It can't be overstated how important it is to keep a clean house when paying remote teams. From keeping your team happy to organizing your financial records, how you handle your financial movements says a lot about your company.
Having an expert supporting you in managing international payments for your remote team, is essential if you don't have the in-house bandwidth.
Implement payment platforms
Keeping track of your payments may be hard if you do it manually. Payment software are a great way to upgrade how you handle your contractors or employees monthly deposits.
Payment platforms ensures you quantify and categorize each payment needed to be made. Here are some companies that can help you implement payment software in your business:
- Oyster
- Payoneer
- Plane
- Deel
- Onpay
- Quickbooks
Create a bulletproof payment cycle for your business
Handling your company's payments should be done with the utmost organization in order for it to run smoothly for each new hire. A clear cycle also allows you easy access to your payment records and even modify them quickly when needed.
Ensuring your company has stability when hiring is essential. These services maintain it by having someone on your side who knows every hiring protocol.
Another advantage of having a clear payment cycle when you grow your team is being able to onboard new members promptly.
Here's what a payment cycle should do for your company:
- Meeting payment deadlines to employees
- Setting up payment for new employees
- Build team commitment by complying with payments on time
- Managing tax deadlines and delays
- Classifying work hours and overtime by employees
- Automated payment deposits
Having a carefully structured payment cycle will impress your employees and help you build a solid reputation as an employer. A cycle for contractors is significantly reduced due to less paperwork.
Remote payroll vs International Payment Support
Remote payroll is a crucial aspect of managing a distributed team, ensuring that all employees receive their salaries promptly, regardless of their location. This process is typically facilitated through a payroll platform, which streamlines the payment process and helps maintain financial transparency within the organization.
However, when you have contractors as opposed to employees, implementing payroll may lead you to misclassification. For this reason, setting up clear documentation and international payments is key.
Related: The troubled waters of misclassification when building remote teams
All payments require legal documentation to avoid misclassification when building remote teams. If you have limited time or experience with payments when building remote teams in LATAM, consider outsourcing this service.
It doesn't matter if you have a small team, leaving this to experts, it's a great way to focus on scaling.
Hiring remotely in Latin America
Navigating the labor and tax laws of each Latin American country is essential when considering hiring remote employees for staff augmentation and determining their benefits.
When hiring contractors, on the other hand, there is less paperwork involved and instead of benefits, your company decides on the perks to give to contractors.
Related: Hiring contractors vs employees