An African philosopher once said that “when chased by a lion, it is not important to run faster than him, but it is vital to run faster than your neighbor.”

In the coming weeks, companies will have to “run faster” than their competitors to prove to their business partners that they will survive the economic crisis caused by COVID 19. The ones carrying doubts will face the “lion.”

How to run faster? 

Companies from the online economy take advantage of this crisis. Such businesses listed on the stock market have had amazing performance since the beginning of the year versus the stock-market indexes. The now-famous video-conference company Zoom is up by 140%, Amazon is up by 32%, the online gamer Ubisoft is up by 10%, and in Romania, Bitnett is up by 20%.

Worldwide, governments developed plans to sustain their economy. Entrepreneurs and workers may expect this money will save their companies and jobs. Large companies are receiving bailouts from their state. The concern is the government’s money may be used by listed companies to buy back their shares, pay bonuses to Executives, and dividends to shareholders.  

A famous French economist, Patrick Artus (1), recently declared that the paradox might be to have stock markets at the highest level with the worst real economy ever. Nassim Nicholas Taleb, the Black Swan’s author, raises the issue with a recent article (2) that “The Government is Bailing Out Investors & Managers Not You.”

Indeed, there is a high risk that the government’s money goes to “Wall Street Companies” and not to “Main Street Companies.” As government initiatives to support small and medium businesses may only flatten the insolvency curve, small and medium companies must rely on their skills. As a company, the objective is to run faster than your competitors, and you must fulfill certain criteria to do so:

  • Cash on the account (collect your unpaid invoices immediately
  • Reduce expenses and investments
  • Finance the additional cost due to health security measures
  • Convince clients you will still be here within the coming years
  • Reduce the commercial credit conditions given to clients and get paid on time
  • Obtain better commercial credit terms from suppliers
  • Receive advantages offered by the government as IMM Invest in Romania

When large companies issue bonds, they rate their company to assess their capacity to reimburse the debts and to attract investors. In this crisis, SMEs must also obtain an independent assessment to maintain confidence with their business partners to look stronger when negotiating or to keep employees motivated.

Company report for SMEs.

In partnership with Creditreform and CFOs, we have developed a company report based on their latest financial data and the results of the actions taken by the company to cope with the COVID-19 economic crisis.

The report is regularly updated based on documents provided by the set of participating companies and the actions taken by them to survive the crisis.

Creditreform is a 130-year-old business information company used by SMEs to assess their clients and by large companies when they need a second opinion.

Their analysts use up-to-date information to rate a company and provide a credit limit. Their reports are of high quality and a must in this period.

Run safely and fast!



It is a truism to mention that digitalization is transforming the professional services companies (Accountants, Auditors, Tax Experts, Legal) and that they must adapt. 

More companies are reinternalizing accountancy using software that processes accountancy tasks. It becomes usual that an employee leaves an accountancy company to go to a former client to support the reinternalizing process.

The emergence of the accountancy’s platforms is a new competitor that commoditizes the services and leads Accounting firms to lower the pricing. 


The largest ones will buy an IT company to develop their technology, and IT companies will buy the medium ones. Many will merge to reach the critical size with fewer employees but with the same number of partners. Very likely, Accountancy firms will reduce their costs by laying off Senior Accountants who will face the same situation of the blue-collar workers when production moved to China. Senior people will develop their practice adding even more pressure on fees, but the competition with IT companies will be fierce.

From our conversation with Accountants, many of them anticipated this situation and invested in replacing human interaction with more technology expecting their loyal clients to finance these investments.

But few Accountants expect to lose clients due to digitalization, which also means a change in clients’ habits, and the signal to check what the competition offers. But today competition is software, and it is cheaper.

Still, Accountancy firms can manage the threat differently. They can develop a recurrent source of income by leveraging the relationship they built with their clients while reinforcing their position of Advisors.

Banks use to say that if a client has less then three products, it is a volatile client. Facing the digitalization and the emergence of new competitors more agile, Banks have proposed more services to their clients, and Accountancy firms must adopt the same strategy. 

Proposing new services means that Accountancy firms recruit specialists and make new investments.  Investments and additional expenses are not realistic when the future is uncertain, and the company is considering restructuring. Besides, legacy is complex to manage as Partners fight to protect their status quo, jeopardizing new ideas, and easing the path for more agile competitors. 


