empresologohttp://empresologo.postach.io/feed.xml2022-07-10T14:43:36.043000ZWerkzeugError de conceptohttps://empresologo.postach.io/post/error-de-concepto2022-07-10T14:43:36.043000Z2022-03-31T14:04:57ZAlejo Lopez<div>El concepto es el concepto como decian en la pelicula Airbag..., y no es cuestion de discutirlo.</div>
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<div>Pero, el caso es que cuando se habla de cobro de facturas, el concepto que se maneja es .... limitado.... Porque la mayoria de personas inmediatamente piensan en morosos, cobradores disfrazados, llamadas intempestivas, burofax,... y pocos piensan que el cobro de facturas es un proceso logico en cualquier estructura empresarial y que empieza mucho antes de haber realizado la venta.</div>
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<div>El concepto es que <u>la venta se cobra, el producto se paga</u>. Y antes de vender hay que saber a quien se vende. </div>
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<div>Por eso, la venta comienza mucho antes... Al igual que el departamento comercial esta en busqueda de nuevos clientes que cumplan una serie de parametros (rentabilidad esperada, volumen de facturacion, etc), se deberian incluir al departamento de credito para que participase en esa busqueda y ahorrar tiempo y dinero (y preocupaciones) a posteriori. </div>
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<div>Cuando el potencial cliente entra en la fase de cliente real, se debe realizar un <b>analisis </b>detallado del mismo que permita definir a priori las condiciones de venta (plazo, forma, limite de compras,...) que facilite la recuperacion posterior de la inversion en dicho cliente. </div>
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<div>El proceso de <b>facturacion </b>(cuando, como o quien) es parte integral del proceso de venta, y las incidencias sobre dichas facturas (<b>discrepancias</b>, errores, falta de documentacion,....) deben ser investigadas y resueltas con celeridad. </div>
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<div>Y todo ello ANTES de que la factura ni siquiera haya llegado a su vencimiento! </div>
<div>Porque el concepto es que los clientes pagan.... y los que no pagan NO son clientes! </div>
<div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/38f8ea90-df0f-ccdf-67e2-cded0e71b2b9/24e833ff-eae6-1ce1-9105-430d6ad9cfe6.jpg" style="--en-naturalWidth:386; --en-naturalHeight:131;" alt="Frases de cine. Airbag o… El concepto"/><div><br /></div>
Problem solving processhttps://empresologo.postach.io/post/problem-solving-process2022-03-10T09:52:25.797000Z2022-03-07T11:51:49ZAlejo Lopez<div>A while ago I followed a course on Change Acceleration Process. The idea was to be able to "facilitate" any process for any organization interested in improving their work routine. </div>
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<div>The course was part of Six Sigma methodology and without entering in deep , there were a few steps that I think are key for solving any problem. </div>
<div><br /></div><ol><li><div><b>Define </b>the issue </div></li><li><div><b>Brainstorm </b>problems or barriers</div></li><li><div><b>Categorize </b>problems or barriers</div></li><li><div>Define "header" for categories and <b>group </b>them </div></li><li><div><b>Prioritize </b>categories by voting</div></li></ol><div><br /></div><ol><li><div><b>Brainstorm </b>potential solutions</div></li><li><div>Assess solutions (payoff vs easiness implementation) . <b>prioritize </b></div></li><li><div>Develop <b>action plan</b>s</div></li><li><div><b>Share</b> action plans and Meeting: report out</div></li><li><div><b>Implement</b></div></li></ol><div><br /></div>
<div>What are yours? </div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/88fad0de-c427-b827-1ace-36862ac8f8d1/9e567a7f-56fa-fed3-e461-2dbd143a3ed8.png" style="--en-naturalWidth:587; --en-naturalHeight:412;"/><div><br /></div>
Acueducto de cashflowhttps://empresologo.postach.io/post/acueducto-de-cashflow2022-03-23T15:21:13.137000Z2022-03-05T18:00:02ZAlejo Lopez<div><br /></div>
<div>Hace unos días estuve viendo un documental sobre los acueductos romanos (se puede ver en RTVE.es) y la ingeniería necesaria para ello. Algo que nunca me había parado a pensar cuando uno admira acueductos como el de Segovia, o cisternas en yacimientos romanos, es el ingente trabajo no solo para construir esas arquerias, túneles y sifones sino el análisis previo del terreno, fuentes de agua, y cotas necesario para que el resultado final fuera optimo. </div>
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<div>En la serie se va descubriendo como algo aparentemente sencillo (el agua llega por efecto de la gravedad) implica la construcción de complejas soluciones para cruzar valles (acueductos), remontar pendientes (sifones) o atravesar montañas (túneles) y transportar el agua de fuentes de alta calidad y asegurando que sedimentos y arena fueran tratados por el camino (depósitos de decantacion, filtros naturales, ...) . Todo ello hace miles de años y sin google maps! </div>
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<div>El caso es que de repente me di cuenta de que en la empresa sucede algo parecido. Hay una faceta aparentemente sencilla (cobro de una factura) que debería llegar por efecto de la gravedad (de la situación) y que muchas empresas simplemente consideran que la naturaleza obrara de la forma adecuada y el liquido llegara a su destino sin hacer ningún tipo de intervención.</div>
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<div>Los romanos ya sabían que la naturaleza es sabia pero a veces hay que ayudarla, y por eso ingenieros y arquitectos diseñaron y construyeron esas redes de túneles, sifones y cisternas para asegurar que el liquido elemento llegaba a las ciudades de una forma constante, fiable y de calidad, y aunque los acueductos son los simbolos mas visibles eran muchas veces meros instrumentos de marketing (cerca de grandes ciudades y patrocinadas/pagadas por figuras publicas de dichas ciudades). </div>
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<div>En las empresas no hace falta siempre montar acueductos (ERPs o programas supercomplicados y caros) pero que hay que tener muy claro el terreno, las dificultades y el camino mas adecuado para que el liquido (monetario) haga su recorrido desde los clientes hasta nuestras cuentas sin perder "volumen" y calidad. </div>
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<div>y tu? ya has contratado a tu arquitecto de cashflow? </div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/918f19d5-e1c8-43dc-aa3d-9811eb2e728f/3c9fca4d-82e0-4b33-8ccf-1ac8f223cf55.jpg" style="--en-naturalWidth:1920; --en-naturalHeight:1272;"/><div><br /></div>
Understanding DSO: the good, the bad and the uglyhttps://empresologo.postach.io/link/understanding-dso-the-good-the-bad-and-the-ugly2022-02-28T09:16:04.142000Z2022-02-15T18:45:54ZAlejo Lopez<div><br /></div><div>In the famous spaghetti western, the characters must work somehow together to get the treasure they are searching for. No one would be able to accomplish alone. Each one has different knowledge of where the money is....</div><div><br /></div><div>In the business world there is one KPI for sales collections that works apparently in a vacuum: DSO. It is really DSO the best metric to give an all encompassing view of accounts receivable, one of the largest assets in your business? </div><div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/dff5ebe8-e76c-4fce-b0fb-b5e40a700516/3d42ef92-260f-98a4-40fc-40dd53d1cec9.png" style="--en-naturalWidth:1280; --en-naturalHeight:995;"/><h3 style="text-align:center;"><br /></h3><h3 style="text-align:center;">Short answer: no! </h3><div><br /></div><h5>DEFINITION</h5><div>Days Sales Outstanding (DSO) is a well known method to evaluate how effective a company is at collecting receivables. It is used to measure the average number of days it takes a company to collect invoices after a sale has been made. </div><div>It is beyond doubt that how quickly you collect accounts receivable has a direct impact on your cash flow, and that has a huge impact in the whole company´s evolution as the cash can be reinvested back into the business.</div><div>problem is... the ratio is biased and does not provide good information to management, we will see it. </div><div><br /></div><h5>CALCULATION</h5><div>Typical formula:</div><div><span style="--en-fontfamily: handwritten; font-family: Kalam,cursive,handwritten">(Accounts Receivable/Annual revenue) X Number of Days in the Year.</span></div><div><br /></div><h5>INTERPRETATION</h5><div>As a well know KPI, a controller or CFO will look at this number as a way to determine how well the AR department is doing their job. Even you can you can apply the DSO calculation at the customer level to get an idea of their ability to pay and therefore categorize it as risky business. </div><div><br /></div><div>Each industry has different standard payment terms but in general we could say that:</div><ul><li><div>A low DSO means that a company is collecting receivables quickly; <i>generally this is a positive sign</i>.</div></li><li><div>A high DSO proves that a company takes longer to collect on credit sales and can indicate customer´s <i>cash flow problems</i>, <i>operational issues</i>, or a <i>lack of effort</i> on credit collections. </div></li></ul><div><br /></div><div>How can you try to reduce the DSO? A few options are implementing specific accounts receivable management <b>software</b>, changing <b>credit terms</b>, or running more in depth <b>customer analysis</b> before extending commercial credit to customers.</div><div><br /></div><div>Ideally DSO should not exceed your terms by more than half. (i.e. payment terms of 30 days and DSO of 45) </div><div><br /></div><div style="text-align:center;">however....</div><h5>WHATS WRONG WITH DSO?</h5><div>Most CFOs, CEOs and boards are looking towards this key DSO metric to decide whether the AR/Credit department is performing well.</div><div>Unfortunately for the AR department, this key metric is extremely flawed and usually creates a bad reflection on what was actually collected: since the calculation for DSO typically includes the total amount sold and annual figures, this overlooks many factors the go into the accounts receivable department and affect how they collect. </div><h6><br /></h6><h6>SALES INPUT and SEASONALITY</h6><div>As the metric includes granted payment terms, it might be that sales negotiation stretch the terms beyond standard for big customers/amounts. </div><div>Calculation takes in consideration sales for a period versus AR at one moment. If sales are not regular or customers tend to pay on a specific day, DSO will give a wrong image. </div><div>DSO counts only credit sales, not cash sales, being those a huge success of the credit department (cash payments = no risk) !</div><h6><br /></h6><h5>THEN WHAT? </h5><div>You should combine DSO with other KPIs to ensure that all factors are accounted for and you get a clear view of AR:</div><h3> # AVERAGE DAYS LATE</h3><div>Meaning...how many and how late are invoices paid past their due date. Is better to see it in buckets: 15 days late, 30 days , 60 days and so on. And check if those customers with high percentage of open AR in the late buckets are still receiving credit and why. </div><div><br /></div><h6> # COLLECTION EFFECTIVENESS INDEX - CIE</h6><div>This KPI looks at what can be collected because it is actually due. 100 is the perfect score that can go even better if invoices are paid before they come due. </div><div><span style="--en-fontfamily: handwritten; font-family: Kalam,cursive,handwritten">Typical formula:</span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/dff5ebe8-e76c-4fce-b0fb-b5e40a700516/f2acfe06-a16a-4eb0-9e59-34d2b73a0bb5.png" style="--en-naturalWidth:1121; --en-naturalHeight:220;" height="220px" width="1121px"/><h6> # ACCOUNTS RECEIVABLE TURNOVER RATIO</h6><div>Number of times annually that the credit collection department collects its average AR. </div><div>If ratio is high means an effective credit policy and collecting</div><div><span style="--en-fontfamily: handwritten; font-family: Kalam,cursive,handwritten">Typical formula:</span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/dff5ebe8-e76c-4fce-b0fb-b5e40a700516/fc0895a9-e40c-4f80-a972-5b1e2ec9766f.png" style="--en-naturalWidth:1151; --en-naturalHeight:193;" height="193px" width="1151px"/><h3>CONCLUSION</h3><div>In most of the companies the Accounts Receivable account is either the 1st or 2nd largest asset of your business, so it deserves the proper attention. </div><div>What you really need to get a <i>GOOD </i>AR Ratio is combine the <i>UGLY </i>CIE and the <i>BAD </i>DSO to get a correct view of how the credit and collections department is really performing and identify those customers or processes that are really dragging down you cash performance. </div><div><br /></div><div>More on DSO: <a href="http://ift.tt/1UJdGMf" rev="en_rl_none">http://ift.tt/1UJdGMf</a></div><h4><br /></h4><div><br /></div>O2C and RPA, a path of discoveryhttps://empresologo.postach.io/post/o2c-and-rpa-a-path-of-discovery2022-02-16T16:05:50.338000Z2022-02-15T16:13:55ZAlejo Lopez<div>O2C, RPA ... sounds like a StarWars robot right? Well, they are not so far far away for your galaxy!</div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/5da1514c-5b8b-3580-2716-07ba5dddedd5/f9780eba-950c-238e-c930-49406ace97df.png" style="--en-naturalWidth:1280; --en-naturalHeight:720;"/><div>The order-to-cash (O2C) is one of those company processes that can either make or break your business. How you manage it has a direct impact on customer satisfaction, cash flow, and employee´s happiness.</div>
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<div>On the other hand, it is not a simple as many people think. The breadth of the O2C process makes it one of the hardest processes to track and optimize....! What means it´s a big opportunity for improvements! </div>
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<div>let´s roll with the basis: </div>
<div><br /></div><h2><b>What is an order-to-cash?</b></h2><div><br /></div>
<div>The purpose is clear: to deliver goods/services ordered to a customer in exchange for cash. Typical example: </div>
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<div style="text-align:center;"><span style="color:rgb(87, 36, 194);">Order creation - Fulfillment - Shipping - Invoicing - Payment</span></div>
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<div>Simple? well, reality is never this straightforward! Think of extra steps (like goods issue, delivery, clearing, cash a check. There are millions of transactions that cross departments making really difficult to get an overview of the process, so ...lets try to simplify it: O2C consists of two main parts: <b>Order</b> management and <b>Cash </b>receivable , with <i>slightly </i>different goals each (the goals of order management might be improving the order rate, on time shipping or order fulfillment cycle time... while the goals of accounts receivable include reducing overdue payments and DSO days sales outstanding )</div>
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<div><br /></div><h2><b>Challenges</b></h2><div><br /></div>
<div>In the O2C process, these two sides rely heavily on each other. Order management can’t achieve true efficiency without the support of accounts receivable and vice versa. However, the teams driving these two parts of the process sometimes end up <b>working in silos</b> which does not lend itself to an efficient process. </div>
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<div>Sure, you have thought on other common challenges in the O2C like:</div>
<div><br /></div><ul><li><div><u>Manual order entry</u> leading to high rate of error rates and resulting in costly and time-consuming rework</div></li><li><div>Poorly maintained <u>customer master data</u></div></li><li><div>Issues with<u>delivery or returned</u> goods, influencing customer retention rates</div></li><li><div>High <u>DSO </u>rate (many times due to above reasons), impacting cash flow and missed opportunity for investments</div></li></ul><div><br /></div>
<div>So, how can we improve such a complex process like O2C? Well, it is perfect for using <b>process mining </b>to find <b>automation</b> potential.</div><h2><b>Process mining </b></h2><div><br /></div>
<div>Process mining connects directly to the systems that interface with the O2C process, such as Oracle, or SAP and other ERP systems. Using an in-built data transformation layer, the technology transforms data into a process graph that chronicles the entire process from start to finish. It captures all process variations, bottlenecks, rework , and exceptions.</div>
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<div> With process mining, you can see exactly <i>what</i> happened in the process, figure out <i>why</i> it happened, and work on a plan of action to <i>improve</i> it.</div>
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<div>(A manual approach like the picture below it gives you an overview that it might be enough for quick gains)</div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/5da1514c-5b8b-3580-2716-07ba5dddedd5/3b9a8b8d-abad-aadd-a55a-d4f3304143f0.png" style="--en-naturalWidth:870; --en-naturalHeight:556;"/><div><br /></div>
<div> </div><h2><b>Automate as possible</b></h2><div><br /></div>
<div>Process mining will tell you undiscovered automation potential in your processes. The quickest way to automate is using RPA (<b><span style="color:rgb(95, 99, 104);">Robotic process automation</span></b>) for those small iterative tasks that delay the whole system. You might have discovered for instance that certain customer requires a confirmation of delivery slip and that its a manual work donde at collections moment. using RPA the slip will be sent automatically to the define email just in time for payment. </div>
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<div> </div><h2><b>Control and Iterate</b></h2><div><br /></div>
<div>Once you have done a few steps with RPA, use process mining again to track results and ensure that automation is reaching the expected goal. </div>
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<div> </div><h2><b>Conclusion</b></h2><div><br /></div>
<div>There is always room for improvement in any business process and O2C is a key chain that deserves your continuous attention. </div>
<div>Do you feel process mining or RPA are too complex for you? or maybe there are intended only for those big companies? ....,think twice and get in touch with an expert to <b><i>review your process</i></b>. You will be surprised! and <a href="https://www.linkedin.com/pulse/cash-water-alejo-lopez-casao">cash will flow again</a>! </div>
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The buying deadhttps://empresologo.postach.io/post/the-buying-dead2021-12-20T15:52:57.586000Z2021-11-17T09:39:10ZAlejo Lopez<div><span style="color:rgb(61, 61, 61);">Zombis! </span></div>
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<div><span style="color:rgb(61, 61, 61);">Empresas que no llegan a devolver la deuda que tienen con el dinero que ingresan, que apenas sirve para pagar los intereses de los préstamos. Muchas sobreviven a base de refinanciar deuda con entidades o con proveedores. </span></div>
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<div><span style="color:rgb(61, 61, 61);">El <u>Banco de España</u> ya advirtió, que alrededor del 8% de las empresas españolas estan en esa situación y un estudio realizado por </span><a href="http://observatoriourbano.ebropolis.es/files/File/Observatorio/COVID/Empresas_zombis_v2.pdf">Informa </a><span style="color:rgb(61, 61, 61);">indicaba 40.000 empresas 'zombis'...</span></div>
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<div><span style="color:rgb(61, 61, 61);">Sea cual sea el numero, </span><b><span style="color:rgb(61, 61, 61);">estan ahi fuera! </span></b><span style="color:rgb(61, 61, 61);">No te dejes atrapar: </span><b><span style="color:rgb(61, 61, 61);">analiza </span></b><span style="color:rgb(61, 61, 61);">tus clientes antes de ofertar, </span><b><span style="color:rgb(61, 61, 61);">revisa </span></b><span style="color:rgb(61, 61, 61);">tus procesos antes de vender, haz un </span><b><span style="color:rgb(61, 61, 61);">seguimiento </span></b><span style="color:rgb(61, 61, 61);">y </span><b><span style="color:rgb(61, 61, 61);"><u>actua </u></span></b><span style="color:rgb(61, 61, 61);">con prontitud a los primeros sintomas! Es altamente contagioso y no hay antidoto para todos. </span></div>
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Remora o Pez Piloto?https://empresologo.postach.io/post/remora-o-pez-piloto2021-11-16T11:35:38.272000Z2021-11-16T09:33:04ZAlejo Lopez<div>Aguas cristalinas, una playa en el horizonte, el viento ondeando las velas, el agua salada golpeando la quilla,... idilico eh? </div>
<div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/31023928-ff29-2763-9ede-5aa58188c7ed/29ece41f-823d-aa75-ca97-ce3696d5a491.jpg" style="--en-naturalWidth:1920; --en-naturalHeight:1281;"/><div>En el oceano de los negocios, las cosas son algo mas turbulentas. Skippers que no saben llegar a puerto, piratas y raiders que atacan empresas mediante opas hostiles, pequeños agujeros que hunden barcos, tormentas economicas, tiburones de las finanzas y, por supuesto, remoras. </div>
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<div>La remora es un animal que se pega a otro para hacer autostop. Se aprovecha de la energia del tiburon, de las migajas de comida que le puedan caer, etc pero obviamente afecta a la velocidad y maniobrabilidad del mismo por lo que "molesta" a su huesped. </div>
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<div>En las empresas hay remoras de todo tipo pero hoy me voy a centrar en una que en realidad no es tal: el credit manager. Por su rol, el Credit Manager maneja dos perspectivas inherentes, por un lado la necesidad de favorecer la expansión comercial y las ventas, y por otro tener en cuenta los riesgos y costes de la inversión en clientes. Ese trabajo en momentos de expansion economica lleva incluso a situaciones incomodas cuando su labor sistemática y prudente en el tratamiento del riesgo, es considerada como una remora para el departamento comercial. </div>
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<div><span style="color:rgb(0, 0, 0);">Y sin embargo,.... existe otro tipo de pez que acompaña a los tiburones y ocasionalmente a los barcos, circunstancia que hizo creer a los marinos de la antigüedad que su intención era guiarlos de regreso a buen puerto, de ahí que lo bautizasen como "piloto" : El pez piloto mantiene una relación de mutualismo: ambas especies, pez piloto y tiburón, obtienen un beneficio mutuo de su asociación: el primero recibe protección y alimento a cambio de librar al segundo de los parásitos que cubren su piel (además de aprovecharse de los restos de comida de sus festines). </span></div>
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<div><span style="color:rgb(0, 0, 0);">El credit manager, como pez piloto, libra al tiburon empresarial de los clientes-parasitos, le guia hacia caladeros de alta calidad y mantiene una relacion win-win en todo momento, porque sabe que la buena salud financiera del escualo es lo que permitira a ambos seguir navegando en las procelosas aguas de los negocios y alcanzar los ambiciosos objetivos presupuestarios . </span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/31023928-ff29-2763-9ede-5aa58188c7ed/2f0e1c80-8973-bea6-0fa5-202e404eb452.jpg" style="--en-naturalWidth:1920; --en-naturalHeight:1280;"/><div><br /></div>
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La eficacia del asesinohttps://empresologo.postach.io/post/la-eficacia-del-asesino2021-11-10T15:21:45.863000Z2021-10-04T13:15:02ZAlejo Lopez<div><span style="color:rgb(40, 60, 80);">Frase tipica no? en libros y peliculas siempre sale la figura mitica del asesino implacable, metodico y sumamente eficaz que elimina sus objetivos y desaparece sin rastro...</span></div>
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<div><span style="color:rgb(40, 60, 80);">La imagen que seguro se ha creado en vuestra cabeza es esa persona que estudia el terreno, busca localizacion y realiza un disparo desde metros de distancia que alcanza la diana de forma increible, o ese otro que se cuela en el ascensor junto a su victima y desaparece antes de que las puertas se abran de nuevo.</span></div>
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<div><span style="color:rgb(40, 60, 80);">No pensamos por contra en ese otro individuo que pone una bomba en un avion de pasajeros para conseguir el mismo objetivo, con otras 200 personas que son daños colaterales. La eficacia de ambos es la misma, la eficiencia no. </span></div>
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<div><span style="color:rgb(40, 60, 80);">El primer individuo probablemente deje pasar diversas oportunidades hasta asegurarse que va a tener exito y minimizara los intentos , mientras que el segundo digamos que "dispara a todo lo que se mueve" para asegurar su objetivo. Ambas estrategias son validas pero no ideales y lo que se deberia alcanzar es la </span><b><span style="color:rgb(40, 60, 80);">efectividad</span></b><span style="color:rgb(40, 60, 80);">:</span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/88b2dfe9-03be-682d-5c27-0951dc4dd662/78588384-0d0b-b33c-7ce1-61c219263e41.png" style="--en-naturalWidth:891; --en-naturalHeight:200;"/><div><b><span style="color:rgb(48, 48, 48);">Eficacia:</span></b><span style="color:rgb(48, 48, 48);"> Consiste en </span><b><span style="color:rgb(48, 48, 48);">alcanzar las metas</span></b></div>
<div><b><span style="color:rgb(48, 48, 48);">Eficiencia:</span></b><span style="color:rgb(48, 48, 48);"> Se refiere a lograr las metas</span><b><span style="color:rgb(48, 48, 48);"> con la menor cantidad de recursos</span></b><span style="color:rgb(48, 48, 48);">. </span></div>
<div><b><span style="color:rgb(40, 60, 80);">Efectividad </span></b><span style="color:rgb(40, 60, 80);">es la mezcla perfecta de ambas (conseguir las metas con unos recursos mínimos)</span></div>
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<div>Y ahora que ya tenemos la imagen clara.....eliminemos la improductividad! </div>
<div><span style="color:rgb(40, 60, 80);"><span style="--en-markholder:true;"><br /></span></span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/88b2dfe9-03be-682d-5c27-0951dc4dd662/c1e68fe5-cd5e-6ca0-726b-58efa89d4990.png" style="--en-naturalWidth:658; --en-naturalHeight:1280;" width="127px"/><div><br /></div>
Eficiencia Eficazhttps://empresologo.postach.io/post/eficiencia-eficaz2021-10-19T13:30:32.059000Z2021-10-04T13:15:02ZAlejo Lopez<div><span style="color:rgb(40, 60, 80);"><span style="--en-markholder:true;"><br /></span></span></div>
<div>Todo el mundo sabe que las empresas buscan la eficiencia en sus procesos como forma de reducir costos de produccion o unidades en merma o tiempos de trabajo y para ello plantean unos objetivos o KPIs del tipo producir X uds este mes, o alcanzar el coste unitario Y u otros similares. </div>
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<div>En otras ocasiones lo que priman algunas organizaciones eficacia: terminar el proyecto al coste que sea, sacar al mercado el producto, es decir alcanzar la meta establecida sin importar los recursos empleados. </div>
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<div><span style="color:rgb(60, 72, 88);">Según Peter Drucker, </span><b><span style="color:rgb(60, 72, 88);">la efectividad persigue encontrar un término medio con sentido, </span></b><span style="color:rgb(60, 72, 88);">un punto de equilibrio ideal entre eficiencia y eficacia, que impida que un exceso de foco en la eficiencia haga que no se llegue a alcanzar el resultado deseado (o que no se alcance a tiempo) e impida que un exceso de foco en la eficacia pueda dar al traste con la rentabilidad del resultado, haciendo que no compense. .</span></div>
<div><span style="color:rgb(60, 72, 88);"><span style="--en-markholder:true;"><br /></span></span></div><ul><li><div><b><span style="color:rgb(48, 48, 48);">Eficacia:</span></b><span style="color:rgb(48, 48, 48);"> Consiste en </span><b><span style="color:rgb(48, 48, 48);">alcanzar las metas</span></b><span style="color:rgb(48, 48, 48);"> establecidas en la empresa.</span></div></li><li><div><b><span style="color:rgb(48, 48, 48);">Eficiencia:</span></b><span style="color:rgb(48, 48, 48);"> Se refiere a </span><b><span style="color:rgb(48, 48, 48);">lograr las metas con la menor cantidad de recursos</span></b><span style="color:rgb(48, 48, 48);">. Obsérvese que el punto clave en esta definición es ahorro o reducción de recursos al mínimo.</span></div></li><li><div><b><span style="color:rgb(40, 60, 80);">Efectividad </span></b><span style="color:rgb(40, 60, 80);">es la mezcla perfecta de ambas (conseguir las metas con unos recursos mínimos)</span></div></li></ul>La hormiga y el barcohttps://empresologo.postach.io/post/la-hormiga-y-el-barco2021-10-28T08:08:02.839000Z2021-10-04T10:32:23ZAlejo Lopez<div><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">"Cuida de los pequeños gastos; un pequeño agujero hunde un barco" es una expresion atribuida a Benjamin Franklin, pero que cualquiera de nosotros en esta epoca de los pequeños gastos mensuales y las suscripciones podriamos adoptar como propia. </span></div></div>
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<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">La frase como todas, tiene su poso de verdad. En la epoca de los grandes navios de guerra, barcos realmente grandes construidos en madera, el mayor peligro de hundimiento no era una batalla sino un pequeño gusano. El </span><i><span style="color:rgb(51, 51, 51);">Teredo navalis</span></i><span style="color:rgb(51, 51, 51);"> en realidad es un molusco que abre galerías en la madera, devorando la celulosa que contiene. </span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div><h2 style="text-align:start;">Costes Hormiga</h2><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">En la economia domestica tenemos decenas de esos moluscos incrustados en nuestro armazon: suscripciones de pequeño importe mensual como los servicios de streaming que individualmente no son importantes pero que acumulados pueden llegar a ser una fuente de problemas., por ello se les llama gastos hormiga.</span></div>
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<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">En las empresas, un buen analisis coste-beneficio deberia resaltar inmediatamente aquellos que son puramente un gasto de aquellos que son realmente una inversion (adwords, herramientas de SEO,...) . Hay muchos negocios que se dedican precisamente a analizar, resaltar y procurar ofrecer alternativas para reducir esos costes ineficientes y conseguir ahorros </span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">No aparecen sin embargo en muchos analisis los costes ocultos, los indirectos, derivados de una gestion ineficiente de recursos. Estamos hablando de horas de trabajo (preparando informe en xls en lugar de analizandolo) , tediosas cadenas de correos para averiguar el estado de un proyecto pedido en lugar de usar herramientas especificas, o el coste de oportunidad relacionado con el cobro tardio de facturas, miriadas de pequeños costes-hormiga que pueden escorar un barco! </span></div>
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<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">La forma de reducir esos costes pasa por una adecuada organizacion inicial de todo el proceso y una gestion constante del mismo (mejora continua) . Sin embargo, la mayor parte de las empresas que he conocido no tiene asimilado esta necesidad. En su lugar, se solucionan las situaciones conforme aparecen y se generan burocracia y duplicidades para "salir del paso" hasta que el proceso se interioriza y los equipos creen genuinamente que no hay otra forma mejor de trabajar.</span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/a1f6cecf-99eb-1152-21d6-7146a1d28fa5/c7b96544-eb06-feef-a3e6-1f7c9ed1216a.png" style="--en-naturalWidth:453; --en-naturalHeight:340;" alt="Hormiga, Insecto, Hormiga Roja" width="247px"/><h2 style="text-align:start;">Clientes Hormiga </h2><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Pero vamos centrarnos : ¿Por que necesitan los negocios tener un procedimiento efectivo para gestionar sus facturas pendientes de cobro? Al fin y al cabo, el cobro es el pago lógico que ocurre al final de todo el proceso de venta, un proceso al que pocas SMEs prestan atención porque es tremendamente simple...., o no? </span></div>
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<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Veámoslo con detalle. Para que el cliente pague la factura debe ocurrir</span></div><ul><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">que haya sido avisado de su vencimiento (bien internamente o bien por el proveedor) </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">que tenga conocimiento de ella (documento, importe, etc) </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">que este conforme (precios, artículos, referencias, ...) </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">que tenga fondos (y voluntad) para pagar</span></div></li></ul><div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Los 3 primeros son responsabilidad del proveedor: </span></div><ol><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">enviar la factura en tiempo y forma, </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">asegurar que no hay discrepancias o disputas sobre la misma y resolverlas con prontitud en caso y </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">recordar al cliente los compromisos (fecha e importe) . </span></div></li></ol><div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">El ultimo esta fuera del control del proveedor en ese momento, pero un buen credit manager podría reducir la posibilidad de llegar a esa situación analizando al cliente ANTES de la venta</span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">De hecho, el proceso debería ser inverso:</span></div><ol><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Analizar si el cliente tendrá capacidad de pago a vencimiento, es decir hacer un <u>análisis de crédito </u>ANTES de realizar la venta y adaptar las condiciones de la misma (plazos de pago, garantías, seguros, ...) . </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Asegurar que lo vendido, enviado y facturado es lo que el cliente ha solicitado para reducir la posibilidad de <u>disputas</u>. </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Proceso de <u>envío de documentación</u> fiable , aprovechar la posibilidad de factura electronica e implementar el seguimiento de dichos correos. </span></div></li><li><div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Diseñar un método de <u>control de facturas</u> pre-vencimiento que permitan al proveedor asegurar que los clientes no pueden esgrimir ninguna excusa para retrasar el pago y así tener una prevision de caja ajustada a la realidad. </span></div></li></ol><div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Con ello, con el tiempo podremos categorizar a los clientes que aportan mucho valor (elevadas compras, pocas incidencias, sin retrasos) de aquellos que aporten poco (elevadas compras, continuas incidencias, enormes retrasos) e incentivar a unos y otros de la forma adecuada.</span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">Que ocurre en caso contrario? Horas y horas de discusiones con clientes por diferencias en sus facturas, retrasos en el pago por "no tener la factura", negociacion de planes de pago porque la empresa no puede atender la totalidad de la factura, y como consecuencia dias de retraso de cobros que hay que financiar, pedidos bloqueados, productos no vendidos..... y miles de costes-hormiga hundiendo el barco poco a poco. </span></div>
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<div style="text-align:start;"><span style="color:rgb(51, 51, 51);">A dia de hoy, los investigadores aun no conocen como evitar el efecto del molusco en los barcos, sin embargo es mucho mas sencillo evitar los costes-hormiga en su organizacion y sobretodo </span><b><span style="color:rgb(51, 51, 51);">evitar los clientes-teredonavalis </span></b><span style="color:rgb(51, 51, 51);">cuyos costes de gestion indirectos superan el margen aportado: use el conocimiento de un</span><b><span style="color:rgb(51, 51, 51);"><u> credit manager</u></span></b><span style="color:rgb(51, 51, 51);"> y navegue sin agujeros! </span></div>
<div style="text-align:start;"><span style="color:rgb(51, 51, 51);"><span style="--en-markholder:true;"><br /></span></span></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/a1f6cecf-99eb-1152-21d6-7146a1d28fa5/49f00f4d-e5c5-7e4c-f0d6-10c588145662.png" style="--en-naturalWidth:411; --en-naturalHeight:340;" alt="Galeón, Velero, Barco De Vela"/><div style="text-align:start;"><br /></div>
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Cash is King, Cash is Waterhttps://empresologo.postach.io/post/cash-is-king-cash-is-water2021-09-20T12:05:13.806000Z2021-09-14T15:15:48ZAlejo Lopez<div><span style="color:rgb(32, 33, 36);">Sabiais que en términos generales, un individuo puede aguantar 40-50 días </span><b><span style="color:rgb(32, 33, 36);">sin comer</span></b><span style="color:rgb(32, 33, 36);"> pero solo 3-5 días </span><b><span style="color:rgb(32, 33, 36);">sin beber</span></b><span style="color:rgb(32, 33, 36);">. EL agua es vida! </span></div>
<div><span style="color:rgb(32, 33, 36);"><span style="--en-markholder:true;"><br /></span></span></div>
