The ObamaCare Act, Employer Shared Responsibility Mandate, ACA Reporting, and what not! Being an employer, handling the healthcare reform is getting tougher with each passing day. With the reporting mandate in effect now, employers with 50 or more full-time equivalents or FTEs are busy with making preparations to accurately fulfill the reporting requirements.

But, having such strict deadlines and a number of provisions, how effectively are you keeping track of all the details? How do you track the work hours of FTEs, or how many FTEs you have? To track employee hours for reporting purposes, you need the monthly payroll and benefits data of the complete fiscal year. Are you calculating all this effectively?

The only relieving fact is that now you have technology that can save you from these hassles. An intuitive time and attendance system configured with the ACA provisions can help you in dealing with the ACA reporting requirements such as identifying full-time employees or FTEs, tracking working hours, providing employee details, etc.

Complexities of the ACA Reporting Forms

The initial drafts of Forms 1095-C and 1094-C, introduced by the IRS for ACA reporting were quite complex, and the industry insiders expected a bit streamlined final forms. But, as the final forms are out, they are equally complex and confusing as they are very detailed and carry so many cautions, exemptions and options.

Integrated Time & Attendance Management System can be the Solution

To comply with and fulfill the complex reporting obligations, employers do need a technology solution. An integrated time and attendance system can take off the burden from employers through automating some critical portions such as data collection and reporting processes. The system can provide you précised reporting data including total number of FTEs in every month, their status, identification information, total employee count, etc.

Here’s how the system can help employers in reporting process:

Determine ALE’s (Applicable Large Employer) Status:

The ALE status decides if the employer is subject to the ACA employer mandate and if they need to fulfill the 1095/94 reporting requirements as well. Thus, a time and attendance system, configured with IRS guidelines can help you calculate your status by determining the total number of FTEs or full-time equivalents by calendar month and year.

Automatic Computation of Employee Status (FTE or PTE):

As per ACA guidelines, a FTE is the one that works for 30 hours or more a week or 130 hours or more per month, averaged as per the measurement period. Thus, an efficient time and attendance system works on these rules and provides you the accurate information about employee status.

Custom Reporting Feature:

Having customized reporting functionality helps administrators to easily get employee data in desired report formats. A system that works on ACA criteria can help you easily get the employee count, their employments status as well as other related information to complete 1094-C and 1095-C forms accurately.

Self-Service Functionality:

With the employee self-service functionality, employees can easily manage and update their personal details such as change in address or contact details, etc. This will make the overall process faster and accurate as the system will provide the updated information without any time-lags.

To conclude..

ACA compliance has become one of the prime concerns for employers and its complexity is growing with each passing rule or mandate. With the addition of ACA reporting obligation, employers are having a tough time in streamlining the reporting requirements. An integrated time and attendance system can be helpful in effectively fulfilling the requirements as well as maintaining compliance with the law.