Sales Accounting

LING XU, MBA CERRITOS, CA ***** / US 714-***-**** / *****@*****.*** / CN 183******** pg. 1

SUMMARY

Over 25 years in progressing professional knowledge and practical experience in business management, operations, accounting and financing, involved extensively and hands-on in logistic improvement, inventory control, international transfer pricing, mergers and acquisitions, due diligence audit, tens of millions working capital financing, product costing and profitability analysis, manufacturing efficiency audit, monthly forecasting and annual budgeting, financial reporting, ERP system design and implementation, contract terms negotiation and staff training. SKILL SET

Mastered EDI (Electronic Data Interchange) communications for Wal-Mart, Best Buy and Fry’s Electronics etc.

Specialized in and implemented Microsoft GP Dynamics accounting system, FRx and F9 financial report writers.

Proficiently use Microsoft Excel, pivot tables, vlookup and what-if functions to set up and compose financial reporting template, forecast, rolling forecast and annual budget. Computer proficiency and experience are well extended to other ERP systems, such as SAP, Oracle, Oracle GLDI, Microsoft Navision, Dynamics, Office, QuickBooks, Syspro and Sage MAS 90 etc. SELECTED ACCOMPLISHMENTS

Negotiated tens of millions bank credit lines at LIBOR 3% to secure working capital for a business growing at 35%.

Played a key role in mergers and acquisitions to grow business substantially and diversify product lines.

Directed a multi-million commercial term negotiation for a 30% deposit with Net 30 balance due after goods delivered.

Led a team that achieved nine consecutively unqualified opinions without post audit adjustment by independent auditors, passed two IRS audits on international transfer pricing without any adjustment and numerous state audits.

Integrated EDI (AS2 Wal-Mart) with ERP system to eliminate manual entries on purchase orders and sales orders and achieved 100% accuracy in order shipments which greatly improved customer satisfaction and reduced operating cost. EDUCATION

California State University MBA Accounting & Taxation (GPA 3.5/4.0); Suzhou University BA English Literature FOREIGN LANGUAGE: Native speaker in English and Chinese/Mandarin Interim business, financial consulting, local financial market research, and family visits China MAY – SEP 2017 United Glass and Ceramics, Anhui China DEC 2016 – MAR 2017 Engaged in short-term projects such as accounting, financial reporting, new business planning and development etc.

- Studied and initiated a new logistic approach in overseas packaging and pallet consolidation, saving the company over

$120,000 in labor and material cost annually.

- Proposed a savings plan realizing millions over 5 years by replacing the current traditional furnaces with an automatic UV (ultraviolet) light curing multi-color bottle printing facility to reduce tremendous direct manufacturing cost. Diamond Wipes Int’l Inc., Chino CA, NOV 2012 – OCT 2016 Specialized in contract, institutional and professional manufacturing of private label wet wipes, pre-moistened pads and filling packets (Accounting ERP System: Microsoft Navision 10) Corporate Controller (position focused on inventory control improvement, preparation of financial reporting and working capital financing)

Hired for logistic and inventory control improvement, accounting and financing preparation to invite external investment. The business was well positioned in mid of 2015 and attracted 25 million private funds investment for a majority share.

- Negotiated key vendor terms of material acquisition and favorable logistic arrangement to improve inventory turnover rate by managing and prioritizing vendor payments.

- Managed inventory control, resolved issues from day to day operations in sales and supply chain for quality control.

- Negotiated and completed a financing plan with Wells Fargo for 4 million working capital, 3 million fixed asset facilities at lowest market rate possible, at/< 3% APR and 3 million revolving line of credit for business credit card.

- Directed annual R&D tax credit study, saving the company about $300,000 each year for the last a few years.

- Initiated an annual budget system to guide each business sectors (contract packaging, retail, institution and online ecommerce) and to control cost while the overall business grew at 22% year on year.

- Established accrued accounting basis for income tax planning and asset management.

