Small-business owners have voiced concerns about the Affordable Care Act since before the bill was passed, and the controversy over the legislation has continued to grow. Many entrepreneurs are worried about additional costs and time-consuming processes they will have to take on as a result of the law, making it more important than ever for them to implement procedures that will streamline daily tasks, such as remote deposit capture technology, using the fastest check scanners available.
Business owners aren't prepared for ACA
New research shows the majority of business owners aren't sure how to prepare for the ACA. A study from Newtek Business Services showed 52 percent of independent entrepreneurs have no idea how they will prepare for the full implementation of health care reform. Thirteen percent are planning to rebuild their health care policies, 24 percent are considering reducing employee benefits and another 11 percent are looking to cut business expenses in other areas.
With the number of business professionals unsure of how to adjust their practices to best prepare for the ACA and a fair percentage thinking about cutting expenditures in certain areas, many are pleased with the administration's decision to delay the employer mandate portion of the law. This provision required business owners with more than 50 employees to provide health insurance for their workers. This concerned many entrepreneurs who didn't think their companies could afford the additional expense, especially during trying economic times.
But with the recently announced delay, company leaders will have more time to determine if they should pay a fine for noncompliance or play along with the ACA's requirements. Those who choose to comply will need to figure out exactly how much of their resources the legislation will require, which could spur them to further streamline processes and cut costs wherever possible.
While many business owners may not think of better cash management and enhanced backroom processes as ways to save time and money, new practices can help entrepreneurs comply with ACA requirements without draining their resources. By looking to solutions like RDC, teams can use a check scanner to deposit payments immediately, rather than letting them sit around for days before an employee has time to drive them to the bank. Processing checks in-house can also eliminate the need for businesses to reimburse workers for the gas they use driving to deposit checks, thus cutting back on time and expenses related to handling check payments.
July 16, 2013