Paycom (NYSE:PAYC), a leading provider of comprehensive, cloud-based technology for human capital management, today launched a powerful Affordable Care Act (ACA) Dashboard. As an enhancement to its existing ACA compliance solutions, the new dashboard further empowers Paycom’s clients to effectively navigate the ACA employer mandate that goes into effect in 2015.
“No matter what size the business, the person responsible for achieving ACA compliance is not always clearly identified, which increases their risk of error,” said Chad Richison, Paycom’s president and CEO. “In order to meet the ACA employer mandate and its reporting requirements, every organization must have accurate employee data and immediate access to it. Paycom’s ACA Dashboard gathers all of that data and autopopulates it into one convenient spot, allowing for both quick, big-picture analysis and detailed reporting.”
Beginning Jan. 1, 2015, the ACA’s employer mandate will require employers to begin collecting and organizing data for submission to meet the mandatory requirements of offering affordable insurance that meets minimum essential value. Depending on the size of the employer, organizations must track employees’ hours worked, whether an offer of coverage was made, the months in which each employee received insurance and the affordability of the insurance offered.
Paycom, which currently offers ACA reporting data through its single-database solution, allows employers utilizing the new dashboard to gather that information quickly and accurately. Users also can analyze that information to ensure they are in compliance with the new federal guidelines. In addition, the ACA Dashboard can be autopopulated with an employer’s existing data, and this data also can be autopopulated into the required IRS forms under Sections 6055 and 6056, which includes Forms 1094 and 1095 B and C.
Paycom’s ACA Dashboard is comprised of four main sections:
- Head Count – Clients easily can view the number of ACA full-time and full-time-equivalent employees to determine their ACA status.
- Status Tracker – Employers can track new hires and employees approaching ACA full-time status, and create a custom list of employees’ hours for reporting purposes.
- Affordability – The ACA requires employers to offer affordable coverage based on the ACA’s Safe Harbor Provisions. Paycom’s affordability section tracks the affordability of insurance offered to employees.
- ACA Periods – Employers can set up, maintain and monitor their ACA periods, including measurement, stability, administrative and initial.
Clients using Paycom’s Payroll, Time and Attendance, Benefits Administration and Document and Task Management applications will see their ACA dashboard autopopulated with streamlined information. The dashboard also can be used as a standalone application for compliance and reporting, regardless of a client’s current application use. This product release is among several launched in 2014 to empower employers and HR professionals; others include Paycom Surveys, Push Reporting®, Schedule Exchange and Candidate Tracker.
For additional information on Paycom’s ACA-specific tools or full-service offerings, please visit www.paycom.com/aca.
About Paycom
As a leader in payroll and HR technology, Oklahoma City-based Paycom redefines the human capital management industry by allowing companies to effectively navigate a rapidly changing business environment. Its cloud-based software solution is based on a core system of record maintained in a single database for all human capital management functions, providing the functionality that businesses need to manage the complete employment lifecycle, from recruitment to retirement. Paycom serves businesses of all sizes and in every industry. As one of the leading human capital management providers, Paycom serves clients in all 50 states and has sales offices in 30 major cities across the nation.
Forward-Looking Statements
Certain statements in this press release are, and certain statements on the teleconference call may be, forward looking statements within the meaning provided under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are made only as of the date hereof. These statements involve known and unknown risks and uncertainties that may cause Paycom’s actual results to differ materially from those stated or implied by such forward-looking statements, as a result of various risks and uncertainties including: changes in the demand for our solution, pricing changes and the impact of competition; changes in technology; our ability to attract, hire and retain skilled employees; our ability to attract and retain clients and increase the number of applications utilized by our clients; our ability to develop and market new applications, improve our existing applications and increase the value of our solution; our ability to maintain or increase our revenues and revenue growth rate; the sufficiency of our cash and cash equivalents and cash generated from operations to meet our working capital and capital expenditure requirements; changes in laws regulating payroll taxes and employee benefits; the possibility of a security breach that disrupts operations or exposes client confidential data; and potentially unfavorable outcomes related to pending legal matters.
Other factors that may cause such differences include, but are not limited to, those discussed in our periodic filings with the Securities and Exchange Commission, including those discussed in the prospectus filed with the Securities and Exchange Commission on April 15, 2014, and in particular the section entitled “Risk Factors” of the prospectus. Paycom undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities laws.