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María Elena de la Cruz graduated from the University of Puerto Rico, Río Piedras Campus, with a major: Finance, Magna Cum Laude. Also, has a minor in Accounting from the Interamerican University, Metropolitan Campus. She became a Certified Public Account (CPA) in 1995. And in December 2015 completed her certification as a Certified Insolvency & Restructuring Advisor (CIRA).
Founder and president of MEC Consulting Service group since November 2013. Provides support to customers in the financial management of companies. Services range from restructuring their corporate structures and aligning organizational objectives to the vision and mission of the company, to managing and developing the Finance & Accounting divisions. Investigations of management misappropriations and fraud, while providing recommendations to correct processes and strengthen the control environment structure. The expertise in the internal control environment is keen to support in the development of internal control structures for small and medium size companies. Provide CFO expertise to small and medium size companies that cannot afford the cost of a full time CFO, bringing multinational corporate experience to closely held and local companies. Supports the development of standard costing and financial reporting structures in various industries including health, automotive and advertising. Provides analysis and recommendations for potential business acquisitions. Provides analysis and recommendations in major expense variances, while coaching financial personnel to enhance and develop their analytical skills. Review personnel structure while supports in the review of tasks assigned and proper definition of their roles. Review system’s structure and recommends changes that can support the company’s growth. Evaluates company’s infra-structure to match communication needs and achieve savings. Partners with top management in executing growth strategies and delivering results.
Amongst the industries where she developed high levels of expertise were automotive, aerospace, manufacturing, telecommunications, hospitals, public accounting, and banking.
Currently serves as Finance Leader for advertising, automotive and logistics industries, as CFO outsourced service. Recently completed an assignment as CFO for a logistics company that was in a financial distress position. As part of the engagement, was responsible for negotiating leasing deals with fleet providers, negotiating, and executing a financial facility to enhance the cash position of the company, negotiated with authorities and key suppliers to settle old outstanding balances at discounted prices to balance the liquidity of the company. Responsible for the tax compliance of the company while settling old issues with tax authorities. Also, developed the executive team and restructured the administration of the company to establish a sustainable structure for continuity and growth of the business. Negotiated with union leaders to protect company interests. Negotiated with key vendors for support, like banks, audit, and tax firms. Developed pricing restructuring for the business lines to achieve higher levels of profitability. Developed a business intelligence tool and KPI’s to monitor the daily operations.
Held various top management roles in various industries. Former VP & CFO of Bella International Corp & Bella Group where she was responsible for managing the Finance Department supervising and directing the Controller’s division, covering all financial accounting areas, from accounts payable, fixed assets, treasury, cash management, internal audit, reporting and taxes. Responsible for acquisitions and strategic project analysis, debt financing and Capital Planning and Management. Also, responsible for the Information Technology Division focused on improving and monitoring operational systems and communications platform while delivering consistent performance and optimizing resources.
Finance Manager for Pepsi Cola Manufacturing International, Ltd. supervising and directing the Controller’s division, Planning & Analysis, sourcing and strategic project analysis, Capital Planning and Budget Management, Internal Audit function and related to the compliance with SOX requirements. Also, responsible for the Cost Accounting function in a direct effort to enhance the internal control structure over inventory management, while ascertained accuracy of inventory valuation and costing.
Treasurer at Puerto Rico Telephone Company, Inc., responsible for managing the Debt Portfolio of $800 million, for the administration of the company’s Corporate Insurance Division; administration of the company’s $1.0 billion Pension Plan Trust and the ESOP Trust of $120 million in assets; managing the Accounts Payable and Disbursement Divisions; Payroll administration; cash management and investors relations.
Regional Cost Finance Manager (PSF&A), LA North Region, at The Clorox Company of Puerto Rico, responsible for the review of monthly PSF&A reporting package for the North region of Clorox Latin America; coordination and review of regional forecasts for Cost of Sales (COS); responsible for training and development of Cost Analysts, Cost Accounting Managers and assistants through the northern region of Latin America (fifteen direct reports in a virtual environment); responsible to develop financial understanding of core COS concepts within the Product Supply managers in LA North; responsible for identifying and recommending strategic sourcing opportunities; influential in plant consolidation analysis; influential in cost saving opportunities.
Also, served as AVP & Controller of First Federal Finance Corp. D/B/A Money Express (A wholly owned subsidiary of FirstBank Puerto Rico). Responsible for the preparation of monthly financial statements; preparation of reporting data to parent company; analysis of fluctuations vs. budget; supervise, evaluate and train accounting personnel; supervise and coordinate end of month closings; coordinate internal/external auditors work; supervise and coordinate daily accounting for twenty four branches; engaged in the development of cash management procedures for branches.
Initiated career in the public accounting field as an auditor in Arthur Andersen and later in Price Waterhouse, as a Senior Auditor in the Auditing Department. Responsible for the preparation of annual audited financial statements, internal control memorandum and related regulatory reporting required for clients; preparation of planning audit phase; coordinate and supervise audit engagements. Principal clients: banks, consumer product distributors. Recognized among peers as leading banking support and expert.
Member of various organizations like Colegio de Contadores Públicos Autorizados de Puerto Rico (CCPA), American Institute of Certified Public Accountants (AICPA), Association of Certified Fraud Examiners (ACFE), Association of Insolvency & Restructuring Advisors (AIRA), National Association of Certified Valuators and Analysts (NACVA).
Participated as active member of various Boards of directors as Treasurer & BOD Member
