ACA compliance is complicated for all organizations, but this is compounded by the fact that this is the first year of mandatory reporting and HR/Benefits departments have never had to handle a tax reporting obligation like this one. As companies try to figure out how to adjust their systems to identify, compile, and transmit this data, many are finding that they do not have the resources or capacity to build a viable solution for ACA reporting.
Take the case of Savage, a significant growing company with more than 3,000 employees and responsibility for a retiree population. Offering several different medical plans and processing over 4,200 forms so far in this first year of mandatory ACA reporting, Savage realized that they could not internally build a reporting mechanism like they had for their 1099 obligations because it was going to be too expensive and time-consuming.
After being turned away and dropped by other companies that claimed to have a viable option, Savage turned to Sovos, and we informed them that it would not be a problem to take them on as a client and help them comply on-time. Sovos is equipped to handle the mailing, printing, and secure transmittals required under the Affordable Care Act with our Sovos ACA solution.
Savage said loading the data into the Sovos ACA solution was not a problem and neither was populating the schemas. Once the data was loaded, it was easy to edit individual records. Savage was also pleased that any time they had a question or needed help, customer service was responsive and tracked down an answer.
As Sharon Broadwater, the Vice President of People Support (HR) happily reported, “because of the efficiency and accuracy the Sovos solutions provide, Savage didn’t have to program a solution internally and tie up useful resources that we can now use for other necessary business initiatives.” Moreover, Sharon was very pleased at how affordable the Sovos ACA solution is.
Want to read the whole story? Download our newest client success story and find out how Sovos helped Savage cost-effectively comply with their ACA reporting obligations so they could continue to focus on their growing and profitable business.