Hello! Today’s post is for new small business owners who are unfamiliar with the Affordable Care Act and how it influences their company.
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, curtail costs, and improve methods of distribution and accessibility.
Does it affect my company?
Any organization 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 mandate, 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 fret over it.
Workforce Management Suite from Advantage Payroll Services offers organizations like yours a simple, automated answer for ACA compliance.
Step one is to track your associates’ 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 delivers 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 employees 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 designate an hour limit per employee that gives you an immediate notification 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 safeguard against thousands of dollars in non-compliance penalties.
You can visit http://www.liadvantage.com for more details on what Advantage Payroll Services can do to help you comply with ACA and DOL regulations.
Advantage Payroll Services offers Workforce Management Suite, the powerful, fully-integrated Workforce Management Suite that makes it easy to optimize the performance of your supervisors, employees, and organization.
Workforce Management Suite includes TimeWorksPlus, TimeSimplicity, and TimeWorks Mobile. Workforce Management Suite is created for busy employers like you who need to streamline scheduling, automate time and attendance tracking, maintain regulatory compliance, and lessen labor costs.
How much can you save? Check our Advantage Payroll Services ROI Calculator.
We can get you up and running with Workforce Management Suite in minutes. Contact us today to schedule a demo.