Grace Aquino

Saved over 15 million dollars to the cross-industry Corporation by predicting the financial stress of a national discount store, through the review of accounts receivables history. Warned top management regarding the deep consequences due to potential inability to collect. We recommended the purchase of insurance for A/R. For the first time ever the Corporation purchased this type of insurance. It also implemented our recommendation, in an urgent manner. Subsequently, this national chain did follow for bankruptcy making millions in A/R uncollectable. However, due to our recommendation and immediate prevention controls, the Corporation collected millions of dollars from the insurance company without problems.

Saved millions of dollars in perpetuity with the standardization of key price lists (oil services: drilling coiled tubing, concrete, etc.). Also standardized the remaining lists significant in terms of budget (ground and aquatic transportation). As the Finance representative of the West Division in the Price Lists Commission, I proposed such standardization. The idea was supported by Corporate. The re-engineering process included the analysis of cost structures by service by provider, negotiation with third parties to gain acceptance, discussions with the Department of Treasury regarding inflation rates, consolidation of price by type of service, responsibility assignment of price lists divided among 3 affiliates. The Corporation operational costs decreased substantially with the unification of prices among the subsidiaries on a national level. Also, the productivity of the price lists commission increased, as the consolidated price lists were equitably assigned among the 3 affiliates, reducing the number of lists by 89%.

Saved millions with the identification of duplicate debits in several bank accounts, increased productivity and improved the accuracy of accounting records. Re-engineered the process of bank reconciliations and cleared months of old reconciling items (checks, debit and credit notes). Also automated the bank reconciliations. As a change agent, I fostered the collaborative work with the banks, and the departments of Treasury, Accounts Payables, IT and Internal Control. Millions were recovered from the banks due to incorrect duplicate debits.  The process improvement involved the: Recovery of debit and credit notes from banks, recording by accounts payables, research of old reconciling items and pending checks, identification of root causes of delay in the bank rec preparation and recording of debit and credit notes (missing documentation between bank and A/P, manual process, lack of tracking old checks), and the design of the process flow for automation. The results were: Reduced the old reconciling items from a year to 90 days, decreased by half the completion time of the process (30 to 15 days). I shared this knowledge with the presentation of the re-engineering process to the West Division Finance Team, Executive Committee of Board of Directors, State Total Quality Conference, and a National Total Quality Conference. In addition, suppliers’ satisfaction increased as their A/P cleared and showed proper balances due. CFO, Treasurer and Accounting Managers achieved increased accuracy of financial reporting.

Saved the company millions of dollars in potential litigation and public image issues. Alerted top management about the violation to the Foreign Corrupt Practices Act of a Mexican subsidiary. The Marketing Director, with the knowledge of the local CEO, of this international division was meeting and discussing regularly with competitors, during public industry events, price agreements of same kind of products. Top management at the Corporation dismissed both executives. This information did not filter to the press or investors. The practice was stopped and communication was sent to all international CEOs.

Saved the Corporation’s reputation by alerting Treasurer of off-balance sheet items (investments & joint ventures) of over $300 million, during the Enron fall years. Transactions were recorded differently. Prompt action allowed this information not to filter to the investment community.

Saved the Corporation millions of dollars as a result of M&A advice provided to the acquisition CEO in the price negotiation. The review of financial statements involved: Identification of obsolete inventory, uncollectable accounts receivables, operational risks, financial risks, other assets with lower value than that on the financial statements, potential liabilities not included in financial statements and corporate strategy mismatch.  The process involved acquisitions and divestitures performing data room review, due diligence, contract review, business fit, negotiation, integration assistance, and post-closing analysis. Participated in the cross-functional Corporate Development team, which included executive members from the Controller’s Group, HR, Risk Management, Corporate Development, Treasury, Legal.

Ceased risks of production flow disruptions by bringing payments up to date. My account payables team decreased the aged invoices, from over 6 months to current status, and also reduced invoice input time. Bad leadership and lack of motivation had caused this North American Corporation to have vendor invoices aged over 6 months without recording, and consequent lack of payment. The number of complaint calls was over 100 per day, from suppliers seeking explanations for delay in payment. I managed crisis cases daily, where the supplier would threaten to stop shipment, CSX trains would not transport products, water services or cell phones of executives would be disconnected, and so on.  The process improvement involved: examining root causes of payment delays, close monitoring of KPIs, collaboration of marketing department, answering and returning calls to disgruntled suppliers on a timely basis, address critical services and products invoices. A key change was increasing the staff motivation and morale in the accounts payables department, as well as creating a sense of urgency. In less than 2 months, with a now nurtured staff, results included bringing the invoice recording to date, and sparing the Company from distribution interruption, production disruptions, dissatisfied suppliers and many conflicts.