You can integrate TransferWise with a remote team platform to automate payroll for your remote workers. You can manage time-offs, time tracking and employee payments on one platform easily by integrating payment tools with time tracking tools.
If you are looking for how to integrate DeskTime or Toggl with the RemoteTeam platform you can check our other guides.
Now let’s see how to automate payroll for your Remote workers with TransferWise integration.
Table of Contents
1st Step: Install TransferWise
From the Apps tab, you can start installing TransferWise to the Remote Team platform.
Click Install To Continue
2nd Step: Create TransferWise API token
After you Install TransferWise you need to create an API token of your TransferWise account. When you complete the steps for registration, enter your bank account to send money, then click settings to find API tokens.
To Create Your Token Click API Tokens
After you click Add Token, you can select the name and the option you want for the token. We need full access to manage automated payrolls.
You created your token! Now it is time to enter the TransferWise API Key to Remote Team platform.
3rd Step: Enter the API key
You need to reveal the full API key to copy your full key to the remote team platform.
Reveal Your API Key and Copy To Section Shown Below
Click Submit to Continue
Click Submit to Continue
Choose Your Employee and Click Submit to Continue
4th Step: Running Payrolls
After you set TransferWise for your employee, you can now set automated payrolls for each month to pay your remote employees. Click Run Next Payroll.
Run Next Payroll
Set the Payroll Month You Want
You can now simply select the month you want to run the payroll for and click Run.
After you set payroll for the month, you can add more employees or edit the details of your employee and payment amount. Now you’re ready for setting your bank account to pay your employees.
Click Details to Add Earnings & Deductions to Your Employees
You Can Simply Change the Amount of Payment of Your Employee
You can Add earnings or deductions for your remote worker manually from the Details tab.
5th Step: Fixing A Bank Account
Press Fix Bank Accounts to enter your payment account.
From the bank account page press new to create your account.
Press New to Add Your Payment Account
After you select a currency, fill the indicated information below to create your payment account.
Congrats! You automated payrolls for your remote workers. You can now track the working time of your employees and pay their earnings automatically every month that can save you time, money and reputation.
Automating Payroll with RemoteTeam and your favorite time tracking application.
For the many remote companies that pay hourly, use the services of freelancers or contractors, then paying according to the number of hours worked is the ideal option. The trouble is, many companies suffer trying to automate the entire process. One, these companies have to use a payroll provider separately. Two, they find it difficult to syncing this with time tracking apps.
RemoteTeam’s platform solves this very problem by making sure that our payroll service is linked with your favorite time tracking app – DeskTime, Toggl, Harvest, etc.
Once this is done, your employees’ tracked time is recorded on the RemoteTeam platform.
At the end of the month, you can run your payroll – and RemoteTeam’s platform will automatically calculate the number of hours worked for the month/period, and with the hourly rate that you’re offering your employees or freelancers – the amount to be paid will automatically be determined.
If they’re permanent employees, freelancers, or consultants, you can use RemoteTeam’s platform to automate this entire process – so everyone gets their due payment every time the payroll is processed.
Advantages of using the RemoteTeam Payroll platform
Ability to integrate with many time tracking apps
Great automation ecosystem that allows you to make bulk payments to employees and freelancers around the world without any cumbersome process.
A payroll system that’s compliant with the legal systems of your employees’ country.
No need for long, difficulty-to-work-with spreadsheets
No manual calculations and using of different applications just to achieve the same goal.
Further Reading:
How to Reimburse Overseas Employees
What Are W-8 BEN and W-8 BEN-E Forms?