Accountancy firms have three main assets: brand, employees, and clients. Disruptors have new solutions, but they lack reputation, clients, and sales force. 

Operandi recommends a partnership in which accountancy firms sell third-party services to complement the core activity and reinforce their clients’ relations while developing a recurrent income.

Operandi selects the solutions, monitors the providers, helps the accountancy firm to implement these new solutions within its portfolio of services and supports the sales. 

Operandi developed a portfolio of solutions around Business Information, Debt Collection, Compliance Solutions, and Financial Planning for individuals. All these services are today promoted by accountancy firms and reinforce their status of Advisors.

Operandi started in 2016 intending to help professional firms (Accounting, Audit, Tax, Legal) and independent Advisors. In the last four years, we have been building partnerships and knowledge that created a virtuous circle between trusted partners. Operandi currently works with 29 partners that are accountancy firms, chambers of commerce, independent advisors, and suppliers of solutions. 

We are proud that we developed a growing business relying on integrity, loyalty, and transparency.

Karim Kheirat and Elena Paraschiv-Pop develop Operandi. Karim has developed similar solutions while working at JP Morgan, UBS, and KPMG. Elena is a marketing specialist who worked for accountancy firms. They also worked together in a Business Information company while Karim was the country manager and Elena, the marketing manager.

Operandi has developed solutions for large accountancy firms and independent advisors, for any information, please contact us on Linkedin and check



Business Information is the services around the credit commercial that a company gives to its clients. Before delivering an order, every company must assess its client’s ability to pay the invoice. Small and medium companies use outdated financial data from the Ministry of Finance to do it while large companies have their team to perform clients’ analysis. Accountancy firms can provide their clients with reports done by analysts to mitigate the risk of unpaid invoices.

Debt Collection: without a dedicated debt collector, companies often have unpaid invoices. If there are outstanding invoices over 3 months, the situation is critical, and every additional day decreases the chance to collect the money. Accountancy firms are well-positioned to alert their clients on the risk of unpaid invoices and to recommend a specialist to speed the collection. 

Compliance solutions: The compliance pressure is increasing, and companies must apply new rules (UBO, KYC, anti-corruption, GPPR) to avoid substantial penalties. These are new operational risks for companies that combine regulation, process, and technology that accountancy firms can promote to their clients.

Financial Planning for individuals is a solution promoted by numerous accountants, lawyers, and notaries in western Europe. It is mainly to check the adequacy between the saving and the family’s financial goals: purchase of a house, prepare the retirement, finance the college fees. Once a year, the financial planner updates the “family report” and proposes actions. The users of these services are usually executives, entrepreneurs, and sportives that experience substantial incomes for a short period of activity.

Article republished from Operandi –

When the economic activity resumes, an additional challenge is to assess your clients

According to economists, in the current situation, the COVID 19 crisis could lead to a 7-10% recession of the 2020 world’s GDP and, a period of depression will likely follow. To fight these risks, central banks facilitate access to liquidity, and government budget policies should be very generous to compensate for and revive the sharp decline.  

But with restaurants and most of the shops closed, does it need to be an economist to find out that workers from the service trades (hairdressers, waiters, etc.) whose daily tips compensate for low wages, professionals, and entrepreneurs live a tragic situation and suffer without compensation? This situation should kick off a domino effect on the rest of the economy. As dreaming is still a right, we can hope that medical staff will receive premiums, be well paid and appreciated, that education will be a priority and that corruption will decrease. Dreaming costs nothing but does not fill in the plate either.

When economic activity resumes, companies need to ensure that customers can pay and suppliers can provide. Of course, the companies risk levels (i.e., their ratings) will deteriorate, financially reliable companies will emerge weakened, and companies in difficulty before the crisis will likely be unable to continue their activity.

This deterioration will differ depending on the industry. Activities related to the movement of people (travel, gyms, retail non-food, etc.) will suffer the most. 

Public aid, the previous financial strength and the ability to adapt will help companies to survive the crisis. But significant investments and purchases will be deferred, affecting even more vehicles and appliance producers and the real estate market. Very likely, consumers will adopt precautionary behavior and thus contribute to deflation and depression.

