In iSolved, employee benefit participation is tied to the employee record and directly to the employee payroll. This allows an employer to track all employee benefits on records that drive payroll and the tracking of costs- for benefits that are paid by both the employee and ones that are paid by the employer. No matter whether it is a simple 401(k) plan with a tiered match, or a short or long term disability plan whose rates are calculated based on the employee’s salary and plan limitations, Commonwealth makes it easy for the employer to account for and demonstrate the value of employee compensation and benefits. This is commonly done using the Employee Benefit Statement and other tools.
Calculation and Tracking
1.2 million employees at over 35,000 employers use the iSolved technology for their payroll and HR. The system can also scale to include time tracking and benefits. Read more.