<div><span style="color:rgba(0, 0, 0, 0.9);">Estoy seguro que todos conoceis las tipicas frases de </span><a href="https://en.wikipedia.org/wiki/Cash_is_king" rev="en_rl_none">"cash is king"</a><span style="color:rgba(0, 0, 0, 0.9);">, o </span><a href="https://brucelee.com/podcast-blog/2016/7/20/2-be-water-my-friend" rev="en_rl_none">"be water my friend"</a><span style="color:rgba(0, 0, 0, 0.9);"> asi que os presento una nueva: "cash is water" </span></div>
<div><span style="color:rgba(0, 0, 0, 0.9);"><span style="--en-markholder:true;"><br /></span></span></div>
<div><span style="color:rgb(0, 0, 0);">Cash -al igual que el agua- es vital para la supervivencia de una empresa. </span><span style="color:rgba(0, 0, 0, 0.9);">La empresa necesita que la "caja" fluya (#cashflow) y -como el agua- es adaptable, no toda de igual calidad, ni igualmente accesible. Y al igual que el agua es un bien escaso (aunque muchos piensen que es sobreabundante en momentos de sobre liquidez).</span></div>
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<div><span style="color:rgba(0, 0, 0, 0.9);">Necesitamos un canal (#cashflowmanagement) que no filtre , que no tenga perdidas, que sea rapido y que permita llevar el volumen necesario para pagar CAPEX o AP (bajo control de la empresa) desde el cash que se obtiene de clientes (AR bajo control de clientes!). </span></div>
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<div>Y por eso el departamento de O2C es tan importante: son quienes controlan que el agua no se pierda en exceso, que vuelva lo antes posible a circular, reducen el volumen de unos canales para poder aportar a otros (de mayor valor añadido) y se aseguran que este constantemente fluyendo.</div>
<div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37373f05-58ed-cc7a-8f7e-1b0694f9d43e/7cd37bdd-d924-5298-65c2-e977c7ca13c4.jpg" style="--en-naturalWidth:270; --en-naturalHeight:334;"/><div><br /></div>
<div>Cash is water, porque las empresas no suelen quebrar por no ser rentable (no tener comida) mientras tenga apoyo de sus proveedores de financiacion (llámelo accionista, banco, proveedor...) y cuando lo hacen es a muy largo plazo ... no, quiebran por no tener caja! y muy rapidamente! Sin dinero para compras, sin dinero para sueldos, sin liquidez, sin agua... no hay empresa que resista.</div>
Happy customers pay earlierhttps://empresologo.postach.io/post/happy-customers-pay-earlier2021-07-06T15:43:28.456000Z2021-07-06T15:40:40ZAlejo Lopez<div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/6c361dfb-54d8-0c2f-e327-cc97bb9cef12/feb4a727-a821-ff29-4379-48d2865d7438.jpg" style="--en-naturalWidth:456; --en-naturalHeight:500;"/><div><br /></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">Cash is King... , so improving cash flow is critical for any company (lowering liquidity risk, reducing borrowing costs,...), and the main key for cash flow is timely recovery of the account receivables.</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">Collecting receivables is hard even in the best of the situations (nobody wants to let go their hard earned money) and in times of crisis like today is harder: increasing DSO and delinquent days, bad debt, disputes,...you name it!</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">So, what can we don to improve cash flow? Streamline the back-office processes and automate as much as possible the accounts receivable team: making the customer ´experience (from order to payment, order2cash) as smooth as possible, empowering customers with digital invoicing and payment options, on-demand help, and other easy interactions that show a customer-centric approach.</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">Companies that just settle for old ways of managing receivables, or trust on technology that only simplifies back-office tasks without actually rethinking the process... they are putting their customer relationships at risk.... and their business too!</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">The root of the problem is the antiquated receivables processes that most businesses depend on. Their enterprise resource planning (ERP) systems are built to manage data, but nobody actually use the data to better serve customers.</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">So, what should we offer:</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">• Online paper-less experience, information at their fingertips or mobile ways</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">• Invoices should be easy and delivered as desired</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">• Payment method should be flexible while payment terms should be fixed (but agreed)</span></div>
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<div style="text-align:start;"><span style="color:rgba(0, 0, 0, 0.9);">Make customer life easier on the payment experience and they will do more business with you and get paid</span></div>
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<div><a href="https://www.linkedin.com/pulse/h-alejo-lopez-casao/?trackingId=v0Grg3QLTIObMFAdfX0lsA%3D%3D">https://www.linkedin.com/pulse/h-alejo-lopez-casao/?trackingId=v0Grg3QLTIObMFAdfX0lsA%3D%3D</a></div>
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Cash is King, King of Cashhttps://empresologo.postach.io/post/cash-is-king-king-of-cash2021-09-16T10:21:24.420000Z2021-03-30T12:44:03ZAlejo Lopez<div><br /></div>
<div>King of cash, el rey de oros de la baraja española.... </div>
<div><br /></div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/563bce82-39a0-f38d-014d-d7c54f9b39d0/2be60ae3-254c-0e47-4260-929368528212.jpg" style="--en-naturalWidth:777; --en-naturalHeight:1188;" alt="Rey de Oros – Juantxu Bazán" width="415.5336766869131px"/><div>Sabiais que los 4 "palos" dela baraja española representa(ban) los estratos de la sociedad de la epoca: bastos (los campesinos), copas (el clero), espadas (la nobleza) y oros (comerciantes) ? </div>
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<div>Podeis identificar esos palos en vuestra empresa? </div>
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<div>Podriamos decir que en una empresa tenemos <b>bastos </b>(produccion, logistica,..); <b>espadas </b>(management y similares); <b>copas </b>(finanzas y su religion numeraria) y <b>oros </b>(ventas) . Algunos amigos me dicen que deberia ser al reves: copas el departamento comercial (no, no por ir de copas con los clientes sino por ser como el clero, escuchando las confidencias y con una fe mística en los clientes) y oros el de finanzas..., pero yo creo que finanzas hace como el clero, y multiplica los panes y los peces en enormes hojas de calculo y previsiones y provisiones......mientras que el departamento comercial es el que trae el oro.... clientes con cash! </div>
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<div>y por que es interesante esta similitud entre la baraja y una empresa? </div>
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<div>En los juegos de cartas cada palo necesita del resto para poder jugar. En algunos juegos un palo es mas valioso, en otros hay que combinarlos, pero en todos necesitas la baraja completa para jugar. Similarmente, en las empresas todos los departamentos son necesarios y aquellas que no son capaces de destruir los silos y barreras que cada departamento crea acabaran siendo destronadas por otras empresas mas agiles, mas preparadas para dar al cliente lo que necesita cuando lo necesita o incluso antes de saber que lo necesita! </div>
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<div>Y ahi el king of cash (departamento comercial) con su contacto estrecho con el cliente y su capacidad de entender sus necesidades y ofrecer las soluciones adecuadas. La clave esta en la palabra "adecuada": porque no se trata de vender por vender sino de solucionar problemas al cliente sin generar problemas al proveedor. </div>
<div>El king of cash debe tener muy claro que sus acciones tienen repercusiones en toda la empresa: una promesa de entrega rapida va a obligar a logistica, produccion (<b>bastos</b>) a un esfuerzo adicional, una rebaja de precios podria implicar la decision (<b>espadas</b>) de reducir costes en otras areas, unos terminos de pago extraordinarios necesitaran una financiacion acorde (<b>copas</b>), etc. El comercial debe por tanto saber cuanto va a costar dicha venta, conocer las capacidades reales de su empresa e implicarse en cada aspecto derivado de la venta (desde el departamento de credito hasta el de facturacion) para que la caja fluya "adecuadamente".</div>
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<div>La informacion recabada por el departamento comercial debe integrarse en todo el proceso empresarial para evitar sorpresas (pedidos inesperados, caida de compras, incidencias, falta de pago,....) y que cada departamento sea capaz de preparar sus procesos. De la misma forma, la informacion obtenida por otros departamentos (atencion al cliente o recobro son los mas tipicos) debe llegar al dpto comercial para decidir si variar su politica comercial. Aqui, los datos obtenidos por modelos de RPA o incluso IA son de gran ayuda: "es realmente rentable ese gran cliente cuyos pedidos tienen 85% de incidencias y paga con 90dias de retraso?". </div>
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Order to Cash - Que es?https://empresologo.postach.io/post/order-to-cash-que-es2021-07-06T14:28:06.853000Z2020-10-20T07:53:11ZAlejo Lopez<div>Es término usado para describir un conjunto de operaciones comerciales para recibir y completar la venta.</div>
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<div>El ideal de cualquier empresa seria recibir pedidos y obtener dinero en efectivo, pero la realidad es mucho mas complicada y obtener efectivo en la cuenta bancaria de la compañía se convierte en una tarea ardua. El <b>Order to Cash, llamado también OTC o O2C</b>, es un proceso que describe el conjunto de procesos comerciales para recibir y completar una venta. </div>
<div><br /></div><h3>¿Qué es Order to Cash?</h3><div>El <b>O2C </b>abarca todos los pasos y procesos que se ponen en marcha cuando un cliente realiza un pedido, cubriendo todo lo que sus empleados harán, incluyendo el recibo del pago. El ciclo de pedido al cobro comienza cuando se realiza un pedido y finaliza cuando se recibe el pago y dicho pago se registra en el libro mayor.</div>
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<div>Dependiendo del tipo de industria de la compañía, esto puede ser extremadamente simple o complicado. Si la empresa opera en una tienda minorista, todo el proceso es únicamente el intercambio de efectivo por algún producto. Si, por otro lado, la corporación está vendiendo un <i>software </i> o un servicio a otras compañías, el proceso puede ser mucho más largo.</div>
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<div>Los procesos de OTC incluyen ( o deberian incluir porque muchas empresas excluyen del mismo los procesos previos al pago) la toma de pedidos, la entrada de los mismos y el inventario, el ensamblaje de los productos y la verificación de que esto se ha realizado correctamente, el envío y la entrega de los productos, la facturación, el pago y, finalmente, la generación de informes.</div>
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<div>Por lo tanto, el proceso de orden para cobrar consta de dos procesos diferentes: <b>el proceso de gestión de pedidos y el proceso de facturación a efectivo</b>.</div>
<div><br /></div><h3>Por qué la empresa debe optimizar y cuidar el Order to Cash</h3><div>En el pasado, los clientes podían estar satisfechos con los plazos de entrega largos entre la colocación del pedido y la llegada del mismo, pero este ya no es el caso. Si, por ejemplo, la empresa es un mayorista o un minorista que trabaja de forma remota con sus clientes, los clientes que compran sus productos desean todo de la manera más rápida posible.</div>
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<div>Desde esta perspectiva, cuanto antes se pague, mejor. El dinero inmovilizado en el inventario o en cuentas no pagadas es para la organización un rendimiento retrasado de la inversión. Aunque en este caso esto podría no ser muy grave si únicamente estamos hablando de uno o dos pedidos, puede ser perjudicial si se trata de una suma sustancial de dinero cuando se manejan pedidos grandes o volúmenes de pedidos altos.</div>
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<div>El dinero que podría invertirse de manera rentable queda inactivo y si tiene que investigar sobregiros para cubrir el déficit de flujos de efectivo, debe agregarse el coste del crédito al coste de su efectivo improductivo.</div>
<div><br /></div><h3>El proceso de gestión de pedidos: trampas y mejores prácticas</h3><div><b>¿Cuán eficiente es el sistema de gestión de pedidos?</b> Si hay problemas serios, la empresa los conocerá de antemano. Estos son: largos plazos de entrega, llamadas de clientes insatisfechos, un volumen inaceptable de errores de envío y, por supuesto, pagos atrasados debido a que un proceso de gestión de pedidos defectuoso generalmente tiene un impacto en el proceso de facturación.</div>
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<div>Síntomas específicos:</div>
<div><br /></div><ul><li><div>Doble entrada de pedidos.</div></li><li><div>Retrasos entre la colocación de la orden y el envío.</div></li><li><div>Entrega de pedidos que no coinciden con las facturas.</div></li><li><div>Mala información de los inventarios, que hace que los representantes de ventas rechacen clientes o devuelvan pedidos incluso cuando los productos están en <i>stock</i>.</div></li></ul><div>Para simplificar este proceso, la empresa debe identificar qué está pasando. Muy a menudo, es el resultado de procesos manuales antiguos que llevan a producir errores. La automatización de procesos y la vinculación de información, como la colocación de pedidos, el inventario y la facturación, ayudan a reducir el volumen de errores y permiten que la información pase de las ventas al departamento y a la facturación sin retrasos innecesarios.</div>
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<div>Cuáles son las mejores prácticas:</div>
<div><br /></div><ul><li><div>Minimizar la cantidad de intervención manual en el proceso.</div></li><li><div>Permitir a los clientes realizar pedidos a través de sistemas digitales.</div></li><li><div>Integración de la información en todo el proceso para que los flujos de trabajo progresen sin problemas.</div></li><li><div>Eliminar cualquier complejidad innecesaria en el proceso.</div></li><li><div>Proporcionar a los comerciales la información necesaria para vender de manera efectiva. Esto incluye información del cliente e información de inventario.</div></li></ul><h3>El proceso de facturación a efectivo: trampas y mejores prácticas</h3><div>El solo hecho de hacer un pedido y enviarlo a un cliente no significa que le hayan pagado todavía, especialmente cuando trabaja en la venta al por mayor. Algunas veces, el problema puede recaer en el cliente que usa su negocio como un "banco" no oficial, permite que la cuenta se transfiera hasta el punto de ser entregada y luego paga el todo el montante del capital sin el interés que adeudado.</div>
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<div>Sin embargo, si el proceso de compra en efectivo es defectuoso, muchas de las facturas impagadas pueden depositarse en nuestra entidad bancaria en lugar de echar la culpa a sus clientes. Después de todo, no podemos esperar que los clientes paguen una factura cuando es incorrecta.</div>
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<div>Señales de que un proceso de facturación a efectivo necesita algunos cambios:</div>
<div><br /></div><ul><li><div>La existencia de un gran número de acuerdos de venta únicos entre su empresa y sus clientes que especifican descuentos variables o condiciones de pago no estándar.</div></li><li><div>Los representantes comerciales cierran acuerdos debido a prácticas y promesas no autorizadas.</div></li><li><div>Errores en los documentos originales y facturación incorrecta.</div></li><li><div>Un gran volumen de notas de crédito emitidas.</div></li><li><div>Facturas que se envían tarde o que no se emiten a tiempo.</div></li><li><div>Lagunas de información entre las ventas, el despacho y el proceso de facturación.</div></li></ul><div>No obstante, las estrategias que se usen para agilizar el proceso de facturación dependerán de los problemas que se recojan al analizar el proceso, pero pueden incluir las mejores prácticas, como las siguientes:</div>
<div><br /></div><ul><li><div>Integración de los perfiles de los clientes en el <i>software</i> de facturación para que aplique los términos de pago correctos a cada factura.</div></li><li><div>Integración de los datos de facturación y pago para facilitar el análisis del deudor.</div></li><li><div>Introducción y seguimiento de flujos de trabajo organizados para la monitorización de cuentas pendientes.</div></li><li><div>Proporcionar una plataforma en línea para que los clientes se comuniquen con el departamento de ventas y las cuentas en una sola cadena que comience con la colocación de pedidos, que sea capaz de registrar todas las interacciones posteriores.</div></li></ul><h3>¿Por qué es importante la orden del ciclo de efectivo u Order to Cash?</h3><div><b>La empresa debe pensar en lo que implica todo el ciclo desde el pedido hasta el cobro</b>. Es literalmente cómo se ejecuta todo el negocio. Agilizar el pedido al proceso es fundamental para mejorar y mantener la rentabilidad, la retención de clientes y el crecimiento general del negocio. Un proceso lento o interrumpido en cualquier lugar a lo largo del ciclo puede ralentizar todo y causar un daño significativo a la compañía de diferentes formas.</div>
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<div>Un ejemplo sería el de un cliente que se marcha a la competencia porque está teniendo problemas con el cumplimiento de sus pedidos. Si se retrasan constantemente o se envían pedidos incorrectos, eventualmente se cansará y encontrará rápidamente otro proveedor de producto o servicio. O durante la etapa en la que el cliente ha dado algunas excusas para no pagar su factura y ahora se ha retrasado 120 días, lo que deja a la empresa luchando por encontrar otra forma de retomar el dinero perdido.</div>
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<div>Hay muchos riesgos de que las cosas salgan mal durante todo el ciclo del pedido al efectivo, pero la mayoría de las empresas luchan siempre en el final del ciclo, recaudando el dinero que se les debe. Por lo general, a las empresas les cuesta cobrar no porque el cliente dispute una factura o evite el pago, sino porque la empresa no tiene la visibilidad de las cuentas por cobrar y las herramientas que necesita para identificar rápidamente las facturas atrasadas que le permitan tomar medidas proactivas para rectificar la situación. En este caso, el uso de ERP y CRM es vital.</div>
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<div>Un sistema automático que ayude con el <b><i>Order to Cash</i></b> puede <b>ofrecer un análisis de la situación de la compañía</b>, logrando datos de los procesos por los que pasó el pedido. Así se logra que la organización trabaje para subsanar los errores y siempre ganando visibilidad en los diferentes patrones en los pedidos de los clientes, los pagos, los productos, la optimización logística y un sinfín de percepciones de negocios que pueden significar mejores operaciones e innovaciones en el emprendimiento.</div>
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<div>Un proceso de logística que esté definido es vital para garantizar la eficiencia de las operaciones de la compañía. <b>El sistema Order to Cash consigue optimizar el proceso de fabricación y entrega</b>, proporcionando información y mejora en los flujos de capital de las empres</div>
CRM: ¿tecnología o procesos?https://empresologo.postach.io/post/crm-tecnologia-o-procesos2021-07-06T14:28:08.234000Z2019-04-30T09:43:58ZAlejo Lopez<div><div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><br clear="none"/></div>
<div>Mucha gente me pregunta "Tu como es que sabes de CRM si no estas en el departamento comercial?" y mi respuesta es siempre parecida : "y como sabes cocinar si no estas trabajando en un restaurante? " </div>
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<div>Porque conocer las herramientas de la empresa es basico para cualquiera que trabaje en dicha empresa. No es necesario un conocimiento exhaustivo, pero si saber que permite y que no permite hacer. Ademas, CRM no es solo referencia a la tecnología que nos posibilita un mejor conocimiento de nuestros clientes, tambien nos referimos a él cuando hablamos de los procesos y los objetivos estratégicos orientados al cliente. Y todos los empleados de la empresa deberian saber que es lo que el cliente require y como su labor esta enfocada a resolver esa necesidad. </div>
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<div>Por ultimo, para mi CRM no es solo Customer relationship Management, tambien podria ser Company Risk Mitigant ... al fin y al cabo solo <b>conociendo a tus clientes</b> puedes mitigar los riesgos asociados a realizar negocios con ellos.</div>
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<div>La empresa ya no gira en torno al producto, sino en torno al cliente ya que realmente es él quien determina el éxito o fracaso de nuestra organización. Hemos pasado de los tiempos en los que las estrategias competitivas estaban centradas básicamente en la diferenciación del producto o en el liderazgo de costes, a centrarnos en el cliente, en saber que necesita o mejor aun que desea para colocárle en el centro de nuestra política estratégica.</div>
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<div>Es por ello que toda empresa, y especialmente la PYME deberia evaluar la necesidad de llevar a cabo un proyecto de CRM, antes de que se convierta en una necesidad. Necesidad creada por las nuevas tecnologías, nuevos canales de interacción con el cliente y nuevos modelos de negocios.</div>
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<div>Una vez que la organización ha decidido llevar a cabo un proyecto de CRM es importante tener claro que factores son importantes en su realización y que implica su ejecución:</div>
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<div>Analizar la situación actual con respecto a la gestión de clientes, tanto en terminos de procesos como de tecnología. Y una vez sabemos donde estamos definir donde queremos ir y como queremos llegar:</div>
<div><br clear="none"/></div><ul><li><div>ETAPA 1: objetivos estratégicos y procesos</div></li><li><div>ETAPA 2: cambio tecnológico</div></li><li><div>ETAPA 3: cambio cultural </div></li></ul><div><br clear="none"/></div>
<div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">ETAPA 1 OBJETIVOS ESTRATÉGICOS Y PROCESOS </span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div>Donde queremos llegar? como queremos trabajar con los clientes? como sabremos si estamos consiguiendo dichos objetivos (KPIs) ? y si no llegamos, a que se debe la desviacion? </div>
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<div>El concepto de Balanced Scorecard establecido por Kaplan y Norton nos resuelve estás y otras muchas cuestiones con relación a la manera de establecer indicadores para los objetivos estratégicos (entre ellos los relativos a los clientes)</div>
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<div>Después de tener claros los objetivos estratégicos y los indicadores adecuados referentes a los clientes, el objetivo es automatizar estos indicadores para que se pueda disponer de ellos de una manera rápida y fiable tal y como veremos en el apartado de la tecnología.</div>
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<div>El otro aspecto que tiene que establecer la organización para realizar un proyecto de CRM es la situación actual de los procesos con relación a sus clientes. Tenemos que ver de dónde partimos para saber a dónde queremos llegar.</div>
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<div>No se puede comenzar a informatizar unos procesos que no están claramente definidos y que no están orientados a proporcionar una adecuada información a los clientes.</div>
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<div>En especial la empresa se debería centrar en aquellas unidades de negocio que están establecidas para dar un servicio directo al cliente, aunque por supuesto sin olvidarse de cualquier departamento soporte de las mismas, ya que proporcionar un adecuado y satisfactorio servicio al cliente no depende sólo de un departamento, sino que son muchos más los que disponen de dicha información. El objetivo es conseguir una total fluidez y transparencia en la información a través de toda la empresa. El front office que está en contacto directo con el cliente, tiene que tener toda la información referente a los clientes de una manera rápida y eficaz.</div>
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<div>El establecimiento de los procesos utilizando las llamadas "Mejores Prácticas" es una base muy adecuada para que los procesos de la organización se optimicen. Utilizando las mejores prácticas del sector se puede conseguir una mejora sustancial en los mismos.</div>
<div><span style="margin: 0px; padding: 0px; font-size: 11pt;"><span style="margin: 0px; padding: 0px; font-size: 11pt; font-family: "Times New Roman", "Times New Roman_MSFontService", serif;"> </span></span></div>
<div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">ETAPA 2 </span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">TECNOLOGíA</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div>La gestión de las relaciones con los clientes de cualquier organización se puede mejorar de una manera notable en el aspecto tecnológico, tanto desde el ámbito operativo como analítico. Dentro de dichos ámbitos podríamos establecer las siguientes clasificaciones:</div>
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<div>Ámbito Operacional:</div><ol><li><div>Perspectiva operativa de procesos:</div></li><li><div>ERP como base de los procesos</div></li><li><div>Call Center</div></li><li><div>Comercio electrónico</div></li><li><div>Fuerza de ventas</div></li><li><div>Perspectiva de marketing</div></li></ol><div><br clear="none"/></div>
<div>Ámbito Analítico: </div><ol><li><div>Business Intelligence</div></li><li><div>Data Mining</div></li><li><div>Web Mining</div></li></ol><div><br clear="none"/></div>
<div>Sin embargo antes de comenzar esta etapa hay que tener en cuenta los siguientes aspectos:</div><ul><li><div>1. Análisis de la situación tecnológica actual de la empresa. Hay que saber exactamente en que situación se encuentra la organización.</div></li><li><div>2. Los sistemas informáticos se tienen que adaptar a los procesos de la organización y a su gestión y no a la inversa. Actualmente estamos en el momento en el que la tecnología está al servicio de la empresa y no al revés.</div></li><li><div>3. Tener muy claro que es lo que se quiere conseguir, basándonos siempre en los procesos de la organización</div></li><li><div>4. Establecer fases en el proyecto, objetivos a corto plazo y marcar prioridades</div></li></ul><div><br clear="none"/></div>
<div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">ERP </span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">como</span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;"> base de los </span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">procesos</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div>La base de cualquier CRM es un ERP o software de gestión empresarial. Lo primero con lo que una organización tiene que contar es con una aplicación que informatice todos sus procesos. La información que forma parte de los procesos diarios de la empresa debe de tener un soporte informático para que posteriormente pueda ser explotada. Se puede decir que el ERP es la base sobre la que nuestro CRM se implantará, ya que, por ejemplo, sería mucho más complejo decir a nuestro cliente en que situación se encuentra su pedido si esta consulta no la podemos realizar a través del sistema informático.</div>
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<div>La elección de un ERP por parte de la organización es una de las claves para que la estrategia CRM tenga éxito. Esta elección dependerá entre otros aspectos de la cantidad de transacciones de la empresa y de la complejidad de sus procesos. Además la organización deberá de valorar qué módulos son los que necesita implantar teniendo en cuenta sus procesos.</div>
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<div>Una vez que la empresa ha seleccionado el ERP adecuado y evaluado los módulos que necesita, pasará a la fase de implantación y una de las claves para garantizar que ésta sea eficiente y eficaz es la utilización de una adecuada metodología.</div>
<div><span style="margin: 0px; padding: 0px; font-size: 11pt;"><span style="margin: 0px; padding: 0px; font-size: 11pt; font-family: "Times New Roman", "Times New Roman_MSFontService", serif;"> </span></span></div>
<div><span style="margin: 0px; padding: 0px; font-size: 11pt;"><span style="margin: 0px; padding: 0px; font-size: 11pt; font-family: "Times New Roman", "Times New Roman_MSFontService", serif;"> </span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">Perspectiva de interacc</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">ión con el Cliente.</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div>Hoy en día los clientes interaccionan con la empresa por medio de distintos canales, y deben de poder obtener la misma información por cualquiera de ellos. Podemos citar como los tres principales canales:</div><ul><li><div>Call Center</div></li><li><div>Comercio electrónico</div></li><li><div>Fuerza de ventas</div></li></ul><div>El cliente espera que la empresa le proporcione un servicio eficaz, rápido y seguro por cualquiera de los tres medios.</div>
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<div>En los últimos meses la estrategia web de la empresa ha cobrado una gran importancia. Con la personalización de la website al perfil de cada cliente ó usuario, la organización puede conseguir una mayor fidelidad de los clientes que cada vez más buscan un servicio 24x7x365. Los clientes demandan poder recibir la misma información por medio de la website que por el call center de la empresa. Por ello querrán saber por ejemplo, en qué estado está su pedido por cualquiera de los canales de la empresa.</div>
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<div>Con la integración de todos los canales de la empresa, ofreciendo al cliente una información homogénea por medio de los mismos, conseguiremos que a nivel corporativo exista una estrategia de orientación completa al cliente.</div>
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<div>Gran parte de la información que estas herramientas proporcionen se va a tener que basar en el ERP de la organización, por lo debe de existir una adecuada integración entre éstas y el ERP.</div>
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<div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">perspectiva de marketing</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div>Uno de los departamentos que necesariamente obtendrá grandes mejoras y beneficios con un CRM es el departamento de marketing. ¿Qué puede aportarle el CRM a este departamento?. Aquí podemos clasificar las utilidades en dos tipos: </div>
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<div><span style="text-decoration: underline;">Analíticas</span>: se podrán realizar análisis de los distintos segmentos de clientes, de las preferencias de los mismos, por lo que el departamento de marketing además de conocer con profundidad a los distintos clientes podrá orientar sus campañas de marketing de una manera más eficaz. En este tipo de utilidades profundizaremos más en el apartado correspondiente al ámbito analítico</div>
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<div><span style="text-decoration: underline;">Operativas</span>: permitirán realizar fácilmente marketing one to one, campañas personalizadas utilizando herramientas especializadas para las mismas. Entre las ventajas más importantes que se pueden obtener utilizando este tipo de campañas, merece la pena citar:</div><ul><li><div>Aumento de la satisfacción del cliente</div></li><li><div>Aumento de la efectividad</div></li><li><div>Ahorro de costes</div></li><li><div>Ahorro de tiempo</div>
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<div><span style="margin: 0px; padding: 0px; font-size: 11pt;"><span style="margin: 0px; padding: 0px; font-size: 11pt; font-family: "Times New Roman", "Times New Roman_MSFontService", serif;"> </span></span></div>
<div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">Ámbito</span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;"> </span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">Analítico</span><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">:</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div></li></ul><div>Uno de los puntos más importantes para conocer a nuestros clientes es poder analizar y profundizar en la información que tenemos sobre ellos. ¿De que sirve la información sino podemos analizarla y sacar conclusiones de la misma? Basándose en dicho análisis y en la simulación de determinadas situaciones, se puede establecer la estrategia de gestión de nuestros clientes.</div>
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<div>Con relación a las herramientas existentes para este ámbito, estableceremos una diferenciación en tres tipos distintos de sistemas:</div><ul><li><div>Business Intelligence</div></li><li><div>Data Mining</div></li><li><div>Web Mining</div></li></ul><div>Los sistemas de Business Intelligence nos proporcionan los medios para poder integrar y analizar la información. Incluyen capacidades de análisis multidimensional, que permiten navegar y profundizar a través de los datos, agregando y desagregando "on line" por las dimensiones que consideremos más importantes y permitiendo la definición y seguimiento de los indicadores de negocio más relevantes de la compañía.</div>
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<div>Integrar la información de los diferentes sistemas operacionales y de fuentes de información externa, poder analizarla y profundizar en ella proporcionando además un sistema de reporting a la organización, se puede conseguir con un sistema de Data Warehouse y herramientas OLAP. De este modo se podrá responder a preguntas cómo ¿quiénes son los clientes más rentable? ¿cuáles son los clientes que han respondido mejor ante una campaña de marketing?.... Se pueden obtener una serie de informes e indicadores de forma automatizada que nos respondan a estas y ha otras muchas preguntas. Es decir de este modo conseguiremos la automatización del concepto de Balanced Scorecard analizado en el primer apartado y correspondiente a los procesos y los objetivos estratégicos e indicadores de la organización.</div>
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<div>Sin embargo, hoy en día no basta con el análisis de la información que la empresa posee de los clientes que han interactuado con la organización por los canales tradicionales. La irrupción de Internet en el mundo y la extensión de su uso, han hecho que el análisis de la efectividad de la estrategia web de la empresa sea de vital importancia. El simple hecho de tener una página web no garantiza ni mucho menos el éxito de la misma, sino que incluso puede llegar a producir el efecto contrario. Por ello las herramientas de web mining que analizan los archivos log de los sitios web de las organizaciones, proporcionan una información muy útil y necesaria en la gestión de dichas páginas. Las acciones de los visitantes de la página web son registradas en un fichero log permitiendo que tras realizar el análisis de los mismos podamos responder a preguntas cómo si los clientes repiten visita, cuáles son los productos más seleccionados, perfil de nuestros visitantes (en caso que nos proporciones sus datos), etc. En definitiva conocer más a nuestros clientes y saber si nuestra estrategia web es efectiva.</div>
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<div>Otro punto importante es la simulación: poder realizar un análisis de lo que sucedería en los distintos escenarios. Por ejemplo podríamos ver cómo pueden aumentar en mayor ó menor medida las ventas con el hecho de que se lleve a cabo una determinada campaña de marketing u otra.</div>
<div>Por lo tanto, el objetivo es analizar la información, realizar simulaciones de determinados hechos sobre la base de lo que hemos obtenido con el análisis, y por último ejecutar la acción más adecuada sobre la base de la información que hemos obtenido. En este punto volveríamos otra vez al comienzo de nuevo, analizando los resultados obtenidos de la ejecución de nuestras acciones</div>
<div> <img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/2eee0b03-3ce1-421a-8dbf-f993bff1b1ab/e5b0ae0c-e539-451a-9319-3da54833fff2.png" style="font-family: Verdana, Verdana_MSFontService, sans-serif; font-size: 9pt; color: windowtext;"/></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><div><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;">ETAPA 3:</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif; font-weight: bold;"> GESTIÓN DEL CAMBIO </span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
<div><span style="color: windowtext;">Vamos a hablar por fin de la tercera etapa sin que esto signifique que sea la última, ya que esta fase debe de realizarse al mismo tiempo que se realizan las anteriores. Una de las claves para el buen resultado del establecimiento del CRM son las personas. La gestión del cambio cultural que puede significar un proyecto de este tipo es la clave para que éste se realice de una manera adecuada, ya que una gran parte del éxito del mismo depende de dicha gestión. No hay que olvidar que a fin de cuentas las personas son el cimiento de la organización y que a lo largo de la historia el no realizan una buena gestión de los Recursos Humanos ha producido fracasos en los proyect</span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif;">os.</span></span><span style="margin: 0px; padding: 0px; font-size: 9pt;"><span style="margin: 0px; padding: 0px; font-size: 9pt; color: windowtext; font-family: Verdana, Verdana_MSFontService, sans-serif;"> </span></span></div>
