Can a PEO help with the Affordable Care Act?
Since its launch, the Affordable Care Act for employers (ACA) has created a great deal of confusion among small businesses that are affected by new payroll and benefit requirements. Yet, healthcare reform is long overdue for a medical system that’s been crying out for improvements for many years. The most affected sector of the Affordable Care Act just happens to be small business owners who are already struggling to stay on top of labor laws.
Professional Employer Organizations Offer a Reasonable Solution for Managing ACA Mandates
The truth is, you cannot do anything to avoid the ACA, but you can do something about the ways in which your business handles payroll management and benefits administration. PEO outsourcing is a way to streamline these processes, while taking some of the burden off your HR department. Plus, payroll outsourcing and benefits administration solutions are fast and easy to come by with SourceOne Partners, a PEO Broker in South Florida and New Jersey.
PEO Help for Your Small Business and the ACA – The Benefits
There are some major advantages of using a PEO for payroll services and managing the new benefit guidelines under the ACA. These include:
- Access to updates and information regarding the ACA and healthcare reform before it affects your small business.
- Paychecks, overtime, workers’ compensation, and benefit administration handled by one simple to use interface.
- Accurate payroll processing including employer-sponsored benefit program payments, and employee tax calculations.
- Perfect for the small to mid-sized business with limited HR and accounting resources to rely on a team of PEO specialists.
The list of advantages for employers who use PEOs to handle their ACA payroll and benefit administration goes on and on. It’s clear that just the time savings alone of using a professional employer organization results in a more cost-effective way to handle the demands of the ACA on the average business.
Don’t Get Caught without PEO Help for Your ACA Requirements
Affordable Care Act penalties are stiff for businesses that choose not to manage their benefits and payroll correctly. If your business meets the ACA “large business” criteria, you could be subject to serious 2014 tax penalties. The CRS Report for Congress indicates that “In 2014, a monthly penalty assessed to employers who do not offer coverage will be equal to the number of full-time employees minus 30 multiplied by one-twelfth of $2,000 for any applicable month.” This can add up to become thousands of dollars for mismanaged payroll and benefits for even a single employee.
Fortunately, SourceOne Partners has a dedicated team of payroll and benefit professionals who will help you find a payroll company that understands the ACA well. With offices in South Florida and New Jersey, we can help you find a solution to better manage your payroll services, employee benefits and company taxes so that you can save time, money and avoid the penalties of non-compliance. Please call 561-674-0748 to speak with a payroll expert or click here to contact us online.