 30 deadline for ACA Reporting is just around the corner and many large and mid-sized companies are struggling hard with collecting data for filing of the reports incorporating their employees’ healthcare coverage information. As details and procedure of ACA mandate continue to change, for many employers, confusion persists, making them perceive tax season as the most painstaking and challenging task.
Therefore, to pull down the chaos, here are the few necessary steps employers can take:
Keep Your Tracking Process at Pinnacle
Tracking your employee information on a monthly basis will help you verify your compliance with the mandates. It will also help you file information returns (1095 series) and transmittal forms (1094 series) during tax time that include details such as:
- Comparison of income and coverage for value and affordability calculation.
- Employees’ attendance record and number of working hours,
- Number of months an employee and his/her family members are enrolled in coverage and their monthly share on health expenses.
But, due to complexity, this can be quiet challenging to accomplish this task in a given timeframe; therefore, to get the much-needed relief you can rely on your payroll system to give you timely and accurate employee information entailing their attendance records, compensation and other related details.
Get Rolling For Better Visibility
Controlling your compliance activities or finding the answer for whether your workforce and healthcare benefits qualify you as an applicable large employer (ALE) can be very troublesome. Having an interdisciplinary team in place may not be the cost-effective option either. Therefore, in order to start rolling, considering having a payroll system can be a smart decision. It will help you gather all the required information for successful Internal Revenue Service (IRS) filing and will make your process much faster.
Compiling The Data With Tech & Tools!
Most of the companies get puzzled over the disparate data sources to manage reporting. Much of this data usually come from different sources such as HR, finance, and payroll departments. But having numerous spreadsheets or using different systems (payroll, time & attendance, and records management,), will make the whole process (extracting, compiling, crunching and reformatting of the data) a tougher battle to triumph over. Therefore, choosing an automated integrated system can be the real key to make your filing process much more efficient and compliant, since it will keep all the information (payroll, HR, and Benefits administration) on a single platform and thus, accelerate the overall process.
How Automated Payroll Software Can Help?
Expanding your infrastructure to manage all your work in-house might not be the best option. Even boosting the IT capabilities, your system may not be able to incorporate all the needed information and you may end up in the middle of nowhere. Therefore, an automated payroll software equipped with up-to-date technology and managed data will make your reporting process much more streamlined and efficient. This will help take off the burden from your shoulders by tracking the required information, and further sharing it with the benefits partners for reporting purposes. An automated system will keep track of your employees’ working hours and thus, help you make your reporting process much faster and error-free.
Last Important Words:
As few days are left for the June 30 deadline, it is high time to wrap up your last detailing of employee information. By having a good payroll system, managing your employees’ attendance and compensation record & consolidating reporting information will become much easier and faster. Above are some of the important tips that will help you in easily compiling all the required information for reporting purpose.