How to Automate Payroll Using TransferWise and RemoteTeam Platform?

Canberk Arslan

Canberk Arslan

5 min read

2021-04-13

How to Automate Payroll Using TransferWise and RemoteTeam Platform?

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.

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 ContinueClick 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?

What is TransferWise and how to use it?

What is Payroll? Introduction to Payroll

Canberk Arslan
Written by Canberk Arslan

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