Oceans XYZ

How Thera helped Oceans save $50,000 per year on Contractor Management

See how Thera is rebuilding Payroll for teams

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$50,000 saved per year

45% time saved running payroll month

"Switching to Thera for our payroll was one of the best decisions we made at Oceans. Thera has exceeded our expectations. We can now manage hundreds of contractors, along with payments and compliance in one platform. The platform has saved us valuable time and resources. Highly recommend!"

Ian Myers

Background

Oceans is a business process outsourcing firm that matches highly skilled and vetted talent in Sri Lanka to US and other global companies. Founded in 2022, Oceans has and still is  experiencing rapid growth and today they have an impressive team of over 240 contractors. 

Oceans turned to Thera’s global payments platform to automate their contractor management, payments, and compliance processes. Today, the group spends less time on ops and management — and more time focusing where it matters, allowing them to ride their ongoing wave of success.

The Challenge

Highly manual wire payments processing for 200+ contractors per month led to inefficiencies, inaccuracies and large transaction costs. 

After scaling rapidly, back office tasks exploded overnight and the team were struggling to keep up. Running payroll was an extremely manual process which meant mistakes were occurring more often than not, stress and frustrations were building up as the end of the month approached and there was never enough time to focus on the bigger picture. As such, Oceans Founder & CEO, Ian Myers, made automating his payroll ops his top priority.

Oceans’ takes great pride in supporting their contractors, also known as ‘divers’. As one of their main hiring attractions, Oceans offers their divers who are based in Sri Lanka, payment in USD and so it was extremely important to ensure payments were transmitted in a timely, accurate manner at affordable transaction rates. 

The manual nature of their existing wire process meant that many hours were spent monthly creating and updating spreadsheets to track payments, which were then executed one by one. Ian told Thera that once he had scheduled all 200 odd payments and the next thing he knew, an error occurred on the bank’s end and he had to start again from scratch. This was far from ideal.

There was a lack of visibility for divers on when exactly to expect their salaries, a lack of flexibility to change their receiving bank accounts regularly and they also had to send in their invoices manually each month via email before the deadline, else their payment would get delayed to the following payment cycle.

Another significant pain point Oceans faced was manual processing of expenses and reimbursements as this was done on an individual basis. Receipt management was becoming increasingly challenging and so finding a solution to streamline payroll became urgent, especially as the team continued to grow.

Collecting and storing W8-BENs for each and every contractor also proved difficult. A centralized storage system for multiple admins to access was needed to ensure compliance was maintained.

The Solution

Thera’s international payroll and compliance platform

After Ian discovered Thera, he quickly realized our contractor management system was the solution he’d been looking for.

Ian and his team are now able to run monthly payroll on autopilot. Thera’s bulk review, approval and payment features, facilitate payments to their contractors with just a few clicks, reducing the payroll processing time from hours to mere minutes. No more manual wires, no more manual data entry and no more wasted time- everything in one single streamlined platform which both the admins and divers can access.

Ian was able to save $50,000 per year by implementing Thera with access to some of the best exchange rates on the market and affordable contractor management fees.

The Thera platform allows divers to upload multiple withdrawal methods (Bank, WISE, Payoneer etc.), withdraw funds in multiple currencies and track payments in real time. For fixed rate contractors, invoices are generated automatically each month meaning no more manual invoice creation, no more missing deadlines and delayed payments which undoubtedly led to happy divers all around.

Thera’s compliance document collection feature also enabled Oceans to easily collect W8-BENs for all of their contractors and store them in a central location for the HR admin team to manage.
In addition to Thera’s automated features, the Thera team’s hands-on support helped Ian reclaim hours of work to re-dedicate to growing the business. Onboarding to Thera was handled completely by the Thera team in a matter of days, ensuring a hassle free experience. Ian emphasizes that even if he shoots us a last-minute request, “the team is always willing to help out.” 

Today, the combination of Thera’s global payroll platform and highly responsive team enables Oceans to run an efficient, scalable operation.

The Results

Automated payroll, Reduced costs and Hours of Time and Effort saved.

Since onboarding with Thera over three months ago, Oceans is on track to make some impressive improvements to their bottom line, including:

  • 45% time saved running payroll monthly
  • $50,000 saved by implementing Thera
  • Improved compliance 

Ultimately, Thera ensures the company’s payroll runs on autopilot, so the Oceans team can refocus their time & resources on scaling the business.

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