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<div><span style="color: windowtext;">Hay varios aspectos importantes en los que hay que incidir respecto a esta gestión del cambio. La motivación de las personas es uno de ellos, se necesita que los empleados estén favorablemente predispuestos al cambio, para ello es esencial que exista una buena política de información en la empresa. Nadie quiere cambiar si no piensa que el cambio va a ser favorable y que va a salir ganando con él. Por ello es importante que la idea de que un proyecto CRM favorece al empleado en la medida en que también favorece a los clientes y por lo tanto a la empresa. Pero además el trabajador tiene que saber que está adecuadamente preparado para este cambio para que no tenga la percepción de que el cambio sobrepasa sus posibilidades, por ello la información y formación en los nuevos procesos, objetivos estratégicos y herramientas tecnológicas es fundamental para el éxito del proyecto. </span></div>
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<div><span style="color: windowtext;">Realmente el éxito o fracaso de cualquier organización depende del capital humano. </span></div></div><div><br clear="none"/></div></div><div><br/></div>
Capital Markets Unionhttps://empresologo.postach.io/post/union-de-mercados-de-capitales2019-04-16T17:05:18.108000Z2019-02-01T09:25:31ZAlejo Lopez<div><span style="font-size: inherit;">Capital Markets Union (CMU) is an initiative from the EU trying to enhance the integration of financing and capital markets in every one of the state members. </span></div>
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<div>One of the goals is to facilitate financing access to SMEs, as the analysis of the European Commission <a shape="rect" style="font-size: inherit;" href="https://ec.europa.eu/info/sites/info/files/file_import/european-semester_thematic-factsheet_small-medium-enterprises-access-finance_en.pdf" target="_blank">"Small and medium-sized enterprises’ access to finance"</a> <span style="font-size: inherit;">(2016) shows that one of the most important issues for many SMEs and Micro European companies is getting access to financing in a proper way. In countries like Spain, most of that financing comes from the local banks and has been restrained for a quite a while during the crisis and later slow recovery. </span></div>
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<div>The paradox is that SMEs are competing in a connected world where everyone can be a multinational and sell all around the planet but the capital markets have been fragmented and usually organized to cover only the local or national areas. The "<a shape="rect" href="https://ec.europa.eu/commission/priorities/jobs-growth-and-investment/investment-plan-europe-juncker-plan/what-investment-plan-europe_es" target="_blank">Juncker Plan</a>" is the visible manifestation of the European Commission to try to help SMEs in that matter by facilitating public and private investments. </div>
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<div>And how does it work and what goals does it have? lets see the main areas of work:</div>
<div><br clear="none"/></div><ul><li><div><span style="font-size: inherit;">– Improve financing access to diverse and alternative financing tools including those offered by fintech.</span></div></li><li><div><span style="font-size: inherit;">– Facilitate the investments and financing for european infraestructures. </span></div></li><li><div><span style="font-size: inherit;">– Increase opportunities for private and large institutional investments.</span></div></li><li><div><span style="font-size: inherit;">– Enhance bank credit facilities.</span></div></li><li><div><span style="font-size: inherit;">– Delete any barrier or issues for real and effective pan-european capital markets.</span></div></li></ul><div><span style="font-size: inherit;"><br clear="none"/></span></div>
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<div>Put simply, Capital Markets Union will strengthen the link between savings and growth , the CMU aims to "boost retail investments into capital markets and enhance individual confidence and provide better returns for savers and investors "</div>
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<div>Lets hope that the idea will become soon a real framework . </div>
<div style="font-size: 16px; min-width: 100%;"><div style="background-color: transparent; font-size: inherit; vertical-align: baseline;"><div style="background-color: transparent; vertical-align: baseline; font-size: 16px; text-align: left;"><div style="margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="z-index: 200; position: relative; margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline; width: 36em;"><div style="position: relative; margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="position: relative; margin: 0px; padding: 4.5em 0px 9em; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="margin: 0px 0px 1.5em; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="position: relative; margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div style="margin: 0px; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><div><br clear="none"/></div></div></div></div></div><div style="position: absolute; top: -1000px; left: -1000px; margin: 0px 0px 1.5em; padding: 0px; border: 0px; font-size: inherit; vertical-align: baseline;"><span style="font-size: 16px; color: #1f0909; font-family: 'PT Serif'; line-height: 1.5em;">Measure</span></div>
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P.A.Y. Should Be The Foundation Of Credithttps://empresologo.postach.io/post/p-a-y-should-be-the-foundation-of-credit2022-02-08T08:43:18.459000Z2019-01-09T15:09:51ZAlejo Lopez<div><div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;"><span style="--en-markholder:true;"><br /></span></span></span></div></div>
<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">As credit managers our responsibility is to identify and minimize risk. That equates to making sound credit decisions based on basic credit principles: Personality, Ability and Yield should be the foundation to every credit decision. </span></span></div>
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<div><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">The analysis of the applicant utilizing the 3 keys will determine the criteria that we should use in making our credit decisions. Credit decisions have nothing to do with competition, industry standards and the current market environment. Those factors are utilized in making business decisions that often take precedence over credit decisions. . </span></span></div>
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<div style="color:windowtext;"><b><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;"><u>PERSONALITY - CHARACTER </u></span></span></b></div>
<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">Considered to be the most important of the key aspects equates to willingness. A willingness to provide information, a willingness to answer our questions, a willingness to return telephone calls and most importantly a willingness to pay. I was recently told by a client that a customer informed them that although they could pay on time they were not willing to because they wanted to pay when they were ready to do so not under the agreed to terms. This is a reflection of character and in this case this customer lacks it. </span></span></div>
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<div style="color:windowtext;"><b><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;"><u>ABILITY </u></span></span></b></div>
<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">It is not enough to be willing to pay, although that is a good sign; one has to have the ability to pay. That means that current assets exceed current liabilities, which provides net working capital. If current assets are insufficient to pay existing current obligations then how is our new debt to be repaid? What amount of balances is maintained in bank accounts? How much debt is listed on a credit report and what is the payment history? It is not necessary to have a financial statement to determine this.</span></span></div>
<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">The answers to these questions give us an indication of the applicant's ability to honor the terms of the agreement he has entered into with us. </span></span></div>
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<div style="color:windowtext;"><b><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;"><u>YIELD - CAPITAL </u></span></span></b></div>
<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">Willingness to raise debt if need. In the event customer is unable to pay, does he have options to raise additional debt through borrowing against or liquidating assets. To determine the answer to this question we have to ask questions concerning assets, current and fixed, and the ability of the applicant to raise additional debt if needed whether it be secured or unsecured. </span></span></div>
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<div style="color:windowtext;"><span style="font-family: 'Times New Roman', 'Times New Roman_MSFontService', serif;"><span style="font-size: 12pt;">We should understand the difference between a credit decision and a business decision. Which are we making? The type of decision our organization ultimately makes determines whether the news reported is good or bad and once recognized less confusing.</span></span></div>
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Getting prompt credit decisionshttps://empresologo.postach.io/post/getting-prompt-credit-decisions2018-11-04T21:06:35.420000Z2018-11-02T18:23:16ZAlejo Lopez<div><div style="min-height: 14pt; text-align: left;"><br clear="none" /></div></div>
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<div style="min-height: 14pt; text-align: left;"><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">When you are working as credit analyst, you have to learn to say no from time to time and say yes some other times, and always </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">to decide and convince with limited information. </span></div>
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<div style="min-height: 14pt; text-align: left;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">You need to learn not only how to drive a car looking only into the</span> <a href="https://www.linkedin.com/pulse/driving-backwards-alejo-lopez-casao/" shape="rect" style="font-size: 12pt; font-family: "Times New Roman";">mirror</a><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">, but to do it as if you were in a race. At speed! Because you are! Customer has a need and will take whoever gives them the best solution, so being the first one in offering that solution could be pivotal for the final decision. </span></div>
<div style="min-height: 14pt; text-align: left;"><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Being quick and accurate... that's the key for anybody working in the credit department of a finance company: Getting prompt and sound credit decisions is the most complex problem of a finance company </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">and it cannot be overemphasized. </span></div>
<div style="min-height: 14pt; text-align: left;"><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Fail to provide a quick decision and the criticism will be justified... fail to provide a good decision and criticism wont be needed. </span></div>
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<div style="min-height: 14pt; text-align: left;"><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Following are some suggestions and guidelines which, when followed, could speed up credit </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">services:</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">DEFINE</span></span><span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Gather as much essential credit data as possible when we first learn of the </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">transaction</span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic;">.</span> <span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Don’t be afraid to ask questions, businessmen are accustomed to </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">answering them.</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">PREPARE: E</span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">xplore with the customer at the outset alternative ways of handling the </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">transaction</span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic;">.</span> <span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Then we can judge what his reaction will be if the approval has to be </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">made on a basis other than as originally submitted. Example: "I don’t know what </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">our credit committee’s decision will be, Mr. K., but, should it be a requirement, </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">would you be willing to guarantee the transaction personally (or, put up additional </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">collateral, increase the down payment, shorten the term, etc)?" Our customer is </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">more likely to respond favorably to such questions when they only represent </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">possibilities and we will save a lot of back and forth telephone calls.</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1);"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">MEASURE: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Don’t waste time waiting for the last bit of non-essential information</span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic;">.</span> <span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">We should </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">ask ourselves repeatedly, "Do we have enough essential information to make a </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">decision now?" When we have it, make it.</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">SUMMARIZE: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Do submittals and write-ups so well that the person receiving our </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">recommendation has only to read it</span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">, check a few facts in the file for accuracy, and </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">say "yes" or "no". A good job, and the next voice on our telephone will give an </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">approval. Do a bad job, and we will have to answer twenty questions.</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">ADVANCE: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Keep the deal moving</span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">. Don’t let it float in limbo between the credit and marketing </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">departments or between levels of credit authority. When no one takes charge of a </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">deal, the salesman thinks the credit person is working on it, the credit person thinks </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">the salesman is getting the answer to a question for him; and after the deal is lost, </span><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">everyone has useless explanations for how this misunderstanding occurred. Take </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">charge! Push it along! Keep it moving!</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">ACCEPT: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Don’t beat dead horses</span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic;">. Move on to the next deal</span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">. We’ll get more approvals if we </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">don’t waste time on hopeless cases.</span></div>
<div style="min-height: 15pt; text-align: left;"><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: Symbol;">•</span> <span style="min-height: 15pt; font-size: 12pt;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-weight: bold;">DECIDE: </span></span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic; font-weight: bold;">Think the deal through yourselves</span><span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman"; font-style: italic;">.</span> <span style="min-height: 15pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Don’t take someone’s time on the next level of </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">credit authority discussing possibilities. They want our opinion so let’s make up</span></div>
<div style="min-height: 14pt; text-align: left;"><span style="min-height: 14pt; font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">our minds. A credit person gets paid to perform one thing, give his opinion and/or </span><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">decision.</span></div>
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<div style="min-height: 14pt; text-align: left;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Take a decision! and do it quickly... but do not forget that accidents may lie ahead , and in those case you better be prepared to avoid use of crutches....</span></div>
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<div style="min-height: 14pt; text-align: left;">from Alejo Lopez Casao - Blog <a href="https://ift.tt/2SJmm9p">https://ift.tt/2SJmm9p</a></div>
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5 C’s of Credithttps://empresologo.postach.io/post/5-cs-of-credit2019-03-26T15:44:53.093000Z2018-04-30T14:49:26ZAlejo Lopez<div dir="ltr"><h2>Not so long time ago I wrote about <a shape="rect" href="https://alejolopezcasao.weebly.com/blog/approach-to-credit-analysis-intro)" target="_blank">the 5 P´s of credit </a> , for business, now I do it about the 5 C’s of Credit with a bit more focus on personal loans but also applicable for commercial loans (at the end, every business is made of people...) </h2><div><br clear="none"/></div><h2>#1: Character</h2><h3>What is it?</h3><p>It measures how trustworthy and reliable you are. Really, it’s more or less what it sounds like—what kind of borrower are you? Can a lender have faith that you’ll pay them back on time, in full? </p><p>Sometimes character gets talked about in terms of "Are you a good person?" That might sound silly or even unfair, but it happens to matter to some lenders—and for good reason. (take a look <a shape="rect" href="https://alejolopezcasao.weebly.com/blog/do-you-know-your-customer" target="_blank">"do u know your customer?"</a> for more on this matter)</p><p>After all, borrowing and lending money started off purely on a system of trust. Early lenders simply asked themselves, "Will my neighbor actually pay me back?" A "good" person honors their debts and obligations, which is exactly what a lender wants to see. Plus, this is a pretty intuitive metric—you’re more likely to let a stranger borrow your phone, for example, if they come across as a decent person.</p><p>Lenders also occasionally say "credit history" instead of character, too: that might give you some insight into what they’re essentially after. Borrowers with good character pay their loans back on time, every time, usually giving them better credit scores. They’re customers who won’t cause any trouble.</p><p>For many, this is the most important of the 5 C’s of Credit—and it’s not hard to see why. Even a borrower with a booming small business could make late payments or stir up problems if they’re irresponsible or disrespectful.</p><h3>Why does it matter?</h3><p>When a lender gives you cash, it’s taking on a risk. Sure, that interest tacked onto your loan means they’re making money, but recouping payments from late or failing businesses takes up time, energy, and sometimes their own capital.</p><p>So, naturally, lenders want to take the fewest risks possible. The more reliable their borrowers, the more dependable their revenue—and the opposite holds true for borrowers without much credit character to speak of.</p><p>As you might guess, lenders are hesitant to hand out cash to borrowers with iffy histories or poor reputations, even if they can make money off the transaction. Why take the risk?</p><p>For you, that means you’ll want to cultivate the right sort of character—or you’ll endanger your chances of getting affordable business financing, if any at all.</p><h3>How do lenders measure it?</h3><p>On the "credit history" side of character, lenders analyze your credit scores—business, personal, or more, depending on the lender and type of loan—and the accompanying credit reports.</p><p>Your credit score is meant to reflect your borrowing history… Which is pretty much exactly what every lender’s character assessment is trying to get at. </p><p>Credit reports also show factors like open credit lines, liens, credit utilization, and more. Different lenders care differently about these smaller parts of your credit history, but don’t disregard them! You should check your credit reports or debt history and contest anything that looks wrong. A small mistake could snowball into a big problem for your business.</p><p>Beyond your credit, lenders also might look to your reputation, references, and even how you interact with them. If it sounds a bit subjective, that’s because it is—but impressions matter. Be polite, prompt, and prepared when you talk to a lender. That might just make the difference to your loan application.</p><p>Finally, they’ll sometimes consider your overall "stability." How long have you lived at your current address? How long have you worked at your current job? It could feel arbitrary, but a recent move or career change probably won’t hurt your chances—unless they demonstrate a pattern of erratic behavior.</p><h2>#2: Capacity</h2><h3>What is it?</h3><p>Alright—we’re all done with that touchy-feely measurement. Let’s get down to business.</p><p>Capacity, the second of the 5 C’s of credit, can also be referred to as cash flow. This C of credit indicates your financial ability to repay the loan. If a lender sees that you simply won’t have the capital to pay back what you’ll owe, they’ve got an easy decision to make. On the flip side, if it’s obvious that you’ll have their money in time (and you’ve been a good borrower in the past), then why would they hesitate?</p><p>The in-between gray area is what makes capacity tough to deal with. It might be difficult to tell whether a business will be able to repay—maybe because it hasn’t been around long enough, or the industry is changing, or its cash flow hasn’t been predictably stable in the past.</p><h3>Why does it matter?</h3><p>This one’s pretty straightforward: lenders want to make their money back, plus interest. If they loan to borrowers who can’t pay back, they lose money—which isn’t a great business model.</p><p>That doesn’t mean that lenders never take any risks, though! They just try to figure out which risks are worth it and which are bigger than they want to handle. Measuring your capacity to repay helps them determine whether you’re a worthy investment.</p><h3>How do lenders measure it?</h3><p>For the most part, lenders will measure your capacity by your debt-to-income ratio and cash flow statements.</p><p>A debt-to-income ratio compares how much you owe with how much your business rakes in. The lower your ratio is, the more debt you can afford to take on.</p><p>For a simple example, let’s say two business owners make $100,000 through their businesses. One has $20,000 worth of debt—or a 0.2 ratio—while the other has a whopping $50,000—or a 0.5 ratio. These ratios reflect how much available income could go towards supporting more debt.</p><p>Your cash flow statements demonstrate how much capital you’ve got available in your business. Having a lot of revenue is good, but not if you funnel all that cash straight back into inventory purchases or equipment repairs immediately. If that were the case, how would you gather the money to pay back your lender every week or month?</p><p>Lenders will also sometimes take a look at your employment history and some other financials. However, by and large, cash flow and debt-to-income are the numbers to worry about. So if you want to maximize your chances of getting small business funding, make sure your financials show off some of your available business capital just waiting to be used for loan repayments. </p><h2>#3: Capital</h2><h3>What is it?</h3><p>Capital is the third of the 5 C’s of credit. It measures the amount of skin in the game you’ve got. In other words, it shows how much of your own money you’ve invested in the business. It’s essentially your answer to the question: "If the business fails, what do you have to lose?"</p><p>This might just include the money you used to start up your business, but you could probably reach for more. What business assets do you rely on? Has your business been in the family for generations, or is it just one of a million new startups you’ve come up with? Are your other business debts collateralized with important assets, like your house or car?</p><p>Of the 5 C’s of Credit, capital measures your dedication to your business—in financial terms, more often than not.</p><h3>Why does it matter?</h3><p>If you’re not even investing in your business, then why should a lender?</p><p>Lenders want to see you put your money where your mouth is. Your dedication, commitment, courage, and energy for your business prove you’ve built it up from your own sweat and blood. Even more importantly, capital shows that you truly stand to lose if the business goes under.</p><p>It might seem morbid, but lenders feel comforted knowing how much your business matters. The more sacrifices you’ve made, the harder you’ll fight to keep the business alive. And by extension, the more likely it is that they’ll get paid back the cash you owe. </p><h3>How do lenders measure it?</h3><p>As you’d probably guess, lenders measure your capital by, well, the capital you’ve invested in your business. The more money and assets, the more you care.</p><p>It’s also good to show that you’ve invested in the right things. Did the money you put in better the business? Did you think carefully about how to improve? If so, that lender would feel more confident that you’d spend their money on the right things, too.</p><h2>#4: Conditions</h2><h3>What is it?</h3><p>Most of the 5 C’s of Credit are pretty narrow categories, but conditions is big. We can divide this fourth of the 5 C’s of credit into 2 questions:</p><p>1. What are the larger circumstances surrounding your business?</p><p>We’re talking the state of the economy, the trends in your business’s industry, current environmental conditions, and even geographic or political events—although most of that is probably a bit too abstract for most lenders. </p><p>The point is that, for conditions, lenders look for factors beyond your business alone that might affect whether or not you can make good on your debt.</p><p>Maybe that kind of jewelry you sell isn’t doing too well nation-wide, or a main ingredient in your ice cream just got hit with a bad harvest. It could be any number of things—but lenders certainly don’t want to invest their money without exploring every possible outcome.</p><p>2. What will you use the loan’s funds for?</p><p>This question is basically asking how you’ll react to those outside circumstances.</p><p>If your type of jewelry is selling pretty poorly, then you might impress a lender by dedicating your loan funds to a brand new marketing campaign. Likewise, restore your lender’s faith by using that working capital to stock up on good ingredients before they’re off the shelves.</p><p>In other words, prove that you’re a thoughtful and conscientious business owner. You’re not just chugging along—you’re aware of what’s going on in the outside world, too.</p><h3>Why does it matter?</h3><p>Lenders want to minimize their risks by loaning money to businesses in the right conditions. While you might not be able to help your business’s industry, you cantry to show that you know what you’re doing—and you’re being proactive if anything seems to be going wrong. </p><p>There are historically "riskier" industries, whether that’s because they suffer more variability, they’re politically charged, or something else entirely. Different states have their own laws overseeing this kind of business or that, and plenty of lenders pick and choose certain areas to stay away from. "Edge case" businesses get cut out of a lender’s plan if the economy is doing poorly.</p><p>Whether any of those reasons apply to your business or not, work your hardest to demonstrate that you’re in control of your environment and not the other way around. Sometimes there’s really nothing you can do—but barring natural disasters or unpredictable events, try to prepare for everything. (And even then, the right sort of business financing can help!)</p><h3>How do lenders measure it?</h3><p>Lenders will look at your competitors, supplier and customer relationships, industry-specific trends, and more. It might be that your lender has a rigid and formulaic approach to appraising your conditions. Alternatively, they might wing it, adjusting to each individual business.</p><p>It’s hard to guess exactly what each lender’s process is, but rest assured that they’ll consider how you plan on using their money—and why. They’ll also investigate whether you’ve put those past loans to good use, as well as how you’re doing relative to your competition.</p><h2>#5: Collateral</h2><h3>What is it?</h3><p>Simply the assets you can pledge to support your loan.</p><p>Whether those assets come in the form of inventory, equipment, real estate, accounts receivable, or something else usually doesn’t matter for traditional loans, although asset-based lenders make their decisions based on those specifics.</p><h3>Why does it matter?</h3><p>Collateral is a lender’s "backup" in case you wind up unable to repay your loan. It represents what they can take, if you default, in order to recoup their losses.</p><p>Essentially, lenders want to know that—somehow, to some degree—they won’t lose every bit of cash they spent on helping to finance your business. Even if they’ll have to make do with liquidating your inventory, equipment, and real estate, it’s better than nothing. Plus, the fear of losing your business assets might motivate you to make payments you would otherwise try to avoid.</p><h3>How do lenders measure it?</h3><p>Your business collateral is your equipment, inventory, real estate, accounts receivable, and whatever else your lender can liquidate to recover some of the money they lost. This is the most straightforward of the 5 C’s of Credit, and some kinds of lenders don’t even take collateral that much into account.</p></div><div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/2dc40682-77b8-42c3-b916-59da0f1b9680/b3ffad92-ac64-4294-a632-e57a0320052d.png" />ᐧ</div>
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EXCEL Looking Up Data In Tableshttps://empresologo.postach.io/post/looking-up-data-in-tables2017-03-05T17:53:25.940000Z2017-03-04T22:42:14ZAlejo Lopez<div><div align="left" style="margin-left:0mm; margin-right:0mm; text-indent:0mm; margin-top:4.75mm; margin-bottom:4.75mm;min-height: 14pt; background: #800000;"><font color="#FFFF99" face="Arial" size="6"><span style="font-size:24pt">Looking Up Data In Tables </span></font></div></div>
<div style="margin-left: 0mm;"><table cellpadding="1" cellspacing="0" style="border-collapse: collapse; border: none;width:761px;" width="510"><tr><td align="left" height="1" style="border: solid #010101 0px;width:4.599211563731932%;" valign="middle" width="41"/><td align="left" colspan="2" height="1" style="border: solid #010101 0px;width:83.37806978887063%;" valign="middle" width="661"/><td align="left" height="1" style="border: solid #010101 0px;width:12.603661712271142%;" valign="middle" width="100"/></tr><tr><td align="left" height="148" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Arial"><span style="font-size:12pt"> </span></font></div></td><td align="left" colspan="2" height="148" style="border: solid #010101 0px;" valign="middle" width="661"><font color="#010101" face="Arial"><span style="font-size:12pt">As you become more proficient in Excel, you will that a very common task is looking up values in tables. For example, you may have a table of part numbers and unit prices. A simple lookup function, such as</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">or</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>HLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">can return the unit price for a specific part number. These functions are well documented in the on-line help files, and won't be discussed here.</span></font><div align="left" style="margin-left:0mm; margin-right:0mm; text-indent:0mm; margin-top:4.75mm; margin-bottom:4.75mm;"><font color="#800000" face="Arial"><span style="font-size:12pt">This page will describe more advanced techniques of looking up data, especially looking up data by two key values, instead of one. We'll begin with the following example.</span></font></div></td><td align="left" height="148" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="margin-left:13mm; margin-right:13mm; text-indent:0mm; margin-top:4.75mm; margin-bottom:4.75mm;"><font color="#800000" face="Arial"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="149" style="border: solid #010101 0px;" valign="middle" width="41"/><td align="left" height="149" style="border: solid #010101 0px;" valign="middle" width="214"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Arial"><span style="font-size:12pt">In this example, both column E and row 8 have the 'key' values for the data values in</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>G9:K13</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">. </span></font></div></td><td align="center" height="149" style="border: solid #010101 0px;" valign="middle" width="445"><div align="center" style="min-height: 111pt;"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37b38f82-9cef-40be-8863-ff331f508663/8d6aa5de-ec6c-4322-99b9-fa84c1ecad85.gif" alt="graphic" border="0" height="149" width="438"/></div></td><td align="left" height="149" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="margin-left:13mm; margin-right:13mm; text-indent:0mm; margin-top:4.75mm; margin-bottom:4.75mm;"><font color="#800000" face="Arial"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="378" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" colspan="2" height="378" style="border: solid #010101 0px;" valign="middle" width="661"><font color="#010101" face="Arial" size="5"><span style="font-size:18pt"><br/>
Double Lookups</span></font><div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">You can't use the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">function to do a double lookup -- that is, a lookup based on both the row headers (column F) and the column headers (row 8). Suppose we want to return the value with a row header value of</span> <span style="font-size:12pt"><i>c</i></span> <span style="font-size:12pt">and a column header value of</span> <span style="font-size:12pt"><i>44</i></span><span style="font-size:12pt">. We can't use either</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">or</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>HLOOKUP</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">in this situation, because each of these functions can search only in one direction. Instead we use the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">and</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>OFFSET</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">functions.</span></font></div>
<div align="left" style="min-height: 12pt;"><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=OFFSET($F$8,MATCH(</b></span></font><font color="#FF0000" face="Courier New"><span style="font-size:12pt"><b>F16</b></span></font><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>,$F$9:$F$13,0),MATCH(</b></span></font><font color="#FF0000" face="Courier New"><span style="font-size:12pt"><b>G16</b></span></font><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>,$G$8:$K$8,0))</b></span></font></div>
