Compliance Officers are focused on the seemingly mundane record-keeping details and complicated reporting associated with various regulatory agencies. It’s often a thankless and lonely job that requires a keen attention to detail as well as a generous amount of patience. Often unknown to most colleagues, Compliance Officers can be the thin line that protects businesses against costly fines and penalties that could easily spell disaster for a company whether large or small.
As noted in “The loneliest job” article, over one-third of mid-sized businesses incurred fines for noncompliance with governmental regulations in 2014. Of those businesses, 58% were not sure how much they paid in fines and 47% didn’t know how many fines that they paid. Governmental and industry regulations aren’t going to get easier, rather they are becoming more complicated which is why many companies are turning to technology to support compliance and reporting management. Compliance Officers can use modern technology to:
Manage Affordable Care Act (ACA) requirements: As you may already know, noncompliance with ACA reporting can result in expensive fines and penalties. Maintain accurate records and automate reporting with the ACA Compliance Solution. Manage employee eligibility, test for affordability, and automatically populate IRS forms for submittal to applicable employees and the IRS, as necessary. Automatic alerts can notify you when conditions require your attention so you can take prompt action to avoid noncompliance and associated fines.
Improve labor management planning: Employees are your most valuable asset and one of your most expensive. Manage employee costs more efficiently with the FTE Manager. You can monitor full-time-equivalent (FTE) data by fiscal year, department, position, and time period, then use this information to forecast labor needs while also budgeting for labor costs. This data can also impact ACA costs when employees become eligible for ACA consideration.
Be the masters of your data and use it to control complex compliance and payroll activities. Download “The loneliest job” and contact Integrity Data to learn more about the tools that can support your Compliance Officer and protect your business against costly noncompliance fines and penalties.
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