Sectors such as digital should feel less the consequences of the crisis if the number of their potential customers do not decrease too much.

In this period of confinement home deliveries, games including online casinos, home fitness producers, and certainly food producers (i.e., Danone, Nestlé) should have a growth of their business.

Medical equipment producers and pharmaceutical companies should also register sales growth.

The company’s risk evolution will be different according to their sector of activity and only prepared companies will be resilient. From the perspective of business information and debt collection, we recommend three actions to mitigate the consequences of this crisis:

1. Assess the clients to classify them into 5 levels of risk (from “very high risk” to “very low risk”) based on the 2019 financial data and assume a deterioration of these levels. Similarly, evaluate suppliers to identify those that will not be able to deliver their usual services, especially if these providers are critical to the company’s business.

2: During a crisis, cash is king, and the company must find out how much money it can rely on in the coming weeks. From now on, companies must assess their debtors and their ability to pay entirely or partially their debts. In many cases, it is essential to obtain the promise of deferred payment and to keep contacts with the debtor. When the situation improves, the debtor will pay in priority the ones with whom he had regular communications.

3: New commercial credit rules as the old models do not apply to the current situation. Companies must use a new methodology to assess their business partners and to collect unpaid invoices. As an example, as most companies’ financial data will deteriorate, companies that trade only with “very low risk” clients may not find any on the market. On the other hand, companies have to take enough guaranties to continue their activity with clients that have a very deteriorated financial situation.

Article republished from Operandi –

Cum gestionezi managementul riscului de creditare pe piata actuala de vanzari intre firme (B2B)

Majoritatea dintre noi au auzit deseori fraza “fara risc nu exista recompese”.

Pe piata actuala, singura zona unde creditul este incontinuare ok este cea a tranzactiilor comerciale intre companii (B2B). De ce? Pentru ca majoritatea vanzarilor B2B sunt efectuate cu termene de plata. Alffel firmele nu ar supravietui.

Profesionistii financiari fac eforturi sa elimine, sau macar sa minimizeze riscul. Insa nevoia de a genera venituri prin volumele vanzarilor face ca managementul vanzarilor sa incline catre “asumarea riscului”.

Cum ne asumam riscul?

Gestionarea riscului intr-o maniera proactiva ofera unei firme prilejul de a genera profituri, asa ca pentru a diminua riscul trebuie “sa ne cunoastem clientul”. Cu cat ne cunoastem mai bine partenerul de afaceri caruia vrem sa ii extindem limita de credit, cu atat mai bine vom  adopta “decizia de creditare”.

Pentru majoritatea tranzactiilor de afaceri, un raport de evaluare a creditului comercial va oferi suficiente informatii pentru adoptarea deciziilor sanatoase. Chiar si o simpla decizie are nevoie de revizuire periodica iar limita de credit ar trebui actualizata la fiecare 3,6 pana la 12 luni.

Conditiile de piata se schimba frecvent si este important sa intelegem cum acestea ne afecteaza baza de clienti. Acesti clienti reprezinta fluxul de numerar al afacerii tale si ceea ce ii afecteaza pe ei cu siguranta va impacta negativ fluxul tau de numerar.

Stabilirea unui proces eficient de revizuire a deciziilor de creditare asupra conturilor noi sau a clientilor existenti necesita o abordare progresiva. Asta inseamna ca atunci cand limita de credit trebuie extinsa, o data cu ea creste atat expunerea riscul asociat cat si  cantitatea datelor necesare pentru evaluare corecta. Un proces uniform te va asigura ca tuturor oportunitatilor le oferi acelasi grad de atentie si analiza in comparatie cu alte cerinte similare.

Gestionarea eficienta a riscului se traduce mai usor prin colectarea si folosirea eficienta si cu succes a informatiilor. Documentarea politicilor si procedurilor ofera date folositoare care permit afacerii sa profite de oportunitatile care pot parea a fi/sau nu riscante.

Obiectivul final al managementului riscului de creditare este sa creasca vanzarile si profiturile si in acelasi timp sa maximizeze fluxul de numerari si sa minimizeze pierderile asociate creantelor de recuperat. Aceste procese nu sunt de sine statatoare si necesita o atentie dedicata asupra proceselor de management.

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