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Accounting Sales

Location:
Park Ridge, Illinois, United States
Posted:
September 27, 2019

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Resume:

KAREN E. DRENNAN, CPA, CTP

*** * ******* ****** ~ Park Ridge, IL 60068

Cell 773-***-**** ~ Home 847-***-**** ~ adagpe@r.postjobfree.com

Qualifications Profile

Accomplished Financial Executive with expertise in all facets of accounting and financial management. Possess Certified Public Accountant and Certified Treasury Professional designations. Adept in increasing bottom line, augmenting financial infrastructures, streamlining financial processes, enhancing productivity levels, introducing process improvements, and implementing technology solutions. Additional core competencies include:

ü Financial Stewardship & Controllership Initiatives ü Technology Enhancements & Process Improvement

ü P&L Responsibility & Treasury Management ü Mergers/Acquisitions & Due Diligence

ü GAAP and SOX Compliance ü Auditing & Internal Control Evaluation

ü Financial Reporting & Consolidations ü Staff Supervision & Training

Professional Background

ATTUNE MEDICAL INC (Nov 2018 to Current)

Vice President Finance Responsible for all Accounting, Finance, Taxes, and HR for $2M Start Up

Reduced OPEX $300K by reducing FTE’s, implementing stringent T&E controls, audit of all Expenses and canceled numerous subscriptions, removed past termed EE’s from Insurance plan, implemented EE Cost Sharing for benefits

Turned $75K tax credit into Cash by filing amended returns

Audited and Corrected CAP Table, returning 100,000 Options to the pool

Provided Strategic Advice with scenario models and reduced spending to extend the cash runway

Reduced month end close from 30 days to 5 day close

AQUESTIVE THERAPUETICS INC (MAY 2018 to November 2018) (Consultant)

Area CFO responsible for Accounting, IT Projects, Capital Expenditures, Cost Accounting, Budgeting for $70M Pharmaceutical Manufacturer

Worked Closely with OPS to ensure monthly Sales and Expense Budgets were achieved

Corrected 2018 Cost Roll Forward and rebuilt the budgeting process to make it more accurate

Leader of Cross functional team to implement shared data platform to deliver and drive the Business units KPI’s

Partnered with VP OPS and OPS team on Strategic Capital Purchases (all projects competed for capital)

Created summary document of all contract terms and conditions

GLOBALCARE CLICNICAL TRIALS LLC (July 2017 – February 2018)

Corporate Controller Responsible for all Accounting, Finance, Taxes, and HR of $30M Service Organization

Analyzed and Corrected 7 years of Financial statements and investigated the tax filing impacts for the US and UK returns which prevented overpaying taxes in the US.

Implemented the first Consolidated reporting package with monthly KPI dashboard

Implemented budget process for 2018

Responsible for Assignment of UK LTD contracts to US LLC as a part of the UK LTD shut down project

Moved office to new 8000SF office on time, within budget with no disruption to the business

Steward to the 401k Plan, implemented employee education, quarterly review of plan results, and plan compliance

NATIONAL CYCLE INC., Maywood IL (March 2015- July 2017)

CFO-Responsible for all Accounting, Finance, HR, Taxes and Cost Accounting of $50M manufacturer

Restated 6 months of Financials for 2015 and Restated 2014-year end resulting in $300K improvement to 2014 results and $126K recovery of shareholder gross up due to misstated P&L

Implemented annual and strategic growth plan for 2016

Reduced close from 10 days to 4

Produced analyses to determine which lines to obsolete and which lines to expand

Reduced Obsolete inventory from 30% of the total inventory to 10%

Implemented program to sell obsolete inventory on E-bay

Reduced the monthly medical insurance spend by 28% and implemented a Wellness program

Responsible for Credit Line Renewal $5mm and monthly borrowing base certificates

DYNAMIC MFG, Melrose PK IL (Feb 2013 – March 2015) 9 MFG and Distribution Locations

Controller-Responsible for all Accounting, Finance and Cost Accounting of $150M manufacturer. (4 plants)

Implemented Balanced score card to include Financial, Safety, Personnel, Operational and B/S Metrics

