Dayna L. Valente

Company Overview: Global, mid-size (less than $50M revenue) manufacturer and distributor of computer-integrated optical lens processing systems and related consumables, as well as ophthalmic diagnostic equipment.

Privately held from 2011 until November 2022, now a subsidiary of Mitsui Chemicals on the Tokyo Stock Exchange.

• Key financial member of the senior management team, reporting directly to the President since September 2014.
• Oversee all accounting operations, including global consolidations, financial reporting, and internal controls.
• Manage corporate accounting team, including payables and receivables, purchasing, and UK operations.
• Drive 5-Day month-end close, including journal entries, reconciliations, consolidations, intercompany transactions, financial statements, and financial analysis reports for corporate and multiple entities (US, Canada, UK, Singapore, and India), to ensure accurate and timely reporting under IFRS and GAAP.
• Complete all business tax filings, including 40+ monthly US sales and use tax returns, quarterly UK VAT return, Canada sales tax, annual state report filings, and personal property returns.
• Manage financial audits and reviews, sales and use tax audits, and bank audits.
• Responsible for tax compliance, including providing all documentation to income tax preparers.
• Control and forecast the cash flow of the business to ensure working capital is optimized.
• Prepare and present the annual budget, including the income statement, balance sheet, and cash flow budgets.
• Design and implement finance and supply chain processes and procedures to improve efficiency, strengthen internal control, and reduce and/or control costs.
• Manage the purchasing department, order all equipment that is resold, and analyze manufacturing variances, including purchase price variances, routing variances, and material usage variances on jobs.
• Perform cost accounting functions, including annual overhead rate calculations, annual standard cost roll, transfer pricing rates, variance analysis, and setting costs and prices for items.
• Oversee accounts payable: Back up to post invoices, issue payments, respond to inquiries, and set up new vendor accounts; Issue 1099s in January.
• Supervise accounts receivable: Back-up for new accounts, credit checks, payment postings, and invoicing.
• Part of pricing team to revamp customer pricing structures in ERP system.
• Part of the product life cycle team to determine when to sunset manufactured equipment and support for them.
• Conduct business analysis by product line and region, used for strategic planning by management.
• ERP System Administrator, including management of chart of accounts for all entities.
• Back-up for IT and HR functions, including payroll, benefits, and insurance.

Key Accomplishments:

• Reduced close from several weeks to five days.
• Part of the strategic cost reduction group in 2017 to reduce SG&A expenses and make the company profitable.
• Reduced finance department spending by 21% in two years through automation, process improvements, and negotiations with current and new service providers.
• Implemented ASC 842 and IFRS 16 Lease Accounting Standards for all companies.
• Increased company's D&B score by 52% in one year, resulting in improved vendor relationships.
• Developed Access database for fixed assets to calculate depreciation and aid in personal property tax returns.
• Managed sales tax amended return project with benefit of $250k.
• Identified errors in personal property filings and amended returns, resulting in a $24k refund.
• Implemented Corpay/Comdata virtual payment program with a benefit of $10k - $40k per year.
• Reduced A/P unvouchered from $2M of outstanding items to less than $100k.
• Created reconciliations for all balance sheet accounts and researched all variances.
• Reduced bank audits from seven days on site to five days on site.
• Completed due diligence when Coburn was acquired in November 2022.
• Completed acquisition accounting for new subsidiary in India in October 2022.

Company Overview: Large (over $1B revenue), publicly held, leading distributor of industrial parts with more than 200 customer service centers and five distribution centers across North America.

• Managed fixed assets for multiple companies using FAS depreciation software: conducted internal audits throughout company to reduce audit risk exposure and to lower personal property taxes; integrated and revalued fixed assets of newly acquired companies; and prepared yearly tax and AMT reports for corporate tax department.
• Participated in month-end closing process by accurately preparing journal entries, reconciliations, financial statement detail schedules, and company-wide balance sheet flux analysis.
• Responsible for uploading financials for one subsidiary and reviewing its financial statements.
• Continually made process improvements to increase efficiency, accuracy, and quality.
• Performed inventory accountant role for over two years, including yearly physical inventories.
• Assisted with business taxes and audits (personal property, sales & use, and business licenses) for over 125 locations.
• Performed testing for internal SOX audit team.

Key Accomplishment:

• Identified errors and amended personal property returns, resulting in refunds of approximately $200k.

Company Overview: Family-owned wine and spirits distributor in central and eastern Connecticut.

• Completed month-end and year-end journal entries and reconciliations.
• Accountable for daily accounting input using MAS 200 accounting software.
• Handled benefits administration, including enrollments, changes, and reenrollments for health, dental, FSA, and long-term disability.
• Managed accounts payable and collections from suppliers for co-op events.
• Covered for bookkeeper on maternity leave at Rogo Distributors, a beer distributor subsidiary. Handled Teamsters' payroll and pension, accounts payable, and other accounting functions.
• Customer service by taking customer orders over the phone.

Key Accomplishment:

• Researched outstanding accounts payable items for an intensive clean-up project and collected thousands of dollars for outstanding credits from suppliers.