<div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">In this example, cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F16</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">contains the desired row header (</span><span style="font-size:12pt"><i>c</i></span><span style="font-size:12pt">) and cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>G16</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt"> contains the desired column header (</span><span style="font-size:12pt"><i>44</i></span><span style="font-size:12pt">). This function uses</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>OFFSET</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">to return a cell reference a specified number of row and columns from a particular cell -- in the example this "base" cell is </span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F8</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. The two</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">functions return the row and column offsets of the data. Here, the formula</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH(</b></span></font><font color="#FF0000" face="Courier New"><span style="font-size:12pt"><b>F16</b></span></font><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>,$F$9:$F$13,0)</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">returns 3, because the value</span> <span style="font-size:12pt"><i>c</i></span> <span style="font-size:12pt">is the third value in the range</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>$F$9:$F$13</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. Similarly, the function</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH(</b></span></font><font color="#FF0000" face="Courier New"><span style="font-size:12pt"><b>G16</b></span></font><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>,$G$8:$K$8,0)</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">returns 4, because 44 is the fourth value in the range</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>$G$8:$K$8</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">. When these values are passed into</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>OFFSET</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">, it returns the cell that is 3 rows and 4 columns from</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F8</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">.</span></font></div>
<div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="378" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="27" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" colspan="2" height="27" style="border: solid #010101 0px;" valign="middle" width="661"><div align="left" style="min-height: 21pt;"><font color="#010101" face="Arial" size="5"><span style="font-size:18pt"><br/>
Left Lookups</span></font></div></td><td align="left" height="27" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="267" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="267" style="border: solid #010101 0px;" valign="middle" width="214"><div align="left" style="min-height: 159pt;"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37b38f82-9cef-40be-8863-ff331f508663/7063d1dc-1c74-41d3-ad3f-5d76bc5b3a3d.gif" alt="graphic" border="0" height="213" width="188"/></div></td><td align="left" height="267" style="border: solid #010101 0px;" valign="middle" width="445"><font color="#010101" face="Arial"><span style="font-size:12pt">Another limitation of both the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">and</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>HLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">functions is that you can only lookup a value to the right of the key value. For example, in the range shown to the left, you can retrieve the value "c" by using</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">to search for a 3. However, the reverse is not true. It is not possible to use</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">to search for "c" and return the value 3. This sort of operation is called a</span> <span style="font-size:12pt"><i>left lookup</i></span><span style="font-size:12pt">, and is possible only by using the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">and</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>OFFSET</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">functions.</span></font><div align="left" style="min-height: 12pt;"><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=OFFSET(G32,MATCH(I32,$G$32:$G$38,0)-1,-1,1,1)</b></span></font></div>
<div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">The</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">function tells us where in the list</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>$G$32:$G$38</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">the value of</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>I32</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">is, and then the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>OFFSET</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">function goes to the left (</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>-1</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">) to retrieve the value.</span></font></div></td><td align="left" height="267" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" colspan="2" height="19" style="border: solid #010101 0px;" valign="middle" width="661"><div align="left" style="min-height: 21pt;"><font color="#010101" face="Arial" size="5"><span style="font-size:18pt"><br/>
Arbitrary Lookups</span></font></div></td><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="214"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"><br/></span></font><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37b38f82-9cef-40be-8863-ff331f508663/09ea866f-f70d-498c-96cc-ab744c5d105e.gif" alt="graphic" border="0" height="378" width="202"/></div></td><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="445"><font color="#010101" face="Arial"><span style="font-size:12pt"> If your list has duplicate values in it,</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>VLOOKUP</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt"> will always return its result based on the first match found. While this is usually useful, you may want to be able to choose which occurrence should be returned. For example, you may want to return the second or third occurrence, or perhaps the last occurrence.<br/><br/>
The following</span></font> <a href="http://www.cpearson.com/excel/array.htm"><font color="#FF0000" face="Arial"><span style="font-size:12pt"><u>array formula</u></span></font></a> <font color="#010101" face="Arial"><span style="font-size:12pt">will return the value from column C corresponding to a specified value in column B. That value is named in cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B21</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">, and the occurrence is specified in cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>C21</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">.</span></font><div align="left" style="min-height: 12pt;"><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=INDEX(B5:C19,SMALL(IF(B5:B19=B21,ROW(B5:B19)-ROW(B5)+1,ROW(B19)+1),C21),2)</b></span></font></div><div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">In the example on the left, the data to search is in the range</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B5:C19</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. The value in column B to search for,</span> <span style="font-size:12pt"><i>Chip</i></span><span style="font-size:12pt">, is specified in cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B21</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">, and the occurrence of that value,</span> <span style="font-size:12pt"><i>3</i></span><span style="font-size:12pt">, is specified in cell</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>C21</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. The result of this formula is 120, because 120 corresponds to the 3rd occurrence of</span> <span style="font-size:12pt"><i>Chip</i></span> <span style="font-size:12pt">in column B.<br/><br/>
If you want to lookup the last occurrence of a value in the list, you can use the following array formula.</span></font></div><div align="left" style="min-height: 12pt;"><font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=INDEX(B5:C19,SMALL(IF(B5:B19=B21,ROW(B5:B19)-ROW(B5)+1,ROW(B19)+1),COUNTIF(B5:B19,B21)),2)</b></span></font></div><div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">This is the same formula as above, but the reference to</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>C21</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">has been replaced by the function</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>COUNTIF(B5:B19,B21)</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">, which will count the number of values equal to</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B21</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">in the range</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B5:B19</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. <br/><br/>
Remember, these are array formulas, so you must press</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Ctrl+Shift+Enter</span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">rather than just</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Enter</span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">when you first enter the formula and whenever you edit it later. If you do this correctly, Excel will display the formula enclosed in curly braces</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">{ }</span></font><font color="#800000" face="Arial"><span style="font-size:12pt">.<br/>
</span></font></div></td><td align="left" height="19" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" colspan="2" height="36" style="border: solid #010101 0px;" valign="middle" width="661"><div align="left" style="min-height: 21pt;"><font color="#010101" face="Arial" size="5"><span style="font-size:18pt"><br/>
Closest Match Lookups</span></font></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr><tr><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="214"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"><br/></span></font><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37b38f82-9cef-40be-8863-ff331f508663/8827069f-b873-4608-8e25-648ea191d849.gif" alt="graphic" border="0" height="210" width="207"/><font color="#010101" face="Times New Roman"><span style="font-size:12pt"><br/>
</span></font></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="445"><font color="#010101" face="Arial"><span style="font-size:12pt">The</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">function is an important tool when working with lists of data. However,</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">requires that the data be in sorted order unless you are searching for an exact match. If you want to find the closest value in a list to a value, the data must be sorted. You can use the</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>INDEX</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">and</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>MATCH</b></span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">functions together to get around this limitation.</span></font><div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt">The following formula will return the value from cells</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F2:F6</b></span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">that is closest to, but not less than, the value in</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F8</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">. For example, in the list shown to the left, the formula will return 8, because 8 is closest to the value 7, in</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>F8</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">, without exceeding it. <br/><br/></span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=INDEX(F2:F6,MATCH(MIN(IF(F2:F6-F8>=0,<br/>
F2:F6,FALSE)),IF(F2:F6-F8>=0,F2:F6,FALSE),0))</b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt"><br/><br/>
We can write a similar formula to return the value that is closest to, but not greater than, a given value. Referring to the list at the left, the following formula will return 6, because 6 is closest to, but not greater than, 7.<br/><br/></span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=INDEX(F2:F6,MATCH(MAX(IF(F2:F6-F8<=0,<br/>
F2:F6,FALSE)),IF(F2:F6-F8<=0,F2:F6,FALSE),0))<br/><br/></b></span></font><font color="#800000" face="Arial"><span style="font-size:12pt">Remember, these are array formulas, so you must press</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Ctrl+Shift+Enter</span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">rather than just</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Enter</span></font> <font color="#800000" face="Arial"><span style="font-size:12pt">when you first enter the formula and whenever you edit it later. If you do this correctly, Excel will display the formula enclosed in curly braces</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">{ }</span></font><font color="#800000" face="Arial"><span style="font-size:12pt">.</span></font></div><div align="left" style="min-height: 13pt;"><font color="#800000" face="Arial"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="100"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td></tr></table><table cellpadding="1" cellspacing="0" style="border-collapse: collapse; border: none;" width="510"><colgroup><col width="43"/><col width="216"/><col width="447"/></colgroup><tbody><tr><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="41"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"> </span></font></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="214"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Times New Roman"><span style="font-size:12pt"><br/><br/></span></font><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/37b38f82-9cef-40be-8863-ff331f508663/c4dfa76c-c714-4e7b-b47d-249ee6af7f6b.gif" alt="graphic" border="0" height="317" width="197"/></div></td><td align="left" height="36" style="border: solid #010101 0px;" valign="middle" width="445"><div align="left" style="min-height: 13pt;"><font color="#010101" face="Arial"><span style="font-size:12pt">The formulas shown above can be modified to find the two values in a list that come closest to a given value. Again, the data does not need to be in sorted order. For example, using the example to the left, the following formula will return 24 and 21, because these two values are closest to 23.<br/><br/></span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>=INDEX(B2:B11,MATCH(SMALL(ABS(B2:B11-B13),<br/>
{1,2}),ABS(B2:B11-B13),0))<br/></b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt"><br/>
Since this formula returns two values, you must enter it into an array of two cells. First select the two cells which you want to contain the results, and then type the formula. Be sure to press</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Ctrl+Shift+Enter</span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">rather than just</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Enter</span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">when you enter the formula. Because this formula is in an array of cells, you won't be able to edit each cell independently. To change the formula, you must select both cells, edit the formula, and then press</span></font> <font color="#003366" face="Arial"><span style="font-size:12pt">Ctrl+Shift+Enter</span></font> <font color="#010101" face="Arial"><span style="font-size:12pt">when you're done.<br/><br/>
As written, the formula returns its results in to two cells in the same row, say</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B14:C14</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">. If you want to return the values to two cells in the same column, say</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>B16:B17</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">, use the formula below. <br/></span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b><br/>
=INDEX(B2:B11,MATCH(SMALL(ABS(B2:B11-B13),<br/>
{1;2}),ABS(B2:B11-B13),0))<br/></b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt"><br/>
This is the same formula as the previous formula, but the row array </span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>{1,2}</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt"> is changed to a column array</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>{1;2}</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">. Notice that these are enclosed in curly braces</span></font> <font color="#003366" face="Courier New"><span style="font-size:12pt"><b>{}</b></span></font><font color="#010101" face="Arial"><span style="font-size:12pt">, not parentheses.<br/>
</span></font></div></td></tr></tbody></table></div>Checklist for Conducting a Perfect Meetinghttps://empresologo.postach.io/post/checklist-for-conducting-a-perfect-meeting2018-11-13T17:32:43.760000Z2016-12-18T16:01:35ZAlejo Lopez<div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/6aec42e0-3143-4523-aebf-f9a7ec9fbcd0/0332e61c-51c4-4c44-8fcf-5911225ce65f.jpg" /><br clear="none"/></div>
<div><span style="font-weight: bold;">BEFORE</span></div>
<div><span style="font-weight: bold;">1</span> <span style="font-weight: bold;">What are my goals for this meeting?</span></div>
<div>Are you looking to inform, elicit ideas, or make decisions? Eachrequires a different preparatory strategy. Think through-even write down in a sentence or two-what your ideal outcome would be.</div>
<div><span style="font-weight: bold;">2</span> <span style="font-weight: bold;">Should I call this meeting at all?</span></div>
<div>Many meetings cause more problems than they solve and waste everyone’s time. Participants who feel nothing has been achieved may be resentful or uncooperative. Often issues or decisions addressed inmeetings could be better solved by personal contact or executive fiat. Even standard, regularly scheduled meetings can be canceled if the manager decides the participants’ time would be better spent elsewhere.</div>
<div><span style="font-weight: bold;">3</span> <span style="font-weight: bold;">Have I provided everyone with a clear agenda in advance?</span></div>
<div>A shared agenda not only encourages preparation, it also allows you to determine what order of discussion is most likely to help you achieve your goals. Sometimes it’s wise to put the most difficult issues first, especially if they need a thorough airing. Other times, your best course may be to put the tough ones at the end, after people have spoken their piece and are ready to end the meeting.</div>
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<div><span style="font-weight: bold;">4</span> <span style="font-weight: bold;">Have I sounded out the key participants ahead of time?</span></div>
<div>Generally, key players don’t like surprises. If they feel bulldozed or cornered, they’re likely to be uncooperative. One-on-one conversations ahead of time may cause you to rethink your agenda or help you build support for your proposals.</div>
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<div><span style="font-weight: bold;">5 Have I provided the participants with enough advance information to make </span><span style="font-weight: bold;">informed decisions?</span></div>
<div>Much meeting time can be wasted bringing people up-to-speed. When everyone operates from the same body of information, you’re more likely to achieve consensus and to make actionable decisions.</div>
<div><span style="font-weight: bold;">6</span> <span style="font-weight: bold;">Have I anticipated likely objections?</span></div>
<div>Don’t get ambushed in a meeting on important point you hadn’t thought of. Often, polling participants ahead of time can help avoid this problem. If you know some meeting members will likely oppose your goals or proposals no matter what, be prepared to show you understand their objections and have thought through why, on balance, your course of action is superior to reasonable alternatives.</div>
<div><span style="font-weight: bold;">7</span> <span style="font-weight: bold;">Have I built support on high?</span></div>
<div>In advance of any meeting, make sure your superiors support the general line of action you intend to take.</div>
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<div><span style="font-weight: bold;">DURING</span></div>
<div><span style="font-weight: bold;">1</span> <span style="font-weight: bold;">Summarize the purposes of the meeting off-the-top.</span></div>
<div>A crisp summary will minimize digressions and the introduction of unexpected or irrelevant material. It will also authorize you to keep the meeting on-track.</div>
<div><span style="font-weight: bold;">2</span> <span style="font-weight: bold;">Let everyone have their say.</span></div>
<div>Even in meetings where participants are of significantly different status within the organization, show you value the opinions of each. Invite people who haven’t spoken to contribute in their areas of expertise. You’re more likely to get everyone invested in the meeting’s result.</div>
<div><span style="font-weight: bold;">3</span> <span style="font-weight: bold;">Don’t allow anyone to dominate the meeting by giving long or irrelevant </span><span style="font-weight: bold;">speeches.</span></div>
<div>Recognize when someone is riding a hobbyhorse or pushing a personal agenda. Be willing to redirect the discussion to the main point tactfully, but with as much firmness as necessary. The other participants will be grateful.</div>
<div><span style="font-weight: bold;">4 Be prepared to learn.</span></div>
<div>No matter how carefully you’ve prepared a meeting, new information may pop up that should change your course of action. You’ll gain respect and authority by demonstrating you’re not tied to a script.</div>
<div><span style="font-weight: bold;">5</span> <span style="font-weight: bold;">Gain closure on each issue as soon as you sense an emerging consensus.</span></div>
<div>No one wants to spend more time in a meeting than absolutely necessary, and most participants will be grateful to a leader who makes a decision and moves on.</div>
<div><span style="font-weight: bold;">6</span> <span style="font-weight: bold;">End each meeting with a summary of what the group has gained from it.</span></div>
<div>Summarization may mean saying: "We’ve decided A, B, and C, but we need to give further consideration to X, Y, and Z." This way, participants will have some sense of achievement and know what’s expected of them. You will also have set a productive agenda for the next meeting. When possible, end the meeting earlier, rather than later, than expected. Few meetings achieve much after the first two hours, at the maximum.</div>
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<div><span style="font-weight: bold;">AFTER</span></div>
<div><span style="font-weight: bold;">1</span> <span style="font-weight: bold;">Follow up quickly with minutes.</span></div>
<div>Their arrival will remind participants what they’ve agreed to do.</div>
<div><span style="font-weight: bold;">2</span> <span style="font-weight: bold;">Meet with meeting members who didn’t get heard or who felt unsatisfied with the </span><span style="font-weight: bold;">results.</span></div>
<div>Not only will such conversations provide you with feedback, they will also help you prevent smoke from becoming fire or soothe the egos of those whose support you may need in the long run.</div>
<div><span style="font-weight: bold;">3</span> <span style="font-weight: bold;">Send participants a memo on next steps.</span></div>
<div>A marching document will reinforce everyone’s sense that something has been accomplished and provide a road map for future action. It may also reassure any dissatisfied members that their issues have been heard and will be addressed in the future.</div>
<div><span style="font-weight: bold;">4</span> <span style="font-weight: bold;">Provide any resources you’ve promised.</span></div>
<div>Participants will be frustrated if they’ve been assigned a task but aren’t given the means to accomplish it. If it proves impossible to deliver the resources, explain why.</div>
<div><span style="font-weight: bold;">5</span> <span style="font-weight: bold;">Act as quickly as possible on any decisions that have been made at the meeting.</span></div>
<div>This provides key evidence on the effectiveness of any executive. In the end, people are judged much more by what they do than by what they say.</div>
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<div><span style="font-size: 8pt;">December 18, 2016 at 05:01PM</span></div>
<div><a shape="rect" href="http://ift.tt/2i3yLSt" target="_blank"><span style="font-size: 8pt;">Open in Evernote</span></a></div>
<div><span style="font-size: 8pt;">from Alejo Lopez Casao - Blog <a shape="rect" href="http://ift.tt/2hJ9Nvm" target="_blank">http://ift.tt/2hJ9Nvm</a></span></div>
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Spreadsheets have ruled Earth for too long—business must embrace the cloudhttps://empresologo.postach.io/link/article-spreadsheets-have-ruled-earth-for-too-long-business-must-embrace-the-cloud2018-11-03T16:56:22.839000Z2016-11-03T23:18:22ZAlejo Lopez<div style="font-size: 16px"><div style="box-sizing:border-box;font-family:sans-serif;line-height:1.15;text-size-adjust:100%;"><div style="box-sizing:inherit;font-family:opensans;font-size:15px;background-color:rgb(95, 98, 101);"><div style="box-sizing:inherit;background-color:rgb(240, 241, 242);"><div style="box-sizing:inherit;"><div style="box-sizing:inherit;"><div style="box-sizing:inherit;flex-flow:row;-webkit-box-pack:justify;justify-content:space-between;"><div style="box-sizing:inherit;-webkit-box-flex:0;flex:0 0 auto;">
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Digitising Business —
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<h1 style="box-sizing:inherit;font-size:40px;margin:0px;font-family:bitter;font-weight:400;line-height:1.15em;">Spreadsheets have ruled Earth for too long—business must embrace the cloud</h1>
<h2 style="box-sizing:inherit;font-family:bitter;font-weight:400;font-size:18px;line-height:1.23em;margin-top:20px;">Cloud-based business management software (CRM, ERP) can revolutionise an SME.</h2>
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<span style="box-sizing:inherit;">Adam Banks</span>
(UK) - <span style="box-sizing:inherit;color:rgb(95, 98, 101);">11/3/2016, 3:30 PM</span>
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<p style="box-sizing:inherit;margin:20px 0px;">The one certainty in business software and services is that there will always be more acronyms. At the moment, though, there's more to the sector than just another jargon explosion: we're moving towards a new way of looking at IT, one that applies best-practice business processes to any company—however small it may be, and however fast it may grow.</p>
<p style="box-sizing:inherit;margin:20px 0px;">This sounds good, but wading through websites full of perky lists of generic benefits can leave many IT managers still wondering exactly what they’re being sold.</p>
<p style="box-sizing:inherit;margin:20px 0px;">For this feature we spoke to a bunch of major vendors—SAP, Sage, Microsoft, and IBM—about the new breed of business services they offer. We'll look at benefits of buying IT as a service, what working in the cloud really means, and how to move towards fully integrated business management, now more commonly known as enterprise resource planning, or ERP. We will mostly focus on SMEs (small and medium sized enterprises or businesses), but much of what’s discussed here is also easily applicable to larger organisations that haven’t yet moved to modern business software.</p>
<p style="box-sizing:inherit;margin:20px 0px;">The decisions you need to make before choosing a solution will depend considerably on the nature of your business, but a good starting point is to compare the basic IT functions with which most of us are familiar to the new approaches on offer.</p>
<div style="box-sizing:inherit;display:block;margin:1em 40px;margin-left:-120px;margin-right:0px;float:none;position:inherit;right:inherit;clear:both;width:980px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/SAP-responsive-storefront.png" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/7e0b8c9a-8d6f-46ad-b2da-79a214764bdf/70cbbd89-bcb6-48bb-a81f-52b6662f01ef.png" /></a><div style="box-sizing:inherit;display:block;position:relative;margin-top:-6px;"><div style="box-sizing:inherit;font-size:13px;font-weight:600;border-bottom:1px solid rgb(204, 204, 204);padding:6px 0px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/SAP-responsive-storefront.png" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);">Enlarge</a> <span style="box-sizing:inherit;">/</span> The latest business management tools assume that staff and customers may be using any kind of device.</div></div></div>
<h2 style="box-sizing:inherit;font-family:bitter;font-weight:400;font-size:26px;line-height:1.23em;">Beyond Excel</h2>
<p style="box-sizing:inherit;margin:20px 0px;">If PowerPoint is the universal language businesses use to talk to one another, their internal monologue is Excel. There’s nothing you can’t shovel into Microsoft’s core app, which millions of organisations use as everything from an accounts package to a stock database. However, it has its dark side.</p>
<p style="box-sizing:inherit;margin:20px 0px;">Writing for Forbes in 2013, analyst <a href="http://www.forbes.com/sites/timworstall/2013/02/13/microsofts-excel-might-be-the-most-dangerous-software-on-the-planet/#6d7b94dd72ae" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);">Tim Worstall concluded</a> that "Excel might be the most dangerous software on the planet." The problem, he wrote, is that data has "become so complex and it’s handled in such a slapdash manner that no one is really on top of it any more."</p>
<p style="box-sizing:inherit;margin:20px 0px;">Even in the highly technical environment of investment banking, executives were found to be operating "through a series of Excel spreadsheets which had to be completed manually, by copying and pasting data from one to another," a clear recipe for error and disaster. Bad news for international finance, but equally undesirable for a design agency or a flower shop.</p>
<div style="box-sizing:inherit;display:block;margin:0px 20px 20px 0px;float:left;clear:left;max-width:50%;margin-left:-120px;width:300px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/Excel-database-access.png" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/7e0b8c9a-8d6f-46ad-b2da-79a214764bdf/1720c72e-d360-45ed-ba71-32bed4fed2b3.png" /></a><div style="box-sizing:inherit;display:block;position:relative;margin-top:-6px;"><div style="box-sizing:inherit;font-size:13px;font-weight:600;border-bottom:1px solid rgb(204, 204, 204);padding:6px 0px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/Excel-database-access.png" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);">Enlarge</a> <span style="box-sizing:inherit;">/</span> You can use Excel to work with data from a wide range of sources, but that doesn’t mean it’s the best tool for everything.</div></div></div>
<p style="box-sizing:inherit;margin:20px 0px;">There’s a better way, neatly expressed by a computer science term—"single version of truth," sometimes also known as a single point or source of truth. This means keeping data in one place, updated in real time, so that no matter where in the system it’s accessed from, users will get the same answer.</p>
<p style="box-sizing:inherit;margin:20px 0px;">That’s not possible with the kind of ad-hoc IT that most small businesses rely on. We heard the same story again and again from people who work with SMEs—spreadsheets aren’t enough. Even if nothing goes wrong, information gets "siloed," entered in one context but unavailable in others. Time is wasted duplicating effort, and opportunities are missed because data just sits there instead of actively contributing to decision-making.</p>
<p style="box-sizing:inherit;margin:20px 0px;">It’s one thing knowing that bigger rivals with deeper pockets are doing things better than you, but how can you compete? Well, you may well now be able to acquire some software that's cleverer than Excel, almost off the shelf, and migrate your systems to it faster than you think.</p>
<p style="box-sizing:inherit;margin:20px 0px;">The key to this new generation of digital business management is in that newfangled suffix "as a service." Software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS) are interlocking buzzwords which inform IT not as a costly, complex arm of an organisation, but as an almost ready-made package with a monthly or annual fee. And thanks to the cloud, it needn’t even involve any server hardware or maintenance on the premises.</p>
<h2 style="box-sizing:inherit;font-family:bitter;font-weight:400;font-size:26px;line-height:1.23em;">Office in the cloud</h2>
<p style="box-sizing:inherit;margin:20px 0px;">Moving beyond siloed spreadsheets and documents, the first obvious port of call is one of the online office productivity suites. These can begin to address major roadblocks for SMEs, such as real-time collaboration and device independence.</p>
<div style="box-sizing:inherit;display:block;margin:0px 0px 20px 20px;float:right;clear:both;max-width:65%;width:300px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/Microsoft-Office-multi-device.jpg" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/7e0b8c9a-8d6f-46ad-b2da-79a214764bdf/2b460a5b-cae7-4855-bd91-e0f22bd4a609.jpg" /></a><div style="box-sizing:inherit;display:block;position:relative;margin-top:-6px;"><div style="box-sizing:inherit;font-size:13px;font-weight:600;border-bottom:1px solid rgb(204, 204, 204);padding:6px 0px;"><a href="https://cdn.arstechnica.net/wp-content/uploads/sites/3/2016/10/Microsoft-Office-multi-device.jpg" style="box-sizing:inherit;background-color:transparent;text-decoration:none;transition:all 0.17s;color:rgb(255, 78, 0);">Enlarge</a> <span style="box-sizing:inherit;">/</span> Modern office suites often work across multiple devices.</div></div></div>
<p style="box-sizing:inherit;margin:20px 0px;">As Alex Faupel, Microsoft UK’s SMB customer lead, tells Ars: "Any small business is time-poor, with individuals trying to do multiple jobs. They need to collaborate and communicate." That means changing the way users access software and files, a simple idea with big consequences.</p>
<p style="box-sizing:inherit;margin:20px 0px;">Rather than having everyone sitting at a work PC running its own word processor, passing documents back and forth when required, or accessing them from a server, the new model keeps documents in the cloud, accessible in real time to multiple users at once from anywhere.</p>
<p style="box-sizing:inherit;margin:20px 0px;">Most big office productivity suites now have Web app versions, backed by copious quantities of cloud storage and other useful vendor-provided features, and are sold as an ongoing subscription. So your users can jump onto any device with a browser, whether (with some security caveats) it’s the company’s hardware or their own. Corporates struggled with this for years; now it’s a basic feature.</p>
<p style="box-sizing:inherit;margin:20px 0px;">Once you take it for granted that everything is available everywhere—with granular control, of course, over who can see what—it’s natural to start thinking about how you can use your organisation’s data in completely new ways.</p>
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</div></div></div></div></div></div></div></div>Financiacion Proveedoreshttps://empresologo.postach.io/post/financiacion-proveedores2022-03-10T09:51:15.242000Z2016-10-08T19:37:36ZAlejo Lopez<div>Alguna vez se ha parado a pensar cuanto le cobra su entidad financiera por la financiacion? Seguro que practicamente cada dia.., es la base de su negociacion: saber cuanto le cobra de interes cada uno de sus proveedores financieros para poder intentar reducir esos costes en la renovacion de terminos del proximo contrato.. y seguro que cuando es capaz de reducir 0.5% se siente orgulloso! No es para menos, ha conseguido reducir una cifra que de por si es bastante baja en el mercado actual.. y sin embargo ....se ha parado a pensar cuanto le cobra su proveedor por su financiacion? nada? es financiacion gratis! ... esta seguro? </div>
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<div>Primero un poquito de matematicas financieras: horror! matematicas y financieras en la misma frase suena terrible, asi que iremos poco a poco. Seguro que le suena ese anuncio de un banco Y que le ofrece un 3% TAE for un deposito a 4 meses. El 3 % TAE significa que es la tasa anual de ese deposito si el mismo fuera a un año. Pero no lo es! Eso significa que cuando ud deposita 100 euros, no espere cobrar 3.... porque cobrara apenas 1 euro (estoy simplificando mucho a efectos de comprension) . Si repite la operacion de nuevo, y de nuevo, al cabo de 12 meses habra obtenido esos 3 euros que esperaba... pero ha tenido que repetir la operacion 3 veces. </div>
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<div>Ahora, veamos con detalle la relación con sus proveedores (y de la misma forma piensen que podrian analizar su relacion con sus clientes). Despues de mucho tiempo de comprar en condiciones de contado y a fuerza de negociar e insistir y de conseguir un cierto grado de confianza mutua, ha obtenido credito de su proveedor: le permite pagar a plazo, primero 30 dias y algun tiempo mas tarde a 45 dias desde fecha factura.... Enhorabuena! Financiacion gratis! </div>
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<div>Al poco tiempo, ese proveedor le indica que como prueba de la buena relacion comercial le ofrece un descuento por pronto pago del 5%... ! vaya!! mejor que mejor, piensa: Me puedo financiar con aquella entidad financiera que me llamo el otro dia y me ofrecia una linea de credito al 3% (...y me obligaba a alguna cosita mas, como un seguro y un leasing para la maquinaria nueva... ) y con ello pagar al proveedor al descuento y ganarme un 2% .. perfecto! .......</div>
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<div>Recapitulemos. Su proveedor le ha ofrecido un 5% de descuento sobre el precio de compra por ese adelanto... Un 3% por esos 45 dias.... Neto..... Es decir, si pensamos a la inversa, si le ofrece esa posibilidad es por que "de facto" lo que esta ocurriendo es que el proveedor le esta ofreciendo financiacion por esos 45 dias, lo que pensaba que era "gratis" cuesta un 3% !..... por 45 dias!..... aproximadamente un 24% de interes nominal anual! </div>