- Trained and maintained a financial team to achieve a 5 day month end closing and 80% or more current in accounts receivable over hundreds of active accounts by collecting an average 4 million a month. LING XU, MBA CERRITOS, CA 90703 / US 714-***-**** / *****@*****.*** / CN 183******** pg. 2 Intri-Plex Technologies Inc. etc., JUN – NOV 2012

Designs and manufactures high precision stamped components for head disk drives (Accounting System: SAP) Consulting, Senior Financial Analyst

Temporarily helped the financial system conversion to SAP after the acquisition by a High-Tech Group in Asia. Fulham Company Inc., Hawthorne CA, JUL 2009 – APR 2012 Energy Saving Lighting Industry, Manufacturer and Distributor (Accounting System: Macola ERP) Vice President, Global Finance (position focused on business mergers and acquisitions, global logistic control and financing)

The company was engaged in manufacturing advanced electronic ballasts for green energy savings and environment protection. Played key roles in negotiations and completed two acquisitions, one in India and the other in China, and performed subsequent pre-acquisition due diligence audits and coordinated in-depth independent audits as well.

In order to facilitate and secure a global logistic control on raw material acquisition at factory level in China and finished goods transportation in Germany, Middle East, Hong Kong and USA, I negotiated, established and managed two lines of bank credit facilities: RMB lower 50 million from Citibank Beijing for a manufacturing plant located in China and USD multi-million for a distribution center in Los Angeles at most favorable interest rates (about LIBOR 4% in US).

Managed global cash flow forecast and daily usage for Fulham companies in Germany, Dubai, India, Hong Kong, China and USA.

Initiated and led annual global budget process involving complicated logistic modeling and cash flow forecasting for US, China, Hong Kong, Dubai, Germany and India.

Negotiated favorable commercial terms with key vendors and buyers of multi-million contracts to preserve, maximize cash flow availability and improve logistic control on inventory availability and scheduled deliveries at global level.

Managed monthly global financial reporting packages and presented them in board meeting. Directed quarterly bank collateral audits and annual financial audits by independent auditors. Supervised and reviewed submissions of the monthly collateral reports required by City National Bank. St. Jude Medical Inc., Irvine CA, MAR 2009 – JUN 2009 Medical Instruments (Cardiac and Neuromodulation) Manufacturer (Accounting System: Microsoft Dynamics GP 10 ERP) CONSULTING (Senior Financial Analyst, position focused on inventory control, cost savings and financial profitability analysis)

Investigated the existing logistic system and rooted out system cycle count errors on finished goods, WIP and raw materials. Rewrote, completely, the related logistic and operational procedures to prevent repeated errors in cycle count on inventory.

Analyzed BOM (Bill of Materials) structure to identify incorrect cost associations, remove cost errors at sub-accounts and achieve accurate product cost being posted to general ledger.

Initiated month-end variance analysis for inventory, labor and manufacturing efficiency, pinpointing areas for continuing logistic management improvements.

Bakkavör (Two Chefs On A Roll), Carson CA, OCT 2006 – FEB 2009 Food Industry, Manufacturer (Accounting System: Syspro ERP) COST ACCOUNTING MANAGER (position focused on product costing and continuous manufacturing improvement)

Bakkavor originated from England and known as Tesco’s key vendor of fresh meals, pizzas and desserts acquired Two Chefs On A Roll in preparation of a partnership with Tesco who came to US and established its chain stores, Fresh & Easy Neighborhood Market. As a head of product costing in the task team formed to compete for a qualified maker of fresh meals and desserts for Fresh & Easy, I designed a Tesco (Fresh & Easy) Costing Matrix and accomplished complex product costing over 80 SKUs (products) and helped launch them successfully into Fresh & Easy Neighborhood Market.

Established product cost and profitability data base to monitor manufacturing cost variance for continuous improvement in production efficiency and cost savings.

Managed quarterly rolling forecast and annual budget to ensure sufficient finished goods ready for scheduled shipments with adjustment made to the seasonal sales at its peak time.

