Still Need Help with Affordable Care Act Compliance? Consider PEO!
Despite determined efforts, the Affordable Care Act (ACA) is still in place. With it are the rules and regulations that employers must follow. Across all business, but especially smaller enterprises, Affordable Care Act compliance has proved to be a costly challenge.
The Affordable Care Act is known for continually updating rules for small businesses, meaning that growing companies must spend time and resources trying to stay compliant. Rather than risk a fine or running afoul of the IRS, a professional employer organization (PEO), can do the work for you. They can ensure your business and employees can stay on top of ACA requirements without the hassle or risk.
Here’s how a PEO can help you stay on top of the ACA:
PEO and ACA: How it Works
According to the National Association of PEOs, outsourcing organizations, such as PEOs, build their client relationship through a practice called co-employment. This practice allows the PEO to share employer responsibilities between themselves and their clients.
Through co-employment, PEOs are also able to provide clients with medical plans that can assist with ACA compliance. This means that no employee gets left behind, as a PEO will help enroll and administer your employees into ACA compliant healthcare solutions.
Along with implementing good practice and keeping employers up to date, a certified PEO can also help you best understand the ins and outs of ACA rules and regulations. They can even help employers with ACA reporting.
Why Use a PEO?
With almost half of all business owners admitting they don’t understand how ACA compliance works, andmore than a fifth having been fined for it, a PEO is vital to help businesses save time, money, and legal drama.
A PEO is usually stacked with highly-experienced and qualified professionals that can manage your HR duties for you. With the spiraling red tape that is accompanying the ACA, PEO’s can lift the burden.
PEOs can also provide employers with a multitude of outsourcing services. In a standard PEO partnership, clients enjoy guidance and HR support, assistance with employment law and employment liability coverage and management, payroll services, and support with state and federal tax administration. Other services can include risk management, client sponsored medical plans, benefits technology, and a variety of insurance solutions.
Business owners that want to concentrate on growing their business, rather than administrative tasks, should align themselves with a PEO.
Businesses looking to take on a PEO will want one that is fully qualified and certified. An official PEO certificate is a prerequisite for any serious outsourcing organization. This means any PEO will need to make sure they fit the bill and offer the right services.
For those wondering how PEOs get certified, the accreditation must come from an official body. This would be a nationally-recognized body such as ESAC, who provide recognized qualifications for PEOs.
PEO’s are arguably more in-demand than ever before. Bureaucracy and requirements are reaching an all-time high for business owners. Outsourcing is a necessary service for those without the resources and know-how to stay on top.
To learn more about how a PEO could help your business, or how to improve your PEO business so it’s the best it can be, don’t hesitate to get in touch with us today.