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<div>Vale, cierto, he hecho trampa. Normalmente los proveedores no ofrecen esos terminos de pronto pago, ni lo hacen con todos los clientes ni siquiera lo hacen con todas las ventas a credito pero la imagen ha quedado clara, verdad? </div>
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<div>Si es capaz de negociar con sus proveedores un cierto volumen de credito comercial, y luego obtener un descuento por pronto pago, el importe obtenido de su entidad financiera pagara con creces el diferencial. </div>
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<div>Ahora, piense en su relacion con sus clientes... y reconsidere su politica de credito hacia ellos... , especialmente aquellos con mas probabilidades de retrasos el dia del cobro. Se ahorrara dinero y mas de un susto! </div>
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<div>October 08, 2016 at 09:37PM</div>
<div><a href="http://ift.tt/2eaOzmu" rev="en_rl_none" shape="rect">Open in Evernote</a></div>
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<div>from Alejo Lopez Casao - Blog <a href="http://ift.tt/2dJSibD" rev="en_rl_none" shape="rect">http://ift.tt/2dJSibD</a></div>
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Doctor NOhttps://empresologo.postach.io/post/doctor-no2021-11-16T11:07:12.508000Z2016-08-31T15:23:08ZAlejo Lopez<div><br></br> <div><br></br> <a><img src="http://ift.tt/2cr5iVm"></img><br></br> <br></br> </a><br></br> <div></div><br></br> </div><br></br> </div><br></br> <div>While I was working in General Electric as credit manager, some friends used to call me Dr. No.<br></br> Nothing to do with the infamous villain from Bond movies, but they said (and was not far from reality) that my only work was to say No from time to time to the credit operations that showed up in my table.</div><br></br> <div></div><br></br> <div>The fact is that saying no is much more difficult than saying yes, even when you are a credit manager. First, because nobody asked you further when you say yes.. and everybody is questioning your decision if it is a no. Second, the chances that a company bust (does not pay, goes into bankruptcy,. etc etc ) are limited in the very short term, so the consequences of your work won't be visible up to months later. In fact, I don't know many companies that keep a follow up on companies that they have rejected (so not chance of knowing if decision was good one.) Third, because the paper work is the same, so there are not many advantages of saying no, just your proud and the sense of quality of work...<br></br> And still, we say no, and we say yes... because a good risk management is not risk avoidance! The task at hand is to limit as much as possible the potential risks and improve as much as possible the profitability of the company at the same time. Risk Avoidance is easy (besides the questions and the paperwork and.. ) : just ask every single customer to pay upfront and there you are... but.. you are missing profitability.. you are missing many customers... The answer is risk management!<br></br> Take the best course of action with limited information and scarce time available. You need to be a cold heart person, not easily stressed, able to weight the pros and cons of every single deal, based in facts and with a bit of your inner sixt sense.<br></br> A few years ago, I went on holidays to Costa Rica. Days passed by quickly walking into beautiful forest, and watching active vulcanos,.. The last day I did bungee jump! A jump over a river at 80 m high! The place was dessert, no tourist, peaceful... nobody to ask for help ... humm...I took a risk, yes. A calculated risk. I could have avoid it but I didn't! I knew that the experience was worthy and the risk negligible. I took my time to ensure that everything was in order.. and jumped ! the fact is that you take decisions every day, every minute... and everyone is a risky one, but also a rewarding one... ..watch the video and think twice next time about risk and reward.. <br></br> </div><br></br> <div><br></br> <div><br></br> <div></div><br></br> </div><br></br> </div><br></br> <br></br> <br></br> from Alejo Lopez Casao - Blog <a href="http://ift.tt/2bR5esz">http://ift.tt/2bR5esz</a>Morosidad y Rentabilidadhttps://empresologo.postach.io/post/morosidad-y-rentabilidad2021-11-16T11:33:48.060000Z2016-08-25T20:05:08ZAlejo Lopez<div><div style="margin-top:19px;"><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">El otro día un conocido me pregunto en que trabajaba y le dije que en una empresa que financiaba a otras empresas.</span></span></span></div></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">-Un banco! - me contesto risueño.</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">-No, una empresa de financiación colectiva mediante un marketplace que permite poner a disposición de los inversores alternativas de inversión en empresas de cualquier sector del mercado real (nada de mega multinacionales). - Con la parrafada se queda mudo - ah...!- responde al fin -..pero es muy arriesgado no? la gente no devuelve el préstamo y ahí puedo perder mi dinero... yo mejor lo pongo en un depósito.</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">- pero un deposito te da una rentabilidad muy baja! -le contesto.</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">- si, pero ... y la tasa de morosidad eh? – me dice con aire convencido</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Ante esto, me quedo parado. necesitare un buen rato de tiempo si pretendo explicarle que morosidad no es exactamente lo mismo que riesgo....</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">En un mercado como el español, donde había una oficina bancaria cada dos manzanas y la cultura financiera brillaba (y brilla) por su ausencia, cualquier cosa que no viniera de una entidad financiera no era de confianza. Los inversores más avanzados buscaban en renta variable, renta fija, derivados,… Pero la gran mayoría huían de todo aquello que implicara riesgo aún a costa de obtener una mínima rentabilidad por su inversión. Sin embargo, entender el binomio riesgo/rentabilidad es clave. Y saber diferenciar riesgo de morosidad también. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">En tiempos de crisis nos acostumbramos a oir "la tasa de morosidad de la banca", aprendimos que morosidad significaba aquellas deudas cuyo reembolso (al banco) era problemático y supimos que era muy importante para saber la calidad del banco (al que estábamos prestando dinero con nuestros depósitos). Algunos fueron más allá y aprendieron que la tasa se calculaba como la "relación entre el importe de los préstamos y créditos considerados morosos al final del periodo objeto de estudio sobre el total de créditos concedidos".... Y poco más. La tasa de morosidad no afectaba a nuestros depósitos (garantizados por el fondo de garantía), o al precio de nuestras inversiones o prestamos (mas relacionados con la política comercial de la entidad).</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">A la hora de invertir en cualquier producto o activo financiero debemos tener muy claro que la rentabilidad ofrecida lleva aparejada un riesgo de pérdida que deberemos comparar con nuestra disposición a aceptar esa pérdida. Si la pérdida esperada es asumible porque la rentabilidad ofrecida es elevada, podremos invertir con confianza, en caso contrario será mejor buscar otras alternativas para nuestro ahorro. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Veamos más a fondo esos conceptos. </span></span></span></div>
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<div><b><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Riesgo</span></span></span></b><span style="font-family: Times New Roman;"><span style="color:#010101;"> </span><span style="font-size: 12pt;"><span style="color:#010101;">es la posibilidad de que algo ocurra, ese algo puede ser quedarnos sin plaza para un concierto si esperamos mucho a comprar la entrada, que llueva el día que habíamos planeado una barbacoa, que nos perdamos por coger ese "atajo", son todas decisiones que tomamos a cambio de una rentabilidad (asegurarnos que vienen unos amigos para ese día, acortar el viaje,...). ¿Fácil y comprensible verdad? </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Ahora, imaginemos que prestamos dinero a un amigo para que pueda coger un taxi después de una cena. Se compromete a devolvernos el dinero al día siguiente y además invitarnos a una copa. Existe el riesgo (más o menos bajo depende de la amistad) de que no devuelva el dinero, pero lo hacemos por la </span></span></span><b><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">rentabilidad</span></span></span></b><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;"> de saber que llega bien a casa y además ganamos algo material con la copa. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Al día siguiente el amigo no se presenta ni paga los 30 euros ni la copa. Vaya! Ese amigo ahora es técnicamente un moroso por no cumplir con su parte del trato. Qué hacer? .. olvidarse del dinero y repetirse nunca más? . ..... NO! El riesgo (de crédito) empieza en el momento en que se presta dinero a otra persona (jurídica o física),así que para reducirlo lo primero es procurar diversificar: </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Ahora pensemos que además de ese amigo prestamos dinero a otras 4 personas de la cena: hemos "invertido" 150€ con la expectativa (rentabilidad) de obtener una copa (3 euros) en la próxima cena un mes más tarde. Llegado el momento todo el mundo devuelve los 30 € y paga su copa extra, excepto uno de los 5 amigos. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Es decir, uno de los 5 amigos no ha pagado, por lo que la tasa de </span></span></span><b><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">morosidad</span></span></span></b><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;"> es del 20% . Lo único que dice ese número es que debería escoger mejor a mis amigos. Porque si miramos a la rentabilidad, teníamos 150€ invertidos, hemos cobrado 120+12 y hemos perdido 30. Es decir, ahora tengo 18 € menos que al principio.... un 12% de perdida... Un momento, no era una morosidad del 20%?</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Repasemos conceptos: riesgo como probabilidad de que algo ocurra, rentabilidad como ganancia esperada por correr ese riesgo y morosidad como porcentaje de préstamos retrasados comparados con la totalidad de la cartera invertida.</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Un cliente moroso es un cliente que no ha pagado en el momento acordado la totalidad de lo que debía pagar, pero aún se espera que pague (todo o parte) en el futuro. En nuestro ejemplo, el amigo es un moroso, pero esperamos que tarde o temprano pague. Ahora bien, si le llamas y no contesta; hablas con sus conocidos y no te dan más información; y pasa otro mes y sigue sin pagar! ; y no hay forma de localizarlo ni siquiera via redes sociales....Se ha esfumado, y con él, tus expectativas de recuperar ese dinero. Entonces ese amigo deja de ser moroso. ¡Deja de ser amigo!, lo tachas de tus recuerdos y lo das por perdido. Un banco hace lo mismo y asume la perdida contra el resto de ganancias en su cuenta de resultados. ¡El moroso ya no está! Ha pasado a convertirse en una pérdida. ¡En la próxima tasa de morosidad no aparecerá! </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">En el mundo del marketplace lending quien asume la perdida de perder al amigo es el inversor, no la plataforma, por lo que saber la calidad de los amigos en esa plataforma no dice mucho, lo que si es importante es saber cómo afecta esa calidad al retorno de mi inversión. Como inversor directo en empresas, me interesa saber el riesgo de pérdida que corro, la rentabilidad obtenida por ese riesgo y como afecta la morosidad a mi inversión. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Sin embargo, de los tres datos, el de rentabilidad es el único que aparece claro en todas las plataformas. La pérdida estimada se presenta en ocasiones solo como rating o como semáforo lo que no nos da un valor numérico que podamos utilizar en nuestros cálculos. Y la morosidad aparece pero sin criterios unificados. </span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">En el mundo anglosajón y siguiendo las recomendaciones de AltFi</span></span></span> <span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><a href="http://www.altfi.com/%20/t%20_blank" rev="en_rl_none"><span style="color:#0000FF;"><u>www.altfi.com</u></span></a><span style="color:#010101;"> algunas plataformas publican tasas de morosidad en torno a tres conceptos:</span></span></span></div>
<div><br /></div><ul><li><div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">relación entre el importe de los préstamos y créditos considerados morosos al final del periodo objeto de estudio sobre el total de créditos concedidos</span></span></span></div></li><li><div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">porcentaje de perdida estimada</span></span></span></div></li><li><div style="margin-bottom:19px;"><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">pérdida real sobre el total financiado desde inicio de actividades de la plataforma</span></span></span></div></li></ul><div><br /></div>
<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Sin embargo, dicha información (salvo el porcentaje de perdida estimada, lo comento al final) no aporta mucho valor al inversor, lo que el inversor quiere saber es cuánto ha perdido hasta el momento</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">Entonces, ¿qué es la perdida esperada? Si usamos términos matemáticos diríamos que es una fórmula que permite calcular el importe de perdida de una inversión en función de 3 variables que son la probabilidad de incumplimiento, el importe arriesgado y la perdida final una vez recuperado todo lo recuperable. Usando los términos ingleses habituales para representarla tenemos EL = PD x LGD x EAD , donde EL es la perdida estimada (estimated loss) , PD es la probabilidad de incumplimiento (probability default) , LGD es la severidad de la perdida (porcentaje sobre la exposición en riesgo que no se espera recuperar en caso de incumplimiento : loss given default) y la EAD es el importe arriesgado (Exposición en el momento del incumplimiento: Exposure at default)</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">La EL nos dice que porcentaje esperamos perder de nuestra cartera de inversión. Y eso lo que un inversor debería mirar antes de poner su dinero a trabajar.. cuanto estoy arriesgando, cuanto espero ganar y cuanto perder (en condiciones normales)</span></span></span></div>
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<div><span style="font-family: Times New Roman;"><span style="font-size: 12pt;"><span style="color:#010101;">.</span></span></span></div>
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Risk Assesment & CAMPARIhttps://empresologo.postach.io/post/risk-assesment-campari2018-11-03T17:11:44.759000Z2016-07-04T09:39:02ZAlejo Lopez<div><div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Summer time..., moment to relax, enjoying the views from a sunny terrace and sipping a refreshing drink... yes, is time for C.A.M.P.A.R.I. These letters summarize what you have to remember next time you are lending to somebody, anybody...</span></div></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Character</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Who are you lending to? What is their history? Are they good at what they do? Are there areas of weakness? By asking detailed questions of the borrower one can establish if they are of good character. Bad character traits would be a poor credit history, no experience in the sector in which they are operating, not being qualified for the job they are doing, and so on.</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Ability</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Can the borrower afford to repay or refinance the loan over the period they are asking to borrow for? For this one can look at bank accounts, the business financial accounts, forecasts and projections. Questions such as "who produced the information?" are also valid, as a business plan written by a reputable firm of accountants carries more credence than one that isn’t. This also includes the ability of the owners and their capacity to run the business properly.</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Margin / Means</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">First Margin. Very simply, how much interest income do you want to make? For lower risk, such as a 60% mortgage, the margins will be small as the risk is lower due to the level of equity in the property being funded. For higher risk, the margins are higher to compensate for the greater risk of loss. Secondly Means, or the proper resources and operations to run the business that can safely create enough returns to comfortably pay the interest.</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Purpose</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">What is the loan for and does this fit with the nature of the borrower? For example, a fish and chip shop wanting to borrow money to buy a new deep fryer would be an acceptable purpose. The same shop wanting to buy a knitting machine wouldn’t.</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Amount</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Size really does matter. The more money someone borrows, the higher the risk. The amount also has to be compared against the apparent value or wealth of the borrower. Banks are happy to lend several million pounds to large companies, as the borrowers have the assets to support the loan. The average man in the street won’t get a loan of this size because he hasn’t got the assets or the ability to repay.</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Repayment</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">How will your loan get repaid? Getting some of your capital back each month reduces your risk of loss. Full repayment over 3 years is less risky than full repayment over 25 years, as there is less time for things to go wrong and the borrower default. If the borrower does default, how do you get your money back?</span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm;"><span style="font-size: large;"><span style="font-size: 14pt;"><span style="color: rgb(1, 1, 1); font-family: "Times New Roman"; font-size: 14pt; font-weight: bold;">Insurance</span></span></span></div>
<div style="text-indent: 0mm; margin: 1.76mm 0mm 1.76mm 0mm;"><div><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Also known as security. If the borrower stops making repayments, what assets can be used to repay the loan in full? Each type of security has its own risks and these should be considered before making a loan.</span></div>
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<div><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: "Times New Roman";">Once you are back to work, remember the CAMPARI approach before taking your next credit decission.. </span></div>
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<div><span style="color: rgb(1, 1, 1); font-family: "Times New Roman";"><font style="font-size: 8pt;">July 04, 2016 at 11:39AM</font></span></div>
<div><span style="color: rgb(1, 1, 1); font-family: "Times New Roman";"><a href="http://ift.tt/2apJTIl"><font style="font-size: 8pt;">Open in Evernote</font></a></span></div>
<div><span style="color: rgb(1, 1, 1); font-family: "Times New Roman";"><font style="font-size: 8pt;">from Alejo Lopez Casao - Blog <a href="http://ift.tt/2aoC7Se">http://ift.tt/2aoC7Se</a></font></span></div>
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Project Start: The first step can be the most importanthttps://empresologo.postach.io/post/project-start-the-first-step-can-be-the-most-important2021-07-06T17:09:04.904000Z2016-07-03T18:11:00ZAlejo Lopez<div><div><br clear="none"/></div>
<div>If a runner doesn’t come off the starting line strong, he doesn’t have a good chance of winning. </div>
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<div>The PMBOK Guide identifies the starting line of the project life cycle as initiation and definition. In essence, this is the phase of the project when the business case for doing the work is made and consensus is reached regarding the scope of the effort. As an executive, if you can coach the people on your project teams to "push off" correctly without a misstep, you are ensuring every possibility for success. Part of initiating and defining a project is documenting the basic premises on which the customer’s expectations will be based. </div>
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<div>Examples of these basic premises are </div>
<div>1) what are we producing? </div>
<div>2) what justifies the production of this deliverable? </div>
<div>3) for whom are we producing the deliverable? </div>
<div>4) what are the project parameters or time and cost targets? </div>
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<div>More important than the document itself is the dialog among the project players to reach agreement on these points, and the analysis and logical thinking that goes into translating the information from that dialog into the initiation and definition document. Let’s assume that the initiation effort is completed. </div>
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<div>There are seven steps that need to be performed in order to start a project correctly. </div>
<div>•= Step 1: Identify and define high-level business-related requirements, outcomes, and criteria for success.</div>
<div>•= Step 2: Define business justification for project.</div>
<div>•= Step 3: Clearly identify the stakeholders’ low-level needs and expectations including boundaries for project budget, duration, and risk.</div>
<div>•= Step 4: Define the role and authority of the project manager.</div>
<div>•= Step 5: Create a scope document that accurately represents the project size and specifics.</div>
<div>•= Step 6: Build consensus among stakeholders and obtain written approval from stakeholders.</div>
<div>•=Step 7: Generate a project plan for the next phase of the project.</div>
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<div>I will focus here on the first ones:</div>
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<div>Step 1: Using feedback and documentation created during the initiation phase, confirm in writing the expectations of the customer, including any or all of the following:</div><ul><li><div>the background of this project – this might include a problem, an opportunity statement or strategic alignment, why the project is being initiated at this time (a business need, a customer request, technological advances, or a legal or regulatory requirement)</div></li><li><div>a high-level description of the deliverable from the project – what the product or service will look like or will be able to do</div></li><li><div>who will use it after it has been produced – who is the end-user?</div></li><li><div>the strategy for creating the deliverable, including any alternative approaches or recommendation</div></li><li><div>targeted completion date and rationale behind that date</div></li><li><div>budget available and basis on which that budget was determined</div></li><li><div>areas of risks that the project client is (or is not) willing to accept </div></li><li><div>priority of this project as it relates to all the other projects being performed within the organization</div></li><li><div>who the sponsor of the project is – who will provide direction and decisions?</div></li><li><div>constraints – those that are predetermined and those where the project manager has decision-making authority; for example, that the software will be purchased rather than developed internally</div></li><li><div>assumptions – for example, that resources will be available as needed</div></li></ul><div><br clear="none"/></div>
<div>Step 2: Given the confirmed high-level scope definition from step 1 above and using basic cost/benefit techniques, document the business justification for this project, including the following:</div><ul><li><div>benefits – tangible benefits expressed as savings and/or revenue, and intangible benefits such as improved morale •= future opportunities made possible by undertaking this project </div></li><li><div>developmental costs </div></li><li><div>recurring or ongoing costs </div></li><li><div>break-even point, return on investment...</div></li></ul><div><br/></div>
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<div><br clear="none"/></div></div>100 distress indicatorshttps://empresologo.postach.io/post/100-distress-indicators2018-11-05T13:59:06.969000Z2016-06-01T11:18:03ZAlejo Lopez<div>If you ever face a potencial customer that shows any or many of these bullet points.... watch out!</div>
<div>They are split by the key parameter that drives the indicator</div>
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<div>Debt Activity Induced</div>
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<div>1. Senior lender with debt exceeding 10% of total funded debt terminates customer’s facility</div>
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<div>2. Any senior debt is classified from long term to short term in any given month on the customer financial statements</div>
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<div>3. Bond interest payment in excess of 5% of YTD EBIT is missed by customer</div>
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<div>4. Working capital lender ceases funding for customer</div>
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<div>5. A default against any of the borrower’s financial obligations other than secured debt</div>
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<div>6. A breach of any manufacturing contract in excess of 5% or YTD revenues</div>
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<div>7. Any non-monetary default under a loan or lease obligation</div>
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<div>8. Any monetary default under a customer loan or lease obligation</div>
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<div>9. The customer restructures or refinances any of its other debt obligations at the request of its senior lender</div>
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<div>10. Any customer with an unscheduled over advance under their revolving line of credit</div>
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<div>11. Senior lender representing 10% or more of total funded debt has given the customer any request, whether verbal or in writing, to get refinanced within a one-year timeframe</div>
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<div>12. Customer has changed primary senior lender one or more times in the last 24-months</div>
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<div>Customer Management Induced</div>
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<div>13. CEO immediate family member suffers material personal tragedy</div>
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<div>14. Whole management team quits</div>
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<div>15. CEO quits</div>
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<div>16. CFO quits</div>
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<div>17. Top salesman representing 10% or more of annual revenues quits</div>
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<div>18. Death of any one member of senior management</div>
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<div>19. Regular turnover in senior management</div>
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<div>20. Protracted illness (90 days out of work) of key senior management</div>
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<div>21. Any break up of partnership</div>
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<div>22. Any transfer of ownership</div>
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<div>23. New management team brought into the company</div>
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<div>24. Company is acquired by national consolidator as stock purchase</div>
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<div>25. Company pulls cash out of business to buyback investment of a stockholder</div>
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<div>26. Credit report for PG shows judgments within the last 12-months</div>
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<div>27. Customer retains any crisis management firm</div>
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<div>28. Employee turnover exceeds 10% in the last 12-months</div>
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<div>Operating Results Induced</div>
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<div>29. A pre-tax financial statement loss in any one month for a customer</div>
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<div>30. Charter service looses its 135 certificate</div>
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<div>31. Any domestic subsidiary owned 50% or more files BK</div>
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<div>32. Any international subsidiary owned 50% or more files BK</div>
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<div>33. Failure to file any SEC required statements in a timely manner</div>
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<div>34. Any debt forgiveness that exceeds 10% of funded debt thereby generating a taxable event</div>
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<div>35. Customer engages and investment firm for sale of 50% or more of its business</div>
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<div>36. 10% reduction in freight shipments over a 12 month period</div>
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<div>37. A bankruptcy of one of the borrowers competitors</div>
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<div>38. A 10% increase in the borrowers raw material costs</div>
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<div>39. Any decline exceeding 1% in the borrowers gross margins for two consecutive years</div>
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<div>40. Customer has had more than one NSF with GE in the last six-months</div>
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<div>41. Any customer that fails to meet 100% of its payroll</div>
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<div>42. Loss or bankruptcy of a borrower’s customers whose revenues comprised more that 5% of total revenue</div>
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<div>43. The value of the collateral securing the debt has fallen by more than 15% in any given year</div>
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<div>44. Work under a given contract representing 20% of company’s revenues comes up for renewal and the company looses the contract</div>
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<div>45. Any customer that allows a lapse in insurance coverage on leased equipment</div>
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<div>46. Company is involved in leveraged buyout, which results in a substantial negative impact on company’s liquidity and leverage ratios</div>
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<div>47. Company purchases future contracts on raw materials in anticipation of increasing costs</div>
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<div>48. Company looses market share in excess of 30% due to product reliability issues</div>
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<div>49. Loss of major employer in a local market has ripple effect on other businesses serving businesses and consumers in that market</div>
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<div>50. EBIT has declined by more than 20% versus the comparable YAG period</div>
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<div>51. Customer’s production plant is damaged by fire, natural disaster, etc, decreasing the company’s production output by greater than 10%</div>
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<div>52. Equipment financed to customer representing greater than 20% of customer’s product output is recalled by manufacturer</div>
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<div>53. A/P days have increased (faster turn) by more than 10% from the previous year’s A/P turnover</div>
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<div>54. Inventory days has slowed by more than 20% from the previous year’s inventory turnover</div>
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<div>55. Cash burn exceeds 50% of total operating cash flow in any one month during the last six-months</div>
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<div>56. Private-company customer pays a dividend to shareholders that exceeds 50% of net income</div>
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<div>57. Any customer with multiple facilities and one of the facilities generates net losses exceeding 20% of total company earnings</div>
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<div>58. Backlog has declined by more than 20% from the comparable YAG period</div>
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<div>59. Insurance costs increased by more than 15% in the last 12-months</div>
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<div>60. Any loss of bonding insurance</div>
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<div>61. More than one change in accounting firm representation in the last 12-months</div>
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<div>62. Company has been unable to negotiate new union contracts that are due within 90 days</div>
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<div>63. Customer is publicly-traded and has been de-listed by one of the US stock exchanges within the last 3 months</div>
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<div>64. Any credit-rating downgrade, whether by S&P, Fitch or other major rating agency, of more than two levels in the last 12-months</div>
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<div>65. Any credit-rating agency downgrade to junk status within the last 12-months</div>
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<div>66. Any customer with KMV rating that has declined to CCC+ or less within the last 12-months</div>
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<div>67. Equity sponsor refused continued support</div>
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<div>68. A strike is initiated by more than 10% of the company’s workforce</div>
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<div>69. Customer has greater than 20% of its receivables aged 90-days +</div>
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<div>70. Transportation company with more than 10% of their power units sitting idle</div>
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<div>71. Transportation company with a 15% increase in brokered freight</div>
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<div>72. Technological changes in equipment used effecting 20% of the cost of equipment</div>
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<div>73. Technological changes in product manufactured effecting 20% of the cost of equipment</div>
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<div>74. Customer increase in aviation fuel prices by 20% within any 60 day period<br clear="none"/></div>
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<div>75. Customer increase in diesel fuel prices by 20% within any 60 day period</div>
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<div>76. Customer increase in heating oil prices by 20% within any 60 day period</div>
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<div>77. Customer increase in any natural gas prices by 10% in any 60 day period</div>
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<div>Trade Vendor Induced</div>
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<div>78. Loss of any key supplier representing more than 10% of annual raw material purchases</div>
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<div>79. Utility bill remains unpaid for 60 days</div>
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<div>80. Sewer and sanitation bill remains unpaid for 60 days</div>
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<div>81. Adverse Administrative ruling entered against customer or one of their key suppliers or customers entered resulting in a 15% decline of TNW</div>
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<div>Litigation/Judgment/Legal suit Induced</div>
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<div>82. Any judgment in excess of 10% of aggregate current assets</div>
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<div>83. Any casualty loss exceeding 10% of total assets</div>
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<div>84. Any IRS levy event</div>
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<div>85. Any IRS lien event</div>
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<div>86. Notice of any lien or judgment being filed on the company as a result of a lawsuit against the company</div>
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<div>87. Any working capital fraud is perpetrated by management or any operating division of the obligor representing 15% or more of annual revenue base</div>
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<div>88. Any criminal indictment of a company officer</div>