Developed Sales Tool (new product costing estimate module) to enhance PIF (Product Initiation Form) process where a template is built to show automatic results or calculations of unknowns given certain scenarios. Wagner Rubber Products, Rancho Dominguez CA, SEP 2005 – AUG 2006 Precision Rubber Products Manufacturer (Genesis Accounting ERP for FileMaker Pro) Kittrich Corporation, La Mirada CA, APR 2005 – SEP 2005 Houseware and Kitchenware Manufacturer and Distributor (Accounting System: Oracle) INTERIM CONSULTING (ad hoc tasks to improve health and stability of the companies) LING XU, MBA CERRITOS, CA 90703 / US 714-***-**** / *****@*****.*** / CN 183******** pg. 3 At Wagner Rubber Products

- Investigated problems centered on RMA for incorrect records, rewrote RMA policy and established internal control procedures on defective returns.

- Administered the new startup division with 210 employees in Chengdu China for accounting and operational procedures and facilitated the consolidations of operational and financial reports in accordance to GAAP with US headquarter.

- Applied various analytical procedures and identified problem areas for continuous cost reduction and operational improvement.

- Managed quarterly bank audits on financing facilities and annual reviews by independent auditors required by bank. At Kittrich Corporation

- Managed ad hoc tasks of improving internal controls by recommending and composing new policies and procedures and editing existing ones on inventory control, commission calculation, A/P distribution, and purchasing transactions.

- Resolved the issues surrounding the prior year-end audit in order to close the book and secure a 30-million working capital line at Wells Fargo.

- Established analytical procedures on inventory variance and cost of sales reconciliations to ensure issuance of accurate operational, financial reports with supporting schedules to the bank.

- Implemented Oracle GLDI to import journal entries from Excel to Oracle’s general ledger and eliminated manual input to increase efficiencies significantly in preparing monthly financial statements.

- Timely prepared multi-state returns for sales and use tax, property tax and income tax provisions to avoid late penalties and interest charges.

Saitek Industries Ltd., Torrance CA, MAR 1995 – APR 2005 Consumer Electronics Manufacturer, Distributor and Internet Retailer (Accounting System: Microsoft Dynamics GP 7.0) PC peripherals, joysticks, game pads, wheels, flight simulation controllers, Kasparov chess and intelligent games CONTROLLER (position focused on business operations and continuing improvements)

During my ten years’ tenure at Saitek I built, trained and maintained a very strong, stable and successful operational and accounting team. Together we achieved an average growth in annual sales over 15% year on year. I helped the company expand its market into major retail chains such as Wal-Mart, Best Buy, Fry’s Electronics and CompUSA (then) by establishing an integration of EDI (Electronic Data Interchange) with ERP system to receive POs of these companies electronically and transmit sales invoices and shipping notices back electronically. The electronic-communication- ready system eliminated costly errors in product picking and shipping and enhanced customer satisfaction.

Set up an electronic RMA on the ERP system to log in returns, track service progress, and convert serviced products into inventory for scheduled shipments to various vendors. The system could produce reports for quantities demanded in sales channels, quantities in WIP, and quantities/purchases received and in transit. These reports became critical to avoid loss of sales opportunities.

Helped establish a SMS (Slow Moving Stock) system and reviewed with sales team on every Friday to timely resolve issues outstanding and discuss actions needed to move stocks and free warehouse space for material and merchandise maneuvers.

Directed the team to successfully pass field audits by IRS on the issues of international transfer pricing, twice in a period of ten years, without any adjustment on taxable incomes from IRS. Achieved a record of 9 years continuously for unqualified opinions on the financial statements issued by external independent auditors to board of directors, bank of working capital financing and management team. Handled two BOE (California Board of Equalization) government audits on sales tax without being issued a penalty.

Developed and implemented a budget system through Excel, which composed of sales forecast by major accounts, fixed cost, cash flows, A/R performance, sales summary by customers and products, P&L, and standard cost master sheets. This budget system seamlessly integrated with the accounting system which produced flexible financial statements in comparison of current year and prior year performance.

Negotiated with banks to secure working capital financed at the best market rate or cost.

Studied mid-market ERP systems, selected and implemented Microsoft Dynamics to achieve a seamless integration in EDI communications required for obtaining and establishing business relationships with Wal-Mart, Best Buy, Fry’s Electronics and then CompUSA etc.

Maintained the EDI and ERP systems in house without incurring third-party maintenance cost for ten years, saving expense over $50,000 per year.

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