A local accounting firm’s newest division has read all 10,000 pages of the Affordable Care Act so you don’t have to.
Richmond-based Cherry Bekaert recently launched Cherry Bekaert Benefits Consulting (CBBC), which is geared toward helping clients wade through federal health-care reform legislation.
“It’s one of the areas our clients, as a whole, have been asking a lot of questions about,” said Scott Moss, managing partner of Cherry Bekaert’s advisory services practice.
Everyone from small-shop owners to giant corporations wants to know how the act will affect their bottom line, he said.
“These are businesses of all different sizes,” he said. “Generally, once you get over the 50-employee level is where businesses start to have concerns about the Affordable Care Act’s impact on their business.”
Cherry Bekaert began working on the new division in spring 2013, and CBBC brought five employees on board over the past few months. Moss said CBBC’s employees keep up with the almost daily changes in the health-care legislation so they can keep clients in the loop.
Clients want to know their options in implementing changes related to the Affordable Care Act, Moss said. They want to know if they are too late to make necessary changes, how to determine which employees count as full time and what to do about reporting and tax requirements.
“As benefits and health-care issues grow in operational and financial importance to our clients, we expect our CBBC division to grow,” Moss said.
At least one other local accounting firm is focusing on Affordable Care Act issues for clients.
Gary Wallace, a certified public accountant and partner with Keiter in Glen Allen, said his company put together a task force of in-house experts to handle questions about the legislation.
Cherry Bekaert is headquartered at 200 S. 10th St. in Richmond and has offices stretching from Tysons Corner to South Florida. It employs 103 people in Richmond and 850 total. Employees specializing in the Affordable Care Act work at offices throughout the firm.