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<div>89. Adverse Legal judgment against one of their key suppliers or customers<br clear="none"/></div>
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<div>90. Product liability filed against company or against supplier (10%) or purchaser (10%) or which results in cessation of production of product</div>
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<div>91. Eminent Domain against customer or one of their key suppliers or customers entered</div>
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<div>92. A judgment against the company in excess of 10% of its net worth</div>
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<div>93. Unpaid payroll taxes, FICA and Fed Withholding</div>
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<div>94. Customer relies on patents that will expire within the next 6-months and such products protected by patents constitute at least 10% of total revenue</div>
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<div>95. Customer has been advised by bankruptcy counsel within the last six-months</div>
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<div>96. Customer has hired a turnaround consultant within the last 12-months</div>
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<div>97. Customer relies on patents that will expire within the next 6-months and such products protected by patents constitute at least 10% of net income</div>
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<div>98. Any violation of patent, trademark, or copyright laws where such infringements would result in fines exceeding $100,000</div>
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<div>Environmentally Induced</div>
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<div>99. Customer environmental damage/contamination with remediation costs exceeding 10% of aggregate current assets</div>
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<div>100. Customer is identified as a PRP in any environmental claim</div>
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<div><div><div>Tags: published, business, financial, risk<br clear="none"/>June 01, 2016 at 01:18PM<br clear="none"/><a shape="rect" href="http://ift.tt/1r7ltsf">Open in Evernote</a><br clear="none"/></div><br clear="none"/></div><div><br clear="none"/><br clear="none"/><br clear="none"/>from Alejo Lopez Casao - Blog <a shape="rect" href="http://ift.tt/24pi3OB">http://ift.tt/24pi3OB</a></div><br clear="none"/></div>Pensando fuera de la cajahttps://empresologo.postach.io/post/pensando-fuera-de-la-caja2016-08-02T22:09:14.008000Z2016-03-31T16:31:01ZAlejo Lopez<div>Yes,we all know the typical game with the pen and the nine dots (<a shape="rect" href="https://www.bing.com/images/search?q=Thinking+Outside+the+Box+Exercises&view=detailv2&qpvt=Thinking+Outside+the+Box+Exercises&id=7E5D8600BD0584C6E45FB1E6C65618DBD5A4EED6&selectedIndex=2&ccid=hbs7nE2j&simid=608006652406270829&thid=OIP.M85bb3b9c4da3bba8781a88542aab966do0" target="_blank">https://www.bing.com/images/search?q=Thinking+Outside+the+Box+Exercises&view=detailv2&qpvt=Thinking+Outside+the+Box+Exercises&id=7E5D8600BD0584C6E45FB1E6C65618DBD5A4EED6&selectedIndex=2&ccid=hbs7nE2j&simid=608006652406270829&thid=OIP.M85bb3b9c4da3bba8781a88542aab966do0</a></div>
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<div>) and yet, at first we all need to think back. "how was it again?" And because we all know we have to think out of the box, what we do is making the box bigger... , something similar to what Malcolm Gladwell said in the What the Dog Saw articles in The New Yorker: "If everyone had to think outside the box, maybe it was the box that needed fixing"</div>
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<div>The reason I am talking about this is a story I read a while ago (I can´t trace it back so all my credits to his author) about a father of a little girl (let´s say 10 years old) that fails a math exam. The key is that the girl is a genius on that field so the father don´t believe she has failed so he goes to talk with the teachers. Sumarizing: the girl fails the exam because the answer to a question was not the expected one! The answer is right though!, but it is no the expected from a 10 years old girl.. and so she is "out of the box" and "penalised" . Curious about the question? </div>
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<div>* What is the highest number you can make using three times a 2? <br clear="none"/></div>
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<div>The obvious answer (10 years old) is 222. But it is not the correct answer... , you have to think out of the box! Understand the rules and make them work better! </div>
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<div>That´s why I always ask "why are you doing this? " every time I go to a customer and revise the processes. The worst answer is "we aways did it in this way" ... it shows that people in that company are so into the box they can not even figure there is anything else out there! Any employee should know why is he/she working , why is doing that report in that way, why it is important to do it and do it right, what is the reason for the task is being assigned,... because then he/she can think answers that go beyond the request, can make a report that is easier to read or use a tool that avoid errors or... ..he/she wlll think out of the box of the job description and go into the "company rol" described by the holacracy methodology.. "Roles instead of job descriptions"<br clear="none"/></div>
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<div>Then the company will move quicker and react more flexible to changes from outside of the box! <br clear="none"/></div>
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<div>By the way.. have you think the answer to the exam? think again... and write in a paper 2 to the power of 22 <br clear="none"/></div>
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<div>You know the feeling, you have to drive backwards, either you are parking or took the wrong turn and ended up in a dead end road.. wahtever the reason, you have to lead your auto in way that is not natural and with tools are not designed for that (otherwise we could rotate the driving seat like a turret of a tank ) . yes, yes, the new autos are better prepared: they have cameras and warnings sensors and all that fuss... but still you have to steer the car into safe position. </div>
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<div>Got the picture? </div>
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<div>that´s how an analyst is looking into the financials of a company every day! They look backwards trough the mirrors of the Balance Sheet and the cameras of the Income Statement, sometimes they even have the sensors of the Cash Flow Statement, but they are asked to check if the auto can drive to destination without seizure the engine... Sometimes they are even blamed for not seeing that a puncture tyre will cause an accident in 200KM.... :D</div>
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<div>The idea is that looking at the mirror they can see if the road is bumpy or a curvy mountain road or a high speed one..., they can see if the driver (the managment) is manouvering dangerourly or they are taking always safer (and slower) routes ... and then assume that the future will be a copycat of the recent past.. </div>
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The dark sidehttps://empresologo.postach.io/post/the-dark-side2022-03-24T11:16:23.425000Z2016-01-24T21:47:21ZAlejo Lopez<div><br /></div>
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<div> <b>The dark side</b></div>
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<div>The dark side</div>
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<div>Lo reconozco, me he pasado al lado oscuro. Durante mucho tiempo cultive mis habilidades en la fuerza para intentar entrar en la élite pero al final el lado oscuro me ha conquistado...</div>
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<div>No, no estoy hablando del despertar de la fuerza ni de la próxima película de star wars. Hablo de financiación.</div>
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<div>Si en otros articulos hablaba de Unicornios, en este hablo de Dinosaurios... La banca tradicional es como un enorme dinosaurio que se va moviendo lentamente y casi por inercia desde hace mucho tiempo. Incluso las pequeñas entidades financieras de credito son como velociraptors incapaces de adaptarse a los nuevos tiempos y que pese a su velocidad acabaran transformandose o siendo devorados. Y a ello ayuda (y no para bien) la carga administrativa y regulatoria impuesta. Obviamente esa regulacion es necesaria porque el negocio financiero es un negocio de confianza, sin ella los clientes no depositarian su dinero en ninguna entidad (al fin y al cabo lo que hacen es prestar dinero al banco) a cambio de tan misero rendimiento como se ofrece actualmente.</div>
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<div>El caso es que durante un tiempo yo fui parte de una de esos entes malditos: la banca. Como trabajador de una entidad financiera de credito asisti desde un palco privilegiado al cruce de opiniones sobre la crisis economica y financiera de los utlimos años: La Banca, ese sector maldito, que habia sido rescatado con el dinero de todos para disfrute de unos pocos....</div>
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<div>No entraré aquí en si el rescate fue bueno o malo, en si la forma fue las mas idonea o en por qué unas entidades cayeron y otras fueron apoyadas. Si comentaré que no entiendo porque hay gente que se rasga las vestiduras con las ayudas o subvenciones a la banca y en cambio no lo hizo en su momento con con las ayudas al carbón o a los astilleros o a la agricultura... En todo momento ha habido sectores en peor situacion que otros y en muchos casos ha acabado necesitando ayudas puntuales para seguir adelante.</div>
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<div>Ah, pero esto es diferente piensan algunos. Por que? Pura cuestion de imagen creo yo. Los banqueros van todos trajeados y se les asocia a la buena vida... Es verdad, pero podriamos decir lo mismo de los abogados o de los medicos o muchos otros del sector servicios, porque al fin y al cabo la banca es una empresa que como todas pretende ganar dinero ofreciendo un producto o servicio, igual que cualquier otro sector que ha recibido ayudas durante los últimos años, pero me estoy desviando de la historia.</div>
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<div>Como iba diciendo, trabaje durante un tiempo en una entidad financiera, una empresa que estaba regulada por el banco de España y que por tanto debia enviar con regularidad una cantidad increible de informes muy detallados sobre todas y cada una de las transacciones, los clientes, los riesgos, las posiciones de garantia,... Era el lado luminoso: transparencia total, informacion minuciosa.... y un coste enorme para poder procesar todos esos datos y emitir los informes. Una enorme burocracia que ralentizaba o impedia la rapida adaptacion a los cambios en el mercado.... y por otro lado estaba el lado oscuro..</div>
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<div>La banca en la sombra o sistema bancario en la sombra (en inglés, shadow banking system), es decir, el conjunto de entidades financieras, infraestructura y prácticas que sustentan operaciones financieras que ocurren fuera del alcance de las entidades de regulación nacionales. Incluye entidades como hedge funds, fondos del mercado de capitales y vehículos de inversión estructurados.</div>
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<div>Los mercados de capitales y la banca en la sombra se han convertido en los nuevos canales de financiación para las empresas que no pueden acceder al crédito bancario tradicional. En el sector del shadow banking se incluyen entidades como las socimis en el mercado inmobiliario, los business angels, el crowdfunding, los fondos de capital riesgo, o incluso a los hedge funds.</div>
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<div>Estas sociedades son en general mucho mas agiles, mas proactivas, mas adaptables, ....no estan tan reguladas y por ello podrian ser mas arriesgadas... o no... (todo depende de los responsables de las empresas y todos conocemos lo ocurrido en entidades reguladas..). Estas empresas arriesgan su capital o su reputacion o ambas en cada financiacion que hacen, y analizan cada caso con cuidado porque saben que no tienen colchon alguno en caso de equivocarse, y por ello desde mi punto de vista son mas de fiar pese al nombre. Al fin y al cabo si estan en la sombra es porque a buen arbol se han arrimado... </div>
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<div> from Alejo Lopez Casao - Blog <a href="http://ift.tt/1nsUZAp" rev="en_rl_none">http://ift.tt/1nsUZAp</a></div>
Cenas y Unicornioshttps://empresologo.postach.io/post/cenas-y-unicornios2018-11-03T18:06:35.211000Z2015-12-11T13:54:23ZAlejo Lopez<div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><div>El otro dia estaba en una de las multiples celebraciones de estos dias prenavideños: cenas de empresa, cenas de amigos, cenas de ex-colegas, cenas de padres de alumnos... y como siempre ocurre, la conversacion paso por el tema del trabajo. "y tu a que te dedicas?" suele ser la coletilla de aquel que ha estado explicando durante los aperitivos y hasta el segundo plato con todo lujo detalles su dia a dia... Me tocaba a mi, pense. .. Antes, solia explicar mi trabajo con una broma: "soy el que dice que no". Explicar las funciones de un director de riesgos o un credit manager a una persona ajena al mundo de la financiacion empresarial era complicado. Luego vino la crisis, y todo el mundo entendia el trabajo, mas o menos.. Ahora, tenia que explicar a mi compañero de mesa que era eso del fintech, ..... <span style="font-style: italic;">su cara me indico que no habia oido eso en la vida..</span>. crowdlending, el P2B lending,........ <span style="font-style: italic;">rictus serio, ojos fijos...</span>.. financiacion alternativa... <span style="font-style: italic;">arqueo de cejas</span>.... , asi que acabe explicando que era un mercado donde todo el mundo podia ser banquero. <span style="font-style: italic;">Ahhhh</span> ... y si la plataforma le iba muy bien se convertia en un unicornio... <span style="font-style: italic;">ojos como platos, y mirada seria a mi vaso de vino ...</span></div>
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<div>Porque la verdad es que hay mucha informacion sobre el fintech, y los unicornios y como afectara la entrada de los nuevos jugadores en el sector bancario y... pero toda esa informacion sigue estando a nivel de nicho.. Solo aquellos que saben de que van leen sobre el sector. Y aquellos a los que podria resultar interesante no tienen idea o les parece muy complicado. </div>
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<div>Asi que me puse a pensar como explicarlo en la proxima cena: </div>
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<div>Las empresas de FinTech aplican technologia a los servicios financieros y se pueden clasificar como:</div>
<div style="margin-left: 40px;"><ul><li><div>a) plataformas de financiación de la deuda,</div></li><li><div>b) plataformas de financiación de capital, </div></li><li><div>c) plataformas de gestión de patrimonios, </div></li><li><div>d) soluciones de procesamiento de pagos y </div></li><li><div>e) otros.</div></li></ul></div><div><br/></div>
<div>Aqui solo hablare de las plataformas de financiacion de deuda. Las FinTechs utilizan la tecnología y el denominado 'Big Data' para proporcionar financiacion más rápida, más barata y a mas empresas que o bien no están cubiertos o parcialmente cubiertos por los bancos tradicionales. Lo hacen mediante</div><ul style="margin-left: 40px;"><li><div>a) la automatización de la recopilación de datos para evaluación de crédito: accediendo directamente a por ejemplo, estados de cuenta bancarios, notas de crédito, datos de flujo de pedidos, ventas, devoluciones de impuestos</div></li><li><div>b) el uso de nuevas fuentes de datos para desarrollar modelos mas sofisticados de evaluacion de capacidad de pago - por ejemplo, los datos de las máquinas de punto de venta con banda magnética, datos ERP de cliente de los vendedores / distribuidores, los datos de ventas de comercio electrónico, datos de cuentas por cobrar de tarjetas de crédito, perfiles sociales etc.</div></li></ul><div><br/></div>
<div>Y en base a quien mantiene el riesgo se pueden clasificar como </div>
<div><ul><li><div>a) prestamistas</div></li><li><div>b) puros intermediarios </div></li><li><div>c) modelos híbridos.</div></li></ul></div><div><br/></div>
<div>Los tres pilares fundamentales para que una empresa de préstamos a empresas tenga exito son</div>
<div><ul><li><div>a) el coste de pedir dinero prestado para los préstamos, </div></li><li><div>b) el coste incremental de adquisición de nuevos clientes y </div></li><li><div>c) el costo de procesamiento de préstamos. </div></li></ul></div><div><br/></div>
<div>Los Bancos establecidos y EFCs pueden pedir prestado dinero mas barato que las empresas FinTech (mayoritariamente empresas de nueva creación). Los bancos también tienen desarrolladas relaciones con el tejido empresarial que les permite añadir nuevos segmentos a costos incrementales teoricamente bajos. Por el contrario, las FinTech necesitan enfoques no tradicionales de adquisición de clientes, usando intensivamente el marketing digital y redes de franquiciados virtuales (agentes, empresas de software,....). Asimismo, las FinTech basan sus procesos en soluciones tecnologicas mas rapidas, baratas y flexibles que les evitan la carga de costes humanos y de infraestructura de los bancos tradicionales .</div>
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<div>La clave para el crecimiento sostenible una empresa de financiacion de deuda radica en la orientación al cliente de una forma obsesiva. Es decir, </div>
<div><ul><li><div>a) producto especializado para servir a las necesidades específicas del cliente</div></li><li><div>b) excelente experiencia de usuario </div></li><li><div>c) la garantía de un toque humano</div></li></ul></div><div><br/></div>
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<div><span style="text-align: -webkit-auto; widows: 2;">Por tanto, las cuatro preguntas que los inversores deben preguntar al evaluar una empresa de crowdlending comercial son:</span></div></div><div style="text-align: left; widows: 1;"><ol><li><div><span style="text-align: -webkit-auto; widows: 2;">La plataforma esta simplemente automatizando la recopilación de datos o se ha desarrollado una metodología de evaluación del riesgo de crédito propia y no convencional? </span></div></li><li><div><span style="text-align: -webkit-auto; widows: 2;">¿Se ajusta a la perfección en el flujo normal de las transacciones comerciales de los clientes? </span></div></li><li><div><span style="text-align: -webkit-auto; widows: 2;">¿Cómo es el modelo de negocio para minimizar el riesgo de demora? </span></div></li><li><div><span style="text-align: -webkit-auto; widows: 2;">¿Es una estructura organizativa con procesos institucionalizados o una mini plataforma con pocos recursos?</span></div></li></ol></div><div style="text-align: left; widows: 1;"/><div style="text-align: -webkit-auto; widows: 2; direction: ltr; margin: 0px 0px 1.5em; padding: 0px; text-rendering: optimizeLegibility; background-color: rgb(253, 253, 253);">Dentro del amplio campo de empresas de financiacion las plataformas que unen inversores individuales -que tienen algo de dinero extra para invertir- con pequeños empresarios -que necesitan dinero en efectivo para hacer crecer sus negocios- se denominan plataformas de préstamos P2B o crowdlending. Sin embargo actualmente la gran mayoria de los fondos en las plataformas de préstamos P2P se originan a partir de fuentes institucionales. Así que para todos los efectos prácticos, el dinero institucional domina el lado de abastecimiento de la ecuación en la mayor parte de las plataformas de financiación de la deuda. La excepción a esta regla general son algunas plataformas de préstamos sociales (por ejemplo, Ecrowdinvest), pero que atienden a un segmento estrechamente definido de microempresarios con tamaños de entradas muy pequeñas o tienen un propósito específico impacto social. Estos FinTechs no entran en la categoría de masivamente escalable, esos unicornios de los que queria hablar... pero lo dejare para otra cena, me he dado cuenta que el resto de comensales estan atacando el postre...</div>
<div style="text-align: left;"><font face="Scheherazade" style="font-size: 8pt;">December 11, 2015 at 02:54PM</font></div>
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12 things to remember before lendinghttps://empresologo.postach.io/post/12-things-to-remember-before-lending2018-11-03T16:56:22.986000Z2015-11-24T10:07:15ZAlejo Lopez<div><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><div align="left"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/34bf2ed4-c57f-49b4-91f0-c05ce484b303/44433f0f-6edb-4b47-af4a-4691666b1def.jpg" style="cursor: default; height: auto;"/></div></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">1. Think that each loan is a challenge not a chore</span></span><b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">.</span></b></div>
<div align="left"><span style="font-family: Arial;"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Each loan is an opportunity to put to </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">work the knowledge, the experience</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">. Here’s a challenge to my judgement, a</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">problem to be solved, analyzed, evaluated, </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">and concluded. An opportunity to grow and to increase my </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">effectiveness by learning more about a borrower, a business, an industry, ...</span></span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">2. Do not prejudge , listen instead and understand</span></span><b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">.</span></b></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Sounds easy isnt´t ? but it is one of the most difficult things a human being can do.</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Most of us don’t listen (we</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">are so busy thinking of what we’re going to say, that </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">we fail to hear and understand in fully).</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">We judge ourselves by our thoughts and others by their </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">actions and words.</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">We must strive to hear precisely what the other person says and then to </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">understand why he said it and what he really meant. Only after we have listened </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">attentively and sympathetically and have understood intelligently should we attempt to</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">evaluate</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">.</span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">3. Don’t pretend to know if you don´t </span></span><b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">.</span></b></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">You are very wise if you know your limitations. So</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">never hesitate asking </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">questions about other things you don’t know. When a </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">borrower assumes incorrectly that you know certain things about him or his business or h</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">is industry or even about commercial lending or law, it is</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">dangerous to let him proceed on that assumption. </span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic; font-weight: bold;">4. Don´t get lost on details.</span></span></div>
<div align="left"><span style="font-family: Arial;"><span style="font-family: Arial; color: rgb(1, 1, 1);">Keep pushing yourself back from the details (though they must be </span><span style="font-size: 16px;"><span style="font-family: Arial; font-size: 16px; color: rgb(1, 1, 1);">covered) in order to stand off and view the credit as a unified whole. </span></span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">We can become so immersed in figures and details as to lose sight of, or give inadequate </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">attention to, the broad strengths or weaknesses of the credit as a whole.</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Keep standing off for perspective to see </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">that the picture is complete, that nothing has been left out, that no loose ends remain. </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Keep looking at the tree, the whole tree, and its place in the forest about it.</span></span></div>
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<div align="left"><span style="font-family: Arial;"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">5. Remember </span></span> <b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">"how good" is less important than "how liquid."</span></b></span></div>
<div align="left"><span style="font-family: Arial;"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">A safe transaction is a transaction that has no</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">loss. A sound transaction is a transaction loan that can be repaid within its maturity terms </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">without hardship or stress on the borrower. Any transaction must be safe and it </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">must also be sound. Borrowers must not only have adequate balance strength or </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">adequate security, they must also have adequate repayment ability. A</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">lways ask yourself this </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">question: "How is the borrower going to pay it back?"</span></span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">6. Don’t ever commit yourself too soon </span></span></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Don’t speak the word until you’re prepared to do so and until you’re prepared </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">to be bound by its consequences:</span></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Be sure you have all the facts and that every consideration has been weighed before you c</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">ommit yourself on any point or in any way at any stage of the discussion. Once a </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">statement is prematurely made or a decision prematurely announced, you’ll be so busy </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">trying to justify your position.</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">.</span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">7. Don’t attribute the dirty work to "Headquarters" </span></span><b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">or "the Credit Committee".</span></b></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Never say that you </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">might well agree but that the loan refusal</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">or some other disagreeable decision, is the work of </span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">"HQ" , "the Credit Committee" or "those people at central office."</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">. You represent your company; you are YOUR COMPANY; you must </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">assume</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">full responsibility for </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">any decision made by your company</span><span style="font-family: Arial;"> </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">(we think; we have decided; we...)</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">, even if you agree little with it</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">. Your responsibility is to argue the merits of the decision; </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">once it is made, it becomes your decision also. If </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">it then needs defending, you must defend it as your own decision. </span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">8. Never apologized</span></span><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">.</span></span></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Timidity has no place in our makeup. Be sure of your ground, evaluate carefully, then </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">say straight out what your considered judgment dictates, without apology or hesitation </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">because you suspect it may prove disagreeable. </span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">9. Accept full responsibility</span></span></div>
<div align="left"><span style="font-family: Arial; color: rgb(1, 1, 1);">and make decisions promptly on your own </span><span style="font-size: 16px;"><span style="font-family: Arial; font-size: 16px; color: rgb(1, 1, 1);">when you know you have all the facts, have considered all aspects </span></span><span style="font-size: 14pt;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">of the case, and have sound reasons for the decisions you make</span><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">. </span></span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">When you are certain, act,</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">because you believe in your judgement</span><span style="font-family: Arial;"> and</span> <span style="font-size: 12pt; font-family: Arial;"><span style="font-family: Arial; font-size: 12pt; color: rgb(1, 1, 1);">not</span> <span style="font-family: Arial; font-size: 12pt; color: rgb(1, 1, 1);">by a desire to show your </span></span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">authority or that you have the power to act without consulting.</span></div>
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<div align="left"><span style="font-family: Arial;"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">10. When</span></span> <b style="font-size: 14pt;"><span style="font-family: Arial; font-weight: bold; color: rgb(1, 1, 1); font-size: 14pt; font-style: italic;">you are going to say "yes," just say it.</span></b></span></div>
<div align="left"><span style="font-family: Arial;"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Most problems in life have shades of grey. When you’ve concluded that you’re going to </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">grant a loan request, you must have decided that the pros outweigh the cons. Let it go .</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Weaknesses that might be helped through constructive comment should </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">be discussed before the decision is reached; once reached, a favorable decision overrides </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">such weaknesses and should be given positively. Don´t imply you are making a favour to anybody.</span></span></div>
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<div align="left"><span style="font-family: Arial;"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">11. Lend, as if the money you are loaning were your own</span></span> <span style="font-size: 12pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 12pt; font-weight: bold; font-style: italic;">.</span></span></span></div>
<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">If you say "No" to investing your own funds, then the answer should be "No" for </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">investing your company’s.</span></div>
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<div align="left"><span style="font-size: 14pt;"><span style="font-family: Arial; color: rgb(1, 1, 1); font-size: 14pt; font-weight: bold; font-style: italic;">12. Be yourself and forget this list.</span></span></div>
<div align="left"><span style="font-family: Arial;"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Lending money soundly and constructively is primarily a matter of applying intelligence </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">to the facts in each case</span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">. Intelligence is simply common sense--or perhaps uncommon </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">sense. It is the ability to apply knowledge and experience</span> <span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">to the successful solution of a new problem.</span></span></div>
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<div align="left"><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">Sound lending requires </span><span style="font-size: 12pt; font-family: Arial; color: rgb(1, 1, 1);">intelligence; setting up list like this is something anybody can do.</span></div>
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<div><span style="color: rgb(1, 1, 1); font-family: Arial;"><font style="font-size: 8pt;"><i>November 24, 2015 at 11:07AM</i></font></span></div>
<div><span style="color: rgb(1, 1, 1); font-family: Arial;"><font style="font-size: 8pt;"><i>from Alejo Lopez Casao - Blog <a href="http://ift.tt/1T82XIS">http://ift.tt/1T82XIS</a></i></font></span></div>
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Doctor, is my company sick?https://empresologo.postach.io/post/doctor-is-my-company-sick2018-11-03T17:07:23.127000Z2015-11-21T16:56:23ZAlejo Lopez<div><br/></div>
