CFO/Vice President of Finance
P&L Improvements/Business Process Reengineering/Tax Function Management/Cost Containment
Multimillion-Dollar Contract Negotiations/Financial Analysis, Cash & Risk Management
MBA, BA (Economics), Senior Financial Executive with over 20 years of policy-making experience in developing and implementing strategic financial initiatives, training personnel, and achieving revenue performance targets for a 500-employee fiem with more than $200 million in annual revenues.
Financial, operational, and management acumen gained over the past 20 years encompasses:
Formulating and instituting comprehensive risk management controls that achieved Worker¡¦s Compensation premium reductions of 15.5% over 2 years. This was accomplished by identifying and mitigating risks, educating managers and employees on tools/techniques, introducing managed care, and creating back-to-work strategies.
Managing 4 IRS field audits with each examiner making minimal or no adjustments to the return. Each examiner lauded the completeness, accuracy and organization of the accounting records provided to them.
Establishing EDI invoicing of accounts payable with IT team, which produced the ability to process 120,000 invoices annually while reducing payables posting staff from 7 to 4. This seamless integration involved converting 80 vendors over 4 years to this streamlined process of matching product invoiced to product received.
Most recently, served as a key member of the senior management operations team that led the corporation through a complete organizational transition, which improved sales nearly 200% to $200 million within a 13-year time frame. This resulted in increasing EBIT over 1,300% and posting 13 straight years of record profits and dividends.
Additional strengths and capabilities include: Policy & Procedure Development; Creating a Shared Financial & Operational Vision; Evaluating & Addressing Business Risk; Forming & Leveraging Strategic Alliances; Developing & Instituting Internal Controls; Managing Capital & Operating Budgets; HR/Benefits Administration; Quantitative & Qualitative Analysis; and Written, Verbal & Formal Presentation Skills.
PROFESSIONAL EXPERIENCE & ACCOMPLISHMENTS
Vice President of Finance & Chief Financial Officer (1991-Present) ¡V Responsible for the planning, operating performance, and leadership of financial accounting and administrative functions, including forecasting, capital/operating budgets, cash management, treasury, internal controls, payroll, HR, AR/AP, and policy/procedure development.
Corporate Controller (1985-1991) ¡V Primary duties focused on managing financial reporting, monthly closing activities, budgeting, forecasting, payroll processes, and accounts payable.
Enhanced accounts receivable processes while training staff in proper procedures, resulting in a reduction of net write-offs from over 1% of net charge sales to a 10-year average of less than 0.2%. Net P&L effect produced savings of over $2 million during the most recent 5-year period.
Developed new cash and asset management policies, procedures and reporting systems to better utilize credit facilities and to minimize excess cash balances and working capital. Consolidated patchwork of local banks to 2 major institutions, which resulted in increased cash flow and elimination of all corporate debt.
Developed budgeting models allowing department heads to determine the financial impact of personnel changes, sales and gross margin changes, introduction of capital equipment, and a variety of other scenarios. Subsequently, increased management awareness of cost/benefit concepts while enhancing educated management decisions.
Formulated health plan parameters to control costs and maintain financial integrity of this self-funded benefit, which proved instrumental in reigning in average employee health care costs to an increase of less than 10% over the last 3 years.
Initiated and implemented computer-based returned goods system with IT team. As a result, reduced paperwork, improved reporting of items returned by customers and to vendors, and increased manufacturer credits by 16% versus prior year, with annual savings of nearly $500,000.
Designed and executed invoice adjustment system to debit vendors for price and material discrepancies. This system has resulted in over 100,000 vendor debits over the last 12 years, as well as several million dollars in funds collected which would otherwise have been lost.
Instituted Internet-based service that allows all employees to access corporate policies and procedures online. Consequently, heightened employee performance (as measured by internal audits) while eliminating paper flow and improving informational reporting by performing all employee reviews and salary changes online.
Established employee handbook and ¡§Manager¡¦s Personnel Action Guide¡¨ to assist in employee development and management awareness of human resource issues. This effort increased manager awareness, resulting in a measurable reduction in employee turnover and an improvement in retention.
Introduced automated lockbox posting of accounts payable remittances, with the bank transmitting MICR line of each customer check received. This MICR line is applied through an algorithm program to post over 50% of customer payments via computer, thus freeing up accounts receivable staff to concentrate on collection efforts.
Created and implemented foolproof process to handle customer direct shipment sales. With nearly 10% of sales processed this way, all accounts payable invoices are uniquely tagged and followed through the sales system to assure that all customers are invoiced promptly and accurately.
Selected and installed computer-based timekeeping solution to increase accuracy of overtime accounting and employee leave. This technical system replaced a manual system prone to human errors and overpayment of overtime. Also instituted ¡§flexible¡¨ overtime concept for inside sales reps, which decreased overtime and assured FLSA compliance.
Identified and launched general ledger/financial reporting system that improved these capabilities and allowed online examination of all GL accounts. As a result, reduced paper flow and expanded manager awareness of P&L charges and audit capabilities. |