Improved the Cash forecasting models and Financial Reporting

Worked with CEO to implement company’s first line of credit in the amount of $5M

Implemented positive pay, automated the bank reconciliations for multiple accounts, ERS vouchering, uploads for JE’s, which improved Treasury OPS by saving of $100K per year

Re-implemented budgets and monthly operation reviews of expenses with the OPS team and GM’s

Reduced ME Close from 8 days to 4

PROTIVITI, Chicago, IL (Feb 2012 – Sept 2012) (Consultant)

Consultant-Specializing in Finance, Technology and Risk

Provided Project management at U.S. Cellular® for the AMDOCS (billing system) implementation. Deliverables included:

Analyzed and Mapped the SAP Legal Entities and presented recommendations on changes on the Entity Structure. The SAP entity structure drives how revenue and taxes are reported and are critical to accurate reporting and tax compliance

Wrote test scenarios for the Critical Accounting, Tax and A/R processes

Led the P&P (Process and Procedure) team and wrote all the new SOX compliant procedures for Cash Accounting, Distribution Accounting, and Tax accounting (the tax manual was 150 pgs.)

Created the new Geocode table for AMDOCs billing system. This table drives all the tax billings and filings for customer sales and use tax

COMPOSITES ONE LLC, Arlington Heights, IL (2002 – November 2011) 31 DCs (US, Canada and China)

Corporate Controller - sales of $750MM. Provided Leadership and direction to all aspects of Financial management that included Accounting, Internal and External Audits, Financial planning (internal and parent company), Cash flow and Credit.

Served as a member of the Cross Functional Inventory Control Task Force responsible for implementing new forecasting methodology

Played a pivotal role in the due diligence and integration of 5 acquisitions ranging between $25M - $50M

Pioneered the implementation of a 2-day close for the Parent (Total Fina) for P&L and balance sheet

Ad Hoc analysis and recommendations on entering MRO business, divestiture of China subsidiary, Sales Rep Territory Analysis, Overtime, Expense Containment, KPI’s, and Margin Enhancements

Key member of the Real Estate Committee. Supervised Corp HQ Build out (17,000SF) and provided NPV and Cost benefit analysis of C1’s entire warehouse system (31 warehouses) which included maps of the locations and customers in DBV order of their sales

Liaison to the Company’s largest customer ($20M) and successfully negotiated security position and collected $680K interest charge

Implemented P Card T&E and A/P Auto vouchering program with supporting Concur software and internal programing for uploads that reduced FTEs by 3 and achieved annual savings with rebate of $350K

GLS CORP., Arlington Heights, IL (1992 – 2002)

Director Financial Services (1997-2002) Manager of Financial Services (1992-1997)

Accountable for all aspects of Finance and Cash Management in a Shared Service Environment (holding company for $5M Trucking business, $20M Polymer MFG and $475M Composite Distributor) and Sales of $500M, charged with strengthening internal controls, mitigating risk and process improvements to reduce expense.

Implemented auto-cash for 5 lock boxes and streamlined cash management, which promoted growth without additional head count

Executed all aspects of cash and treasury management of $100M accounts receivable, $65M credit facilities, $45M accounts payable, and $5M supplier/customer rebates

Introduced an aggressive cash management strategy that reduced interest expense by $1M and enabled GLS to come out of line of credit

Served as an integral member of the JV conversion team that drove the company from $200M to $400M.

Led efforts to centralize accounts payable, accounting, and treasury operations saving $250K annually

Implemented Risk Rating for the A/R and the On-line automated version of Dunn and Bradstreet. Saved the company 5% per year on multi-year D&B contract

Education & Credentials

Master of Science, Business Administration Bachelor of Science

Keller Graduate School Elmhurst College

Affiliations

Brickton Montessori School – Past Board President and Treasurer. Served seven years and prevented the school from closing with strong cash management and town hall meetings with the Stakeholders.

Treasury Management Association, Association for Financial Professionals (Honor Roll) AFP, Windy City Conference, and NACM

Systems and Software Experience

SAP, M QAD, DOS, AS400, CONCUR (TE Software), QUICKBOOKS, VERTEX (Sales Tax Software), AMDOCS, Excel, Word, PowerPoint, Visio, Various Cloud based budgeting systems (Host Analytics, Hyperion)



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