They are one of the invisible cogs but essential to the economy: accountants are mobilized every day from business leaders to deal with the chaos generated by the measures taken against the Covid-19 epidemic. Objective of the experts of the figure: to obtain realistic arrangements allowing to save the most companies. President of the order of chartered accountants since 2017, Charles-René Tandé deciphers for Le Figaro this unprecedented economic period and shares the difficulties with which his peers are confronted.
LE FIGARO. - How did the first hours after the March 14 decree instituting the closure of non-essential businesses go?
Charles-René TANDÉ. - The first thing I said to myself was: "No, it's not possible!" It's a real shock, imagine: we tell you that this evening, at midnight, your customers must close. How are we going to help them? I have been working as an accountant for 35 years and I have never seen such brutality. It must be understood that nothing had been announced before. The country stops overnight and all your customers are affected. The first announcements that followed the closure of the businesses, then the confinement, were also rather confused.
What were your main difficulties with your customers?
We immediately went into troubleshooting mode. The first week was terrible in terms of information. Our first difficulty was simply to respond to our customers, because the first few days there were no prescriptions. Between the announcements of the President of the Republic and what is happening on the ground, there is a difference. It was difficult to translate the first days, but you have to be lenient with those who make decisions.
Do you have the feeling of participating in the "war effort" against the epidemic?
We must remain humble with caregivers but, yes, we are a key support and an essential cog in the economy. Even more in this crisis. I can assure you that employees are aware of helping to keep the economic machine running. At the moment we are taken up with unusual tasks: communication of measures, constitution of provisional financing files and delivery of many, many councils by telephone. But we also had to ensure, as usual, the establishment of pay slips for private sector employees and VAT declarations. Without us, this money does not go into the coffers of the state.
How do you work with public authorities today?
We have a weekly meeting with the relevant ministries: those of the Economy and Finance, Action and Public Accounts, and Labor. They expect us to address the blockages and misunderstandings of business leaders. We have pushed a lot, for example, to lower the criterion of 70% of loss of turnover (criterion which allows the self-employed to be eligible for the national solidarity fund, Editor's note) to 50%. The big topic with the Ministry of Labor is the question: "Who has the right to partial activity?" We have a lot of questions, and we are constantly questioning ourselves because there have been problems with the reporting website. It is not made to receive so many requests. In addition, we are at the end of the month and have therefore drawn up the pay slips for more than seven million employees, even before we have had an answer for short-time working… It is a very complicated situation. We therefore advise our employees to base themselves on the normal salary and then to readjust if partial unemployment is granted.
You lived through the financial crisis of 2008. What are the differences with the one we are going through today?
In 2008, the crisis led to a sudden cessation of funding due to the fall of the markets. There have not been many stoppages in activity of SMEs and VSEs. Today I fear there are many more. In 2008, due to the collapse of funding, companies that had projects felt the consequences of the crisis. But a company that did not need financing did not feel the effects, except perhaps for growth after the fact. Today it's very different, because which sector is not going to suffer? Everyone is concerned, at the same time.
Are the business support measures the right ones? What do you recommend?
In France, in terms of social shock absorbers and business support, we have all the systems to get by. In any case for the moment. But if it lasts, you will have to cancel the charges, otherwise it will not work for many companies. It's a reality. The real problem is that despite what is being touted, companies are not strong enough economically. They don't have enough cash. This is the problem of the weakest companies. We are not prepared for the slightest crisis and we lack capital. The 2008 crisis had already shown this.
Is the French economy experiencing its worst nightmare, in your opinion?
The worst is never certain. It is difficult to resist the anxiety of this period, especially in terms of health, however I am naturally optimistic. The economy will recover, it may take time but it will subside. After confinement people are going to need to escape, they will have to be ready. On the other hand, if the situation lasts several months ... Then companies will fall, and unemployed people will not necessarily find a job behind, because of their age or their skills. A crisis is sad for those who fall, because behind, those who will exist will benefit from growth. Once the companies' treasury has been secured by financing, the fixed costs will have to be reduced. The real issue lies in taking partial activity into account, because if this lasts, there will be more and more unsupported employees.