<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">The symptoms listed below are displayed by sound companies as well as potentially weak ones. However, if you put enough of these symptoms together, you may have a fairly good indication of near-term trouble. Financial figures often tell a story that will enable you to make a prudent and informed credit decision. In many cases, unfortunately, it takes considerable skill to understand what the figures really do say. The following comments provide some insight into many of the things a good analyst should look for in a review of any given set of statements.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><a href="http://ift.tt/1NiU9RR"><img src="http://ift.tt/1XgVw2K" style="cursor: default; height: auto;"/></a></span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">(<a href="http://ift.tt/1NiU9RV">published in Linkedin</a>)</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">1. A deterioration in the customer’s cash position. This may be a drop in euro levels or in the percentage of total assets. It is often accompanies by marked changes in deposit activity inducing overdraft, draws on uncollected funds, more frequent and smaller depositing of checks and declining average monthly balances.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">2. A slowdown in receivables collection period. Follow up on this symptom often reveals that the customer has become more liberal in its credit policies, has softened its collection policies or has become sloppy and neglectful.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">3. Changes in credit and sales philosophies. Companies that have sold on regular terms suddenly have new classes of receivables. Installment sales replace stricter terms. Finance services may seem attractive, but most firms just do not belong in those businesses.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">4. Sharp increases in the euro amounts of accounts receivable or the percentage of total assets. A receivables aging may well show substantial concentrations with a few customers - or worse, with a single customer.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">5. Noticeably rising inventory levels both in euro amount or as a percentage of total assets. Jumps here are usually supported by trade suppliers - an extremely risky process. They may also be related to the borrower’s natural reluctance to liquidate excessive or obsolete goods at a reduced price. Too may businessmen sacrifice liquidity in an effort to maintain established gross profit margins.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">6. A slowdown in inventory turnover. Follow up here may indicate over buying or some other impatience in the company’s purchasing policies. Often it indicates that it is frozen into some slow-moving items. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">7. A decline in current assets as a percent of total assets. Short-term lenders rely upon the conversion of working assets as their normal source of repayment. As funds become increasingly concentrated in less liquid assets, the short-term creditors must look to a different class of assets to cushion their risk.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">8. Falling concentrations in fixed assets. This can indicate funds needed to purchase fixed assets are being used for other operational purposes, these create problems in times of rising costs when replacement, renovation and remodeling pose possible serious drains on cash or cause a near-term need for large amounts of long-term debt.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">9. Rising concentrations in fixed assets. This can be serious when achieved at the expense of other asset needs. Levels well above industry norms are an added indicator of potential trouble here. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">10. Revaluation of assets for statement purposes. This is most commonly seen in the fixed asset area. It is justified to the extent it reflects more realistic values. It cannot be justified as an inducement to the lender to increase its loans. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">11. The existence of heavy liened assets. The extent to which secured creditors have claims on various assets is a key to what may be left for general creditors. Evidence of second and third mortgage holders is a sign of greater than average risk. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">12. Concentrations in non-current assets other than fixed assets. A common problem is the perpetual pouring of money by a parent company into affiliates or subsidiaries for which you can obtain no information or insight into the real value of those companies. .</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">13. A high concentration of assets in intangible values. The problems with intangible assets from the lender’s viewpoint lies in proper assessment of their value. Intangible assets shrink or vanish much faster and more extensively in liquidation than do hard assets. Remember that prudent credit analysis eliminates intangibles in computing a company’s net worth.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">14. Disproportionate increases in current debt. The element of risk is always greater under the following conditions:</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">a. The rise concentrated in trade debt.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">b. This rise is in "friendly debt" (monies due officers and/or stockholders) where there is no intent or willingness to subordinate the funds to other creditors.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">c. There is no corresponding increase in the levels of assets, current or otherwise.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">15. Substantial increases in long-term debt. This is serious when repayment must depend upon a flow of funds, which would represent the bulk of anticipated earnings over many years..</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">16. A high debt to capital relationship. This is even more serious when the current ratio is low. Poorly capitalized companies will generally show poor working capital conditions. Even if there is adequate working capital, it generally is the result of heavy term funding. Future earnings, normally a source of working capital growth, might well have to be used exclusively for debt service.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">17. A major gap between gross and net sales. This represents a rising level of returns and allowances, which could be caused by lower quality or inferior product lines. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">18. Rising cost percentages. When it appears in the operating area, it may reflect a loss of control over a particular segment of general, selling or administrative expenses.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">19. Rising sales and falling profits. The fall in profits may be in euros or in profit margins or in both. Unless the company is heavily capitalized, this circumstance will ultimately be reflected in an increasing reliance upon debt.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">20. Rising levels of bad debt losses. Unless this remains constant as a percent of sales, it normally signals a deterioration in customer quality. It is usually accompanies by a slowdown in average collection period. </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">21. A rising level of total asset in relation to sales and profits. No one questions the fact that when you do more business you will normally require a higher level of inventory, carry greater receivable and probably need more fixed assets. The time to raise questions is when assets rise much faster than sales and profit growth warrant. .</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">22. Significant changes in the balance sheet structure. As an example, the disappearance of a large segment of fixed assets accompanied with new alignments of funded debt and unexplained capital adjustments may be evidence of a switch to sale and leaseback arrangements, unknown to creditors and missing from the statement notes.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">(posted on Linkedin) </span></div>
<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">from Alejo Lopez Casao - Blog <a href="http://ift.tt/1NiUbct">http://ift.tt/1NiUbct</a></span></div>
Expansion de Empresas de P2P lendinghttps://empresologo.postach.io/post/expansion-de-empresas-de-p2p-lending2018-11-12T16:36:33.765000Z2015-11-21T12:10:43ZAlejo Lopez<div><h1>y lo que significa para los bancos</h1><div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/7f97e0d3-e2a7-475d-bc44-0dd56a7147c4/511de33e-7bb1-49ab-a37b-9ae86e4389d4.jpg" style="cursor: default;"/></div><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">Las empresas de P2P y P2B estan llevando a cabo progresivamente un proceso de expansion de sus lineas de negocio hacia aquellas mas tradicionales de las entidades bancarias. Hasta ahora las entidades financieras no han prestado mucha atencion o lo han hecho de forma muy tangencial, ahora sin embargo la disyuntiva para los bancos es colaborar o enfrentarse! Y deberan reacionar de una manera u otra y pronto para evitar que sus clientes les abandonen. </span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">En EE.UU, Prosper ha adquirido American Healthcare Lending para ofrecer prestamos a los pacientes que necesitan pagar las -a menudo- costosas intervenciones medicas (recordemos la diferencia del sistema de salud americano con el nuestro). Mas recientemente ha adquirido Billguard, una empresa centrada en registro de operaciones y evitar el fraude de operaciones con tarjeta, lo que permitira a Prosper usar esos datos para su oferta de consolidacion de deudas. Lo que Prosper esta haciendo es basicamente aprovechar su capacidad de adaptar otras empresas del sector fintech para ampliar su abanico de ofertas a sus clientes y a la vez mejorar su conocimiento de dichos clientes, algo parecido a lo que Google ha hecho basandose en su buscador para recopilar datos y datos de sus clientes y poder ofrecerles lo que realmente necesitan (aunque aun no lo sepan).</span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">Los grandes bancos ya han empezado a entender que la colaboracion con este tipo de empresas puede ser vital, y cuando Prosper anuncio una ampliacion de capital de 165 millones dollars, la misma fue cubierta entre otros por SunTrust Banks, JPMorgan Chase, Credit Suisse y BBVA. </span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">PWC en su informe de Febrero (Peer pressure: How peer-to-peer lending platforms are transforming the consumer lending industry), ya indicaba las opciones que los bancos tienen ante esta revolucion: colaborar mediante compra de prestamos -bien directamente como inversor cualificado o indirectamente como inversor en la plataforma- ; colaborar mediante operaciones de "linea blanca"; o desarrollar sus propias plataformas. </span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">El primer caso presenta muchas oportunidades (ampliar el portfolio en general e introducirse en areas donde no habrian entrado, aplicar sus propios modelos de scoring para escoger las mejores oportunidades y todo ello sin ampliar estructura o personal) y alguna desventaja (la falta de acceso directo al prestatario impide la venta cruzada de otros productos, que es uno de los core business de las grandes entidades financieras).</span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">La "linea blanca" o colaboracion compartiendo marca permite acceder al mercado mas rapidamente y sin grandes inversiones, permitiendo al banco aprovechar la tecnologia y cappacidad de reaccion de la P2P para ofrecer un producto mas a la medida ajustando sus precios (el tipo de interes) y sus decisiones de credito a cada tipologia de cliente. Sin embargo, esta colaboracion conlleva mayores riesgos: operacional por la total dependencia de la empresa de crowdlending que aporta su know-how y su estructura , y riesgo reputacional y de control de fraude dado que las acciones y omisiones de la empresa P2P afectan directamente a la marca financiera. </span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">La posibilidad de ofrecer directamente sus propias plataformas es la ultima opcion para el banco. El mercado de crowdlending permite acceso a un segmento de empresas a las que la oferta tradicional puede no parecer atractiva y ademas posiciona a la entidad como innovadora lo que puede atraer a la larga a muchas empresas start up y similares que necesitaran financiacion a medio plazo. Ello permitara al banco la venta cruzada que hemos comentado anteriormente y una mayor integracion con el cliente para ofrecerle todos los servicios que este demande. Por contra, las implicaciones regulatorias, el coste de desarrollo y la potencial canibalizacion de sus propios clientes puede echar para atras a muchas entidades. Seria un proceso parecido a lo ocurrido con las lineas low cost creadas por aerolineas "de bandera".</span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">PWC remarca en su estudio que las entidades financieras deben plantearse una respuesta consistente, en funcion de sus objetivos a largo plazo y su clientela objetivo. En cualquier caso el uso de la tecnologia para centrarse en resolver necesidades del cliente debera ser la base de desarrollo de cualquier entidad que pretenda sobrevivir en un mercado cada vez mas competitivo, tanto por parte de las entidades como por parte de los clientes que estan cada vez mas informados y demandan un servicio a su medida.</span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;">Tal vez la regulacion, tan necesaria como temida por su carga de trabajo, sea la que acabe por determinar el futuro de este sector.</span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"></span></span></p><div><div>November 21, 2015 at 01:10PM<br clear="none"/><a shape="rect" href="http://ift.tt/1T7036V">Open in Evernote</a><br clear="none"/></div><br clear="none"/></div><div><br clear="none"/><br clear="none"/><br clear="none"/>from Alejo Lopez Casao - Blog <a shape="rect" href="http://ift.tt/21hKQpr">http://ift.tt/21hKQpr</a></div><br clear="none"/><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"><span style="color: #010101; font-family: 'Liberation Serif';"><span style="font-size: 12pt;"><br clear="none"/></span></span></p><p style="text-indent: 0mm; line-height: 120%; margin: 0.00mm 0mm 2.46mm 0mm;"> </p></div><div><p><em><br clear="none"/></em></p></div>
May the force be with you my CreditWanhttps://empresologo.postach.io/post/may-the-force-be-with-you-my-creditwan2018-11-03T16:51:44.156000Z2015-11-18T11:20:54ZAlejo Lopez<div><div align="left" style="font-size: 16px;"><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><span style="font-size: 16px; font-family: Arial;"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/47cc0e02-d4f0-45c7-a7eb-5928ca184b37/dbe68997-de38-407c-ad3a-ff10acbb5fe1.jpg" style="cursor: default;cursor: default;cursor: default;cursor: default;cursor: default;"/></span></span></div></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-weight: bold; color: rgb(1, 1, 1); font-family: Arial;">The Ten Commandments of Commercial Credit:</span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">The C´s of the Force</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">One of the first things credit analysts’ learn is the five Cs of credit. The, names varied but the essence is the same: the trusted rules to follow in order to do a good credit decission:</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> character, capacity, conditions, capital, and </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">collateral. </span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Character</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Make sure your customer has Character! Resilience whenever things</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">get tough. You might not expect that to happen but "what-if" analysis is a mustto give you </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">some sense of assurance. </span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Capacity</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Is your customer able to pay back? Check if a </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">company is not making money or generating a positive cash flow</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">.</span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Conditions</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Be aware that economic and industry </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">conditions can and will change. You do not know what will happen, but you need to be able to quickly react to changes .</span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Capital</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Your customer must be capitalized. The networth is sort of</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">cushion for any losses that may occur.</span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Collateral</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Do NOT ever make credit decission based only in collateral! Collateral is just an extra security in case things do not go as expected, and a</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">sizable asset backing up each </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">deal means that if something goes wrong, you might be covered. However, if company is suffering the chance that the asset</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">value falls is high, and you coverage reduce dramatically.</span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-weight: bold;">The C´s of the dark side</span> are complacency, carelessness, communication, </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">contingencies, and competition. </span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-weight: bold; color: rgb(1, 1, 1); font-family: Arial;">Complacency</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">"I don’t need to worry about that </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">borrower, he has always paid us on time." </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">That </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">loan can’t go bad. Mr. Rich and Famous is guaranteeing it"</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;">"The last three loans were paid as agreed. Why worry about this one?" </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">"I know him. I know his family. They have borrowed from us for years; they </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">wouldn’t default on me." </span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">What experienced lenders need to </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">emphasize to new lenders is the danger of the good times. The danger is that bad times </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">always follow!</span></div>
<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Carelessness</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;">"Don’t worry about the loan covenants or documentation, I’ll get to it later." </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-style: italic;">Inadequate Loan Documentation</span> <span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;">. Perfection needs to be filed on some assets. </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-style: italic;">Lack of Current Financial Information</span><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;"> </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-style: italic;">Lack of Protective Loan Covenants</span> <span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;">. </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Information Not Kept in Files.</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Many times, side agreements, calls or conversations are not properly filed and who is able to remember 3 years later when going to court? ...</span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Communication</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Unclear Credit Quality Objectives.</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> Maintain </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Loan policy written and updated to provide standards for acceptable and unacceptable </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">loans.</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Upward Communication.</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> </span><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial;">There must be upward and lateral communication, Sales people might know that customer is under financial pressure and he might assume credit department knows about it...Dont assume, just communicate! </span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Contingencies</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Lenders get paid for taking risks on customers and being </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">right about 99.9 out of 100 times. The job is to weigh the risks of a loan and the odds of </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">being paid back -- to look at the contingencies. Credit personnel are supposed to look at </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">every bad thing that can happen and then decide how likely it is that any of those things </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">will happen.</span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Insufficient Attention to Downside Risk.</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> "What are your </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">contingency plans if the economy slows?"</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Make the Deal Work.</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">"Your financials don’t </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">look very good, but don’t worry, we can find a way to make this work."</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Price for Risk.</span> <span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">"Of course is risky, that´s why we are charging such a premium rate..."</span></div>
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<div align="left" style="font-size: 16px;"><span style="font-size: 16px; color: rgb(1, 1, 1); font-family: Arial; font-weight: bold;">Competition</span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Lenders started </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">making decisions because of what the competitor down the street was doing, rather than </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">concentrating on the merits of the loan in front of them. </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Competitive Euphoria.</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> "I am not going to lose this deal to anyone" </span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1); font-style: italic;">Market Share.</span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"> </span></div>
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<div align="left" style="font-size: 16px;"/><div align="left" style="font-size: 16px;"><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">Commercial </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">lending will always be around, and mistakes will always be made. That is why there are </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">loan loss reserves and provisions. The key, of course, is to remember these painful </span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);">lessons so no one has to learn them the hard way again. Just let the force guide you my Credit Wan</span></div>
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<div><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: Arial;">November 18, 2015 at 12:20PM</span></div>
<div><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: Arial;"><a href="http://ift.tt/1IqMBKB">Open in Evernote</a></span></div>
<div align="left" style="font-size: 16px;"><span style="font-size: 12pt; color: rgb(1, 1, 1); font-family: Arial;">from Alejo Lopez Casao - Blog <a href="http://ift.tt/1HHJfTo">http://ift.tt/1HHJfTo</a></span><span style="font-size: 16px; font-family: Arial; color: rgb(1, 1, 1);"><br/></span></div>
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Goals of Financial Analysishttps://empresologo.postach.io/post/goals-of-financial-analysis2018-11-03T16:51:16.825000Z2015-10-26T10:13:20ZAlejo Lopez<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><span style="font-size: 12pt;"><span style="font-size: 12pt; font-weight: bold;"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/b244ba81-f624-46fa-8fef-1105c3bea3ab/5d6eee49-6a7a-4520-ac7b-319382c224d3.jpg" /></span></span></span></div>
<div><span style="font-size: 12pt; font-weight: bold;">Basic Objectives</span></div>
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<div>Before beginning to analyze a firm’s financial statements, the analyst should know and be able to define the end result being sought. Only if fully <span style="text-decoration: underline;">aware of objectives</span> - both interim and ultimate - can the analyst focus attention on the relevant details.</div>
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<div>Establishing objectives is therefore essential to the process of conducting a truly effective and efficient analysis: <span style="font-weight: bold; text-decoration: underline;">effective</span> in that the conclusions reached will be correct and <span style="text-decoration: underline;">useful</span> for the purposes of the analysis; <span style="font-weight: bold; text-decoration: underline;">efficient</span> in that the analyst will achieve the best results with a minimum expenditure of time and effort.</div>
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<div>With that said, the analyst’s accurate input of data is a must if the final output is to be correct and complete, and second, the spreadsheet utilized is of the utmost importance to ensure that the desired output is reliable.</div>
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<div>In general, financial statement analysis has two basic objectives with respect to a given business enterprise: evaluation of past operating results (<span style="font-style: italic;">horizontal analysis</span>) and current financial condition (<span style="font-style: italic;">vertical analysis</span>) and forecasting of future trends in the firm’s operating performance and financial position. Regardless of who is doing the analysis or what firm is being analyzed, these objectives are always paramount, although their relative importance may vary from one situation to another.</div>
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<div><span style="font-size: 12pt; font-weight: bold;">Capital Equipment Objectives of Statement Analysis</span></div>
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<div>Commercial banks generally aim their analysis at evaluating a commercial loan applicant’s financial position to determine the degree of his creditworthiness, or right of access to bank credit. Since the borrower’s creditworthiness also depends on the ability to service and repay as scheduled, an attempt usually is made to forecast, or assess, the extent of that ability. Commercial bankers, however, deal principally in "productive credits" - short term, seasonally self-liquidating loans to businessmen and others - and application of the second test is seldom necessary. For borrowers seeking only productive credits, a satisfactory current financial condition is adequate proof of creditworthiness.</div>
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<div>In contrast to the short-term debt claims of commercial bankers, Equipment transactions tend to be intermediate to long-term (3-8 years). Accordingly, the emphasis is on the lessee/borrower’s ability to repay its obligations, based not solely on its present financial condition, but on its historic operations and anticipated future income and operating cash flow. The analysis of financial statements of a particular customer focuses on: the relatively long-term (3-5 years) historical profitability of the firm, together with future anticipated financial results, from which we must make an assessment of the degree of risk in extending longer-term financing based on a given rate of return and a certain amount of underlying collateral support.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Nature of Financial Statements</span></span> </div>
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<div>Financial statements are prepared by the management of a company for periodic review or to report on its progress. The statements deal with the status of the investment in the business and the results achieved during the period under review. They reflect a combination of recorded facts, accounting standards/conventions, personal judgments, and company policies. The judgments and conventions applied affect the financial statements materially, and the soundness of the judgments depends on the competence and integrity of those who make them and on their adherence to generally accepted accounting principles.</div>
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<div>Accounting is the body of knowledge concerned with the systematic originating, authenticating, recording, classifying, processing, summarizing, analyzing, interpreting, and supplying of dependable and significant information covering transactions and events which are, in part at least, of a financial character. These functions are required for the management and operation of an entity and for the reports that have to be submitted to meet fiduciary and other responsibilities.</div>
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<div>It is generally recognized that:</div>
<div>(1) financial statements are representations by management;</div>
<div>(2) the public accountant has the responsibility for conducting his examination in accordance with accepted auditing standards; and</div>
<div>(3) the accountant (certified or otherwise) has the sole responsibility for writing his opinion stating, among other things, whether the financial statements are presented in accordance with accounting principles applied on a consistent basis.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">The Opinion</span></span></div>
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<div>A short-form accounting report is given below, and it usually is referred to as an "unqualified" opinion. Limitations on the scope of the examination typically are included in the first paragraph, and qualifications of the opinion are expressed in the second paragraph.</div>
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<div><span style="font-style: italic;">"We have examined the balance sheet of ABC Company as of December 31, 2000, and the related statements of income, stockholder’s equity and changes in financial position for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures that we considered necessary in the circumstances. We previously examined and reported upon the financial statements of ABC Company for the year ended December 31, 2000. In our opinion, the aforementioned financial statements present fairly the financial position of ABC Company at December 31, 2000, and the results of operations and the changes in financial position for the year then ended, in conformity with generally accepted accounting principles applied on a consistent basis."</span></div>
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<div>Accountant’s statements basically make the same representations. A careful phrase by phrase reading of the unqualified opinion provides the meaning of the accountant’s report. The use of the word <span style="font-weight: bold;">examined</span> is considered notice to all concerned that the accountant is neither engaged nor expected to disclose all minor discrepancies. Since accountants usually do not examine accounts in detail, the accountant avoids the use of the word <span style="font-weight: bold;">audit</span> in his report. The accountant limits his balance sheet responsibility to one date and not to any interim date. He is required, however, to report any material events (disclosure) occurring between the date of the balance sheet and the date of his report. It should be noted that the operating period covered is defined, and the related statements are limited. The phrase <span style="font-weight: bold;">generally accepted auditing standards</span> is an unqualified statement of fact, and it implies that the auditor knows the auditing standards generally accepted by his profession. The auditor also gives notice that the examination included all types of accounting records and not just the ledgers. A statement is made that the auditor has no reservations regarding the scope of his examination, and he has done everything in his judgment necessary to warrant an expression of opinion on the accounts examined. (At this point it might be useful to consider the <span style="text-decoration: underline;">distinction between auditing standards and auditing procedures</span>. The former deals with measures of the quality of performance of those acts and objectives to be attained in applying the procedures. The latter relates to acts to be performed, as outlined in an audit program). The opinion expressed can be evaluated in terms of the reputation, experience, and professional standing of the auditor. He is liable for negligence, bad faith, and dishonesty, but not for losses resulting solely from errors of judgment. The auditor links his opinion with the financial statements and states that the <span style="font-weight: bold;">statements present fairly the financial condition of the company</span> in the sense that he believes they are substantially correct. Bear in mind, however, that the judgment involved is an informed judgment, and it is aided by generally accepted accounting principles.</div>
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<div>When financial statements have been prepared in conformity with these principles, they should reflect financial facts fairly, even though approximations and estimates have been necessary. The concluding phrase, applied on a consistent basis, is self-explanatory. Recognize that statements may represent fairly the company’s financial position and results of operations and be in conformity with generally accepted accounting principles, but still not be on a basis consistent with the previous year. Furthermore, the balance sheet may be consistent, but the income statement may be inconsistent.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Materiality</span></span></div>
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<div>Accounting and auditing literature is replete with references to items that are material, significant, of substantial importance, materially distorting, immaterial, etc. These references make it abundantly clear that the concept of materiality plays an important part in auditing, accounting, and reporting of financial information.</div>
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<div><span style="font-style: italic;">"A statement, fact or item is material, if giving full consideration to the surrounding circumstances, as they exist at the time, it is of such a nature that its disclosure, or the method of treating it, would be likely to influence or to make a difference in the judgment or conduct of a reasonable person. The same tests apply to such words as significant, consequential, or important".</span></div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Consolidation</span></span></div>
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<div>A lease/loan request frequently will involve a company that is a subsidiary of a larger concern or a member of a holding company. When leasing to companies of this nature, the analyst may receive consolidating and/or consolidated financial statements. Consolidating statements are presentations of all individual entities comprising the consolidated group, with the accounting entries of consolidation or examination clearly stated. This applies to both balance sheets and income statements. Recognize that consolidated statements may not represent the financial position and operating results of a single legal entity. Consolidated statements may show the data of an economic unit consisting of a group of legal corporate entities. In this case, each subsidiary corporation is a legal entity with distinct and separate rights and obligations. While consolidated statements are of great use in determining the earning power and stability of the economic unit, creditors, especially term creditors, wish to analyze the consolidating statements to ascertain the financial soundness and operating efficiency of each of the holding-company or Group entities; especially if a significant portion of debt rests at the holding company level with the servicing of such debt solely dependent on the operating companies financial results.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Annual Report</span></span></div>
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<div>A significant portion of most reports consists of illustrative graphs, diagrams, and pictures of various company operations. To facilitate comparisons, it has become increasingly popular to include financial data for numbers of prior years as well as for the current year. There have also been examples of the inclusion of competitive financial data. Some reports include supporting schedules or units produced. Stockholder, or annual reports, of publicly held companies are quite helpful in credit analysis, revealing physical facilities, production results, employees, major shareholders, etc. In addition, most annual reports of leading companies contain a substantial amount of data describing operations, expectations for the future, affiliated company results, etc.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Direct Statements</span></span></div>
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<div>Company prepared interim-financial statements can be meaningful (when attested to and signed by corporate officers). This depends on the quality of the internal accounting system. Constantly seek to have an interim company-prepared financial statement signed by a corporate official, if possible. This is a warranty that the statement is true to the best of their knowledge. Additional sources of financial information include statements of corporate officials to the press and speeches to public organizations. Such releases may provide information about financial conditions and policies, plans for future expansion, labor relations, government controls, contemplated financing, etc. Many corporate spokespersons appear before financial analysts. Their remarks are usually detailed and frequently reproduced and distributed to other members and occasionally to the press.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Pro Forma Projection</span></span></div>
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<div>The analyst may have projections, pro forma statements, budgets, or forecasts. Pro forma statements purport to reflect the receipt and application of the proceeds of a financing transaction and other material events. When pro forma statements involve economic projections, the basis for the changes should be clearly stated and documented in detail. Changes reflected in pro forma income statements and balance sheets should be reviewed for reasonableness, and they should be accompanied by notes clearly indicating the facts and assumptions employed. Revenue increases and cost reductions are the norm and should be scrutinized. Accomplishment is a question of probabilities.</div>
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<div><span style="font-size: 12pt; font-weight: bold;">Cash Basis Accounting</span></div>
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<div>One of the analyst's major concerns is to note whether financial statements are prepared on an accrual, cash, or regulatory basis. Statements prepared on a cash basis reflect only income and expenditures resulting from actual cash receipts and disbursements. Such a statement is not a true reflection of costs incurred during a period. Since most businesses are conducted on a credit basis, a statement which portrays only cash transactions usually fails to reflect all the transactions affecting gains and losses for the period under review. Cash basis accounting, however, has distinct applications in many areas. It is prevalent in real estate venture operations and installment sales businesses. "Regulatory Basis" statements are issued primarily by banks and insurance companies under regulation.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Accrual Accounting</span></span></div>
