40% faster month end closures; we streamlined accounting for UMX

Accounting and Bookkeeping Services case study

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Challenge

Underwater Mechanix (UMX) is a Jacksonville, Florida-based commercial diving company specializing in heavy marine construction. With a dedication to fairness and ethics, UMX employs a team of certified professionals, including highly trained and experienced commercial divers and marine contractors, to serve clients in maritime communities.

Timely Account Closure: Specialized construction companies can sometimes face delays in financial reporting due to untimely closure of monthly accounts, which can be caused for several reasons.

Staff Shortage: UMX navigated through periods of staffing shortages, which required resourceful management to uphold the accuracy and timeliness of financial record-keeping.

Incomplete Financial Picture: Due to various factors, UMX occasionally encountered difficulties in presenting a comprehensive financial snapshot at the end of each month.

Backlog of Payables: UMX managed a significant volume of payables and credit card transactions, which required careful attention to maintain accurate financial records.

SOLUTIONS & APPROACH

Bookkeeping Services
Process Improvement
  • Process Improvement: HazenTech conducted a thorough analysis of Underwater Mechanix’s (UMX) existing processes and identified inefficiencies causing delays in information flow. By redesigning workflows and implementing more efficient methods, HazenTech ensured a steady flow of information to end-users.
  • Flexibility and Efficiency: The solutions implemented by HazenTech enabled UMX to gain flexibility in meeting business objectives while ensuring greater efficiency and profitability.
  • Cost-Effective Expertise: HazenTech provided UMX with cost-effective access to finance and accounting expertise, helping them avoid turnover and time-off issues while saving time for the business.

Results

Underwater Mechanix (UMX) achieved measurable financial and operational gains:

  • Backlog Clearance: Processed over 1,500 payable entries and credit card transactions within the first month, restoring accurate financial records.
  • Timely Closures: Accelerated month-end closing cycles by 40%, ensuring consistent reporting and visibility.
  • Labor Efficiency: Saved approximately 20 staff hours per week by automating bookkeeping workflows.
  • Continuity & Stability: Maintained full reporting continuity during staffing shortages with dedicated remote accounting support.
  • Financial Accuracy: Improved overall financial accuracy by 15%, enhancing profitability tracking and forecasting.
  • Operational Confidence: Provided real-time visibility into payables and expenses, empowering management with accurate insights.

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All projects are protected by NDA and IPs.