December 15, 2015
Should You Outsource or Insource ACA Reporting?
2016 is the first year employers must report Affordable Care Act (ACA) information to the IRS (and many employers are still scrambling to figure out how to meet these new reporting obligations.)
Despite the cost, the trend for large employers is to outsource their ACA reporting. But small and mid-sized employers are exploring insourcing software that eases the burden of ACA reporting and saves money.
These software solutions tend to fall into three categories:
- Form generators Form generators populate ACA forms with field-by-field information you provide, then generates a completed PDF or e-filing form you can file with the IRS.
- HCM suite modules Human capital management suites are integrated employee management systems, including payroll, HR, benefits, and time and attendance. HCM vendors are developing ACA-specific modules that integrate with the suite to pull relevant information to compute and complete forms.
- Stand-alone software Stand-alone solutions gather and import data from workforce management and benefit systems in order to determine values and complete ACA forms
So, which solution is right for your business?
Read more in the white paper Insourcing ACA Reporting: 3 Steps to Selecting the Right Software