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<div>Accrual accounting takes into consideration transactions during the period under review, whether on a cash or credit basis. Unless it is specifically stated to the contrary, a financial statement is presumed to have been prepared on the accrual basis. When the company closes its books at the end of an accounting period, there invariably exist certain unrecorded items of income and expense. Unless these items are reflected in the accounts, income for the current and subsequent years will be distorted. Such items include accrued and deferred income and expense. Omission of accrued income and deferred expense will understate current income, and omission of accrued expenses and deferred income will overstate earnings. Since the determination of amounts charged against or taken into income in an operating period rest with management, net income obviously may be manipulated to show a greater or lesser amount, depending on the objective.</div>
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<div><span style="font-size:12pt;"><span style="font-size: 12pt; font-weight: bold;">Options and Objectives</span></span></div>
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<div>Constantly be aware of the accounting alternatives available to management. Depending on management objectives, conservative or liberal policies can be applied to the balance sheet and/or the income statement. For instance, if management is primarily interested in earnings per share, straight-line depreciation will be used rather than accelerated; capitalized costs and interest expenses as opposed to expensed; rapid recognition of earnings rather than more conservative alternatives; and possible reluctance to reserve for or write-off doubtful accounts and notes receivable. Again, depending on the objectives of management, both the quality of the balance sheet and the income statement can be suspect.</div>
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<div style="box-sizing: border-box; margin: 0px; padding: 0px; color: rgb(0, 0, 0); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><span style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 8pt;"><i>October 26, 2015 at 11:13AM</i></font></span></div>
<div style="box-sizing: border-box; margin: 0px; padding: 0px; color: rgb(0, 0, 0); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font-size: 8pt;"><i><span style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;">from Alejo Lopez Casao - Blog</span><span style="box-sizing: border-box; color: rgb(0, 0, 0); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;"> </span><a href="http://ift.tt/1ZGafr0" style="box-sizing: border-box; color: rgb(0, 0, 238); font-family: "Segoe UI"; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px;">http://ift.tt/1ZGafr0</a></i></font></div>
Credit vs Financial Analysishttps://empresologo.postach.io/post/credit-vs-financial-analysis2016-08-02T22:09:09.141000Z2015-10-26T10:09:10ZAlejo Lopez<div>Credit Analysis (the study and analysis of risk inherent in a financial transaction) is an indispensable part of the lending and leasing business. Financial Analysis is a major part of that credit analysis. A successful credit analyst is normally a fairly well-heeled financial analyst, but being a good financial analyst is not synonymous with being a good credit analyst. The difference is judgment based on the experience of the analyst.<br clear="none"/></div>
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<div>Financial or statement analysis, as a part of credit analysis, must be accompanied by the whys and wherefores of change, the effects of change, and the implications of projected change. Credit analysis is not rigid in its approach; it is flexible. View credit analysis as a systematic approach to decision-making, putting pieces of a puzzle together, weighing the “pros" and “cons" of a transaction, and being both subjective and objective.</div>
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<div>Credit decisions are made by relying on personal judgment and experience, absent of perfect information, but should only be made with the benefit of sufficient information to render an informed decision. Credit analysis is not an intellectualized or scientific game. The credit analyst must live with his/her decisions. They must watch the outgrowth of their decisions daily, making adjustments as needed, and in some cases reversing positions substantially or completely.</div>
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<div>(posted on Linkedin) </div>
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Do you know your customer?https://empresologo.postach.io/post/do-you-know-your-customer2018-11-12T16:36:00.825000Z2015-10-20T11:11:30ZAlejo Lopez<div><br clear="none"/></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"> Do you really know your customer? Sure it happened to you..." the (loan) application is being analyzed by the risk department" or " the risk analyst is looking at your case right now.." and you get an image of a bunch of (freaky) people crunching numbers and statistical data in their laptops without even knowing the name of your company or what do you do... or what do you want the money for...</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">(posted on <a shape="rect" href="http://ift.tt/1W3fSRP">Linkedin</a>) </span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">And it should not be like that! In fact, the analyst should be part of the front office along the sales person... they should visit the customers and get first hand impressions of the customer.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">Customer visits are invaluable to the credit analyst as a means to clarify and to supplement the information made available by the customer and the sales person. The focus of the customer visit is, of course, an interview with an officer or officers of the company under review. Frequently, it is possible, and may be desirable, to supplement the interview with an inspection of the company’s operating facilities.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">The analyst should approach the interview with the primary objective of obtaining answers to the questions, which have arisen during the initial investigation of credit information. The purpose of the customer visit should not be for additional news or initial information gathering.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">Before making the visit, it is essential that the analysts examine thoroughly and analyze carefully all information made available and/or published information on the company. Its annual and interim reports, product brochures, equipment information, receivable lists, suppliers, commodity pricing, major customers, major projects and backlog, and all debt obligations should be obtained and reviewed. In addition, it is advisable to seek any additional information on the company or its industry, which is available by statistical services, in reports by industry associations, trade publications, and by government agencies.</span></div>
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<div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;">The analyst should obtain a good working knowledge of the company, its products, markets, industry standing, financial history, and the nature of competition, potential industry problems, and the company’s strategic aims. At the same time, the analyst should develop questions as to "why" certain events have happened, and "how" the company’s financial record and present financial standing developed. To obtain optimum results from the facilities visit, the analyst should make a complete<span style="font-weight: bold;"> listing of all inquiries</span> to be made and organize those inquiries in logical sequence to cover each area of interest and to expedite the investigation. A carefully organized interview featuring precisely worded questions and a minimum of generalizations, stands the best chance of getting the full cooperation of the customer, because it reveals professionalism to have "done your homework." .</span></div>
<div>The analyst should be able to better understand (a) the demand for its products or services; (b) the prices received; (c) the direct and indirect costs; and (d) the requirements and means available to finance its operations. A clearer picture may be obtained of the manner in which the company’s product mix, operating procedures, and financial policies are similar from competitors and why, and then discuss the company’s strengths and weaknesses.</div>
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<div>If the facility visit also includes an inspection of the company’s operating facilities, possibly there will be some opportunity to observe if operating policies and controls are being implemented as intended. It is usually pertinent to discuss the company’s long-range planning and the direction of its research and development work, if applicable. Also, inquiry can be made about technological, market, or other developments, present and potential, which may have significant influence on demand for the company’s products or services, or on their prices and/or costs. Finally, it is conceivable that from the facility visit the analyst can begin to obtain some basis for evaluating the caliber of the company’s management.</div>
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<div>In evaluating the information obtained from a facility visit, analysts should take care to check and recheck for possible errors or misunderstandings if their findings appear to contradict published financial data.</div>
<div>And then, make a recommendation based not only on numbers.</div>
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<div>from Alejo Lopez Casao - Blog <a shape="rect" href="http://ift.tt/1Xh99kt">http://ift.tt/1Xh99kt</a></div>
5 calculations no Credit Manager should do by handhttps://empresologo.postach.io/post/5-calculations-no-credit-manager-should-do-by-hand2018-11-13T17:27:17.206000Z2015-10-19T10:37:47ZAlejo Lopez<div>A credit manager wants to achieve maximum results – visible through measurements and metrics. Daily measurements showing the financial health of your receivables portfolio and how your team is performing against their targets are essential in order to stay on track.</div>
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<div>However, most of them mean collecting information from various systems topped up by hours of Excel building. That´s why a good system or credit software might be of handy.</div>
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<div><span style="text-decoration: underline;"><strong>1. DSO - Days Sales Outstanding.</strong></span> It’s a measure of the average number of days your team takes to collect revenue after an invoice has been sent. A relatively high DSO typically indicates that an organisation has a customer portfolio with credit challenges or a collections team that is underperforming. A low DSO can come from a high performing team, but also be a signal that credit policies are too tight which could impact an organisation’s competitive position in the longer run. There are several ways of calculating DSO, but in general it tells you:<br clear="none"/><ol><li style="list-style: none; display: inline;"><ul><li>How quickly your customers are paying </li><li>How well your credit and collections team is performing</li><li>How long it takes on average to collect open invoices</li><li>An indication of your customer satisfaction - happy customers have fewer reasons not to pay!</li><li>The credit position of your customers</li><li>How well you are doing compared to your internal or industry peers - a benchmark</li></ul></li></ol><br clear="none"/> <span style="text-decoration: underline;"><strong>2. Ageing Invoice,</strong> </span> how long the invoice ages (like wine ages, but in this case it turns in vinager) before the customer pays an invoice. The ageing should be as low as possible of course. The oldest invoices (and largest) are the biggest worry for a credit manager. Not only for it will become more and more difficult to recover but also for how much money (interest, margin,..have you already missed on these unpaid invoices).</div>
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<div><span style="text-decoration: underline;"><strong>3. Historical payment period</strong> </span>The historical payment period shows an average over the whole of last year. So the more invoices the customer has paid, the more accurate this number becomes since it’s a weighted average.</div>
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<div><span style="text-decoration: underline;"><strong>4. Customer Score.</strong> </span>Based on data which comes from payment behaviour, from external systems or even third party data sources. An example is a sudden change in a customer’s payment behaviour which could be an early warning signal of bigger problems. Taking proactive action can help prevent bigger issues in the future.</div>
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<div><strong><span style="text-decoration: underline;">5. Interest and Cost - </span></strong>Both for internal reference (what is this open invoice actually costing me?) and external reference (dear customer, please be informed that this is what this open invoice is costing me) it’s a great calculation.</div>
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5 P approach to credit analysishttps://empresologo.postach.io/post/approach-to-credit-analysis-intro2018-11-12T16:46:36.601000Z2015-09-14T15:58:54ZAlejo Lopez<div><div style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><div style="font-size: 16px;"><span style="font-size: 16px; font-family: 'Times New Roman';">A useful framework for sorting out the facts and opinions in credit analysis is the "Five P" approach:</span></div></div>
<div style="font-size: 16px;"><span style="font-size: 16px; font-family: 'Times New Roman';"><strong>People, Purchase, Payment, Protection, and Perspective</strong>. The "Five P" model dissects the information and focuses on risk. This enables a investor to reach a conclusion rapidly in each category and to make his/her final decision by weighing the categories, with People and Payment normally carrying the most weight (despite the predilection of many bankers for Protection, probably because it is the easiest area to quantify)</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">I</span></span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">.</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">Means ofConducting Business</span></span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">Any meaningful quantitative analysis must be based on a solid understanding of the qualitative </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">factors which affect the company; this is captured in an analysis of People.</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-style: italic;"><strong>People</strong></span></span> <span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">should be </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">appraised on three bases: Business Operations, Management/Ownership, and Banking relations. </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">An evaluation of operating and economic trends, returns on equity and returns on total assets </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">relative to those of competitors can be good indicators of success. Keep in mind, however, that </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">private companies often mask their true profitability in order to shelter taxes and therefore can be </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">difficult to compare to the industry. An investigation of the principals' background through the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">normal sources of professional relationships, supplier and competitor checks, and agency and </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">litigation records is indicative of their integrity and professional competence. The company's </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">treatment of its bankers is demonstrated by the principals' willingness and ability to repay debt as </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">agreed, their negotiations in good faith, their reasonable attitude toward disclosing appropriate </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">and representative financial and credit information, and their realization that a fair profit for the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">bank is a prerequisite for a continuing relationship.</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">II. Actual vs. Stated Financing Needs</span></span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">The next major area to explore is the <em><strong>Purpose</strong></em> of the loan. Is this a productive loan which is </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">appropriate to the company's funding needs? In balance sheet terms, the purpose of every bank </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">loan can be assigned to one of three categories: (1) support or acquire assets; (2) replace </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">liabilities, or (3)replace equity. Assets may be further divided into three types: (1) current assets </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">of seasonable na ture, (2) current assets of a non-seasonable nature, and (3) non-current assets, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">often for productive capacity. Replacing liabilities can take the form of either assistance in taking </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">trade discounts, making tax payments, or the significantly riskier category of "taking out" (or </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">"bailing-out") other banks or financial institutions. Replacing equity is a risky purpose since the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">effect of substituting debt for equity will substantially increase leverage. Occasionally such a </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">loan is appropriate, however, partic ularly in solving control problems of highly profitable </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">companies.</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">III</span></span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">.</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">Repayment Analysis: The Core of Credit Judgment</span></span></div>
<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Payment</span></span> <span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">is the main focus of the analysis. The real test of the analyst is his/her ability at the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">outset of a loan to establish a "roa dmap to repayment." Payment normally is related to Purpose, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">and as such should be both appropriate for the borrower's need and within the acceptable </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">time-frame (tenor) for the financing requirement. The analyst must examine the source and </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">timing of repayment and be convinced that the probability of fulfillment is high. The difficulty in </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">analyzing repayment is that the analyst is dealing in the uncertainty of the future, armed primarily </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">with information from the past. The past will suggest the probabilities of future events unless the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">company is involved in significant mergers, acquisitions or divestitures, or is changing the nature </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">of its operations through consolidation or diversification. Alternatively, the borrower may exhibit </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">a high degree of technologic al or regulatory change by the nature of its industry or may have an </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">extremely volatile track record. Projection analysis is an integral part of Payment.</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">Asset conversion loans</span></span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">, whether for seasonal needs or a "one-shot" contract, should be</span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">analyzed using the "accordion" balance sheet concept: when and how much do total footings </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">expand, and when and how much do they contract? The source of repayment lies in the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">increase in trading assets purchased with bank funds. Their timely reconversion into cash </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">should retire the bank debt and provide an increment to retained earnings to offset </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">inflationary cost increases and to finance growth. The single best historical indication to use </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">in seasonal loan repayment analysis is whether the company has been able to accomplish at </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">least a 30-day all-bank clean up at the low point of its natural operating cycle. As a corollary, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">management's policies and procedures regarding inventory and receivables should be </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">explored. What procedures does management use in developing credit information on new </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">customers, limiting concentration, policing slow payers, and recognizing bad debts? As far as </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">inventory is concerned, how good is management's judgment or style or technology; what is </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">the raw material, work-in-process, and finished goods mix; are there control problems (e.g., </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">consignment transactions); is there an inventory "cushion", and is there adequate insurance </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">coverage? Asset conversion loans normally are for a limited time period only. The </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">uncertainty of the future is less than in other loans because their short tenor is more readily </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">analyzed; however, cash flow is important to analyze because it may provide a viable</span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">longer-term source of payment if asset conversion is inadequate in timing or magnitude. </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">Any loan which is not repaid by seasonal asset conversion is a</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">cash flow loan</span></span> <span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">which is repaid </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">from future internally generated funds or external funds, debt or equity, which the firm can attract </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">because of its financial condition or potential. Therefore, the analyst must focus his examination </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">on the quality, the magnitude, and the trend of reported profits, being key drivers of cash flow.</span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">Non-cash charges, principally depreciation, amortization and deferred taxes, must be analyzed as </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">to their continuity. Capital expenditures, due to inflation, technological change, and growth, will </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">normally exceed depreciation expense and deferred taxes, just as deferred taxes arising from </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">installment sales are usually more than offset by higher receivable levels. With few exceptions, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">non- cash charges are sources of cash which are exceeded by the related uses of cash. This forces </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">an analyst back to a judgment about the magnitude of future profitability relative to the calls on </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">that profitability in the form of debt maturities, dividends, and requisite asset levels, particularly </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">receivables, inventory, and capital expenditures. Because of this complex matrix of uncertainties, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">a reasonable margin for error must be built into any repayment schedule.</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">IV</span></span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">.</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">The Second Way out</span></span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">A properly structured loan includes a "second way out"; in case the primary repayment source </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">fails.</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Protection</span></span> <span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">can be internal, where the lender looks exclusively to the borrower, and </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">external, where a third party adds its responsibility to that of the borrower. Internal protection </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">can be either specific collateral or future cash flows if the primary source of repayment is asset </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">conversion. Collateral should be analyzed as to whom controls it physically (the bank, the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">borrower, or the third party), its marketability, and therefore, the appropriate advance rate (for </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">formula -based facilities). Internal protection can be enhanced by loan agreement covenants </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">alerting the lender to liquidity problems, excessive leverage, third party claims to assets, and a </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">variety of other restrictions. External protection most commonly takes the forms of guarantees, </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">endorsements, or repurchase agreements. However, a loan based solely on the credit </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">responsibility of the guarantor is often a high risk loan at the outset because there is only one</span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">source of repayment.</span></div>
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<div><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-weight: bold;">V. The Overview - Risks and Mitigants</span></span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">The last of the "5P's" of credit is</span> <span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Perspective</span></span><span style="font-size: 11pt;"><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman'; font-style: italic;">;</span></span> <span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">does the credit make sense within the basic </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">framework of risks and mitigants? Here the principal risks of a particular borrower or those </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">inherent in a specific transaction should be reviewed. The analyst should assess how the risk are </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">being mitigated, or where a risk cannot be fully recovered, why we should proceed with the </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">proposed transaction.</span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">The pricing and structure of a transaction are important components of the Perspective section. It </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">is important for every banker to understand the new capital adequacy guidelines because they </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">affect the price and cost of products both on and off the balance sheet. For each product and </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">transaction, it is important to know the capital requirements, the cost of capital, and whether </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">product revenues will likely cover he cost.</span></div>
<div><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">Commercial banking is more art than science, particularly in this rapidly changing and complex </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">credit environment. However, a systematic approach such as the "5P's" touches on the basic </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">issues of almost any transaction in a logical and time-saving manner. An analyst who has </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">mastered the basic techniques of financial statement and cash flow analysis, and who organizes </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">the data in this decision-making framework, should find that his/her credit judgment is more </span><span style="font-size: 11pt; color: #010101; font-family: 'Times New Roman';">focused.</span></div>
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<div><span style="font-size: 8pt; font-family: Scheherazade;"><span style="color: #010101; font-family: Scheherazade; font-size: 8pt; font-style: italic;">September 14, 2015 at 05:58PM</span></span></div>
<div><span style="font-size: 8pt; font-family: Scheherazade;"><span style="color: #010101; font-family: Scheherazade; font-size: 8pt; font-style: italic;">from Alejo Lopez Casao - Blog </span><a shape="rect" style="font-family: Scheherazade; font-size: 8pt; font-style: italic;" href="http://ift.tt/2rfjjr2">http://ift.tt/2rfjjr2</a></span></div>
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The DSO or that unclear Key Indicator..https://empresologo.postach.io/link/the-enigmas-of-the-dso2018-11-03T17:12:45.906000Z2015-05-20T21:28:27ZAlejo Lopez<div><div><span style="word-wrap: break-word; -webkit-nbsp-mode: space; -webkit-line-break: after-white-space;"><span style="font-weight: bold;">The DSO is the KPI for the management of accounts receivable but it is not always easy to understand and to interpret. What is really the DSO?</span></span></div><div><br/></div><div><br/></div><div>The DSO is certainly the most widely used indicator in credit management in all countries of the world.</div><div><br/></div><div>It is a major challenge because of its key role in evaluating business performance and its effect on the working capital requirement (WCR).</div><div><br/></div><div>However, it is not easy to grasp. It is the subject of discussions the more passionate and discordant that the speakers are experts in credit management. Interpretation of the results of the Days Sales Outstanding sometimes down to almost insoluble oware.</div><div><br/></div><div>Moreover, what is the DSO? What are the different methods of calculation? How to improve it?</div><div><br/></div><div><span style="font-weight: bold;">A not so obvious definition</span></div><div><br/></div><div>Many people think that the DSO is the average payment period of customers, probably because it is an easy explanation to give and to understand. This is false.</div><div><br/></div><div>Indeed, it is calculated with open receivables, that is to say invoices not yet paid by customers. How can we deduce an average delay of payment then?</div><div><br/></div><div>If it is in part the payment terms granted to customers, it is simply the number of days of sales* recognized and not yet paid.</div><div><br/></div><div><span style="font-style: italic;">*the recognition of revenue is not necessarily linked to the billing but in some cases to the advancement of costs (IFRS rules on projects management).</span></div><div><br/></div><div>From an accounting point of view, it is called the receivable rotation period.</div><div><br/></div><div>Like any current asset, the accounts receivables are transitory accounts.</div><div><br/></div><div>An item (invoice...) created in one of these accounts is not expected to persist but to be cleared after a reasonable time. Otherwise, a doubt arises regarding the collectability of the debt with as a consequence the need to take a provision.</div><div><br/></div><div>A DSO drift may therefore lead to a decrease of the company's results in addition to an increase of the working capital requirement.</div><div><br/></div><div><span style="font-weight: bold;">Several calculation methods which do not facilitate its interpretation</span></div><div><br/></div><div>It is possible to identify two main calculation methods: the balance sheet method and the <a href="http://www.creditmanagement-tools.com/dso-calculation-c5-r51.php">roll back method</a> of exhaustion of the receivables by the sales. There are in addition a multitude of variances on data considered by companies to calculate it.</div><div><br/></div><div>The same method applied in two different companies give different results just because the first one deduct the provisions for bad debts or provisions made for credits to be issued (trade discounts, year-end bonuses ... etc.) from the receivable, which directly influences the result.</div><div><br/></div><div>In addition, two calculation methods produce different results because they do not have the same sensitivity to the monthly changes in turnover.</div><div><br/></div><div>It is therefore risky to compare the DSO of several companies. To do this we would need to analyze in detail the calculation methods for often find that they differ.</div><div><br/></div><div><span style="font-weight: bold;">How to interpret the results</span></div><div><br/></div><div>Many credit managers regularly ask themselves one of these questions:</div><ul><li><div>Why the result rose 3 days this month?</div></li><li><div>How to explain a sudden improvement (ie reduction)?</div></li></ul><div>The answer is rarely obvious. Indeed, the DSO is the result of several variables that may have contradictory effects and make complex explanation of the causes of the result.</div><div><br/></div><div>For example, the balance sheet method calculated over 3 months of turnover is very responsive to sales changes. A big month of turnover just realized improves the indicator but will deteriorate in a few months, when it comes out of the calculation when all the debt it has generated has not yet been cleared.</div><div><br/></div><div>The explanation of the result goes through the analysis of changes in receivable positions: not due invoices and overdue items, credit notes issued, payments received, provisions...etc. This has to be analysed dynamically with the change of the turnover.</div><div><br/></div><div>Indeed, the DSO may vary in the opposite direction of the evolution of the receivable if the turnover has varied in the same direction but more.</div><div><br/></div><div>For example, if the receivable has fallen by 50 000 but the turnover last month decreased by 80 000, the DSO will increase.</div><div><br/></div><div>To better understand the DSO, it is necessary to decline it into parts, for example by current DSO (corresponding to unmatured invoices) and DSO overdue (resulting from the delay of payment of invoices).</div><div><br/></div><div>It is possible to split it for each type of data that are present in the accounts receivable.</div><div><br/></div><div><span style="font-weight: bold;">Example of split with the contractual and overdue parts</span></div><div><br/></div><div><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/bdbacbe6-46af-4fb8-beb9-8be8055b46f1/4907896e-8808-4384-b3f3-70e8f4770ade.jpg" alt="déclinaisons du Days Sales Outstanding" style="cursor: default;cursor: default;cursor: default;"/></div><div>This breakdown allows to better understand the results and explain the reasons of the changes of the indicator.</div><div><br/></div><div>In this example, we see that the indicator is deteriorating because of the rise of late payments except for the last figure when overdue started to decrease.</div><div><br/></div><div>The other advantage is to clearly identify whether the indicator improves for good or bad reasons. For example, if the receivable related to doubtful accounts are deducted from the receivable amount used for calculation , the result will be better in case of new provision due to bankruptcy of a customer, which is not satisfactory.</div><div><br/></div><div><span style="font-weight: bold;">How to improve it?</span></div><div><br/></div><div>The best ways to sustainably improve the DSO are simpler than its daily interpretation. This is to get better payment terms with its customers and to apply them:</div><ul><li><div>Get more <a href="http://www.creditmanagement-tools.com/down-payment-and-payment-in-advance-c2-r23.php">downpayments</a>.</div></li><li><div>Reduce the <a href="http://www.creditmanagement-tools.com/set-up-the-payment-term-c2-r22.php">payment terms</a>.</div></li><li><div><a href="http://www.creditmanagement-tools.com/set-up-the-payment-term-c2-r22.php">Secure the receivable</a> to avoid overdue and unpaid invoices.</div></li><li><div>Manage well risks on <a href="http://www.creditmanagement-tools.com/business-cases-management-c8-r840.php">projects and business cases</a>.</div></li><li><div>Improve <a href="http://www.creditmanagement-tools.com/recouvrement-de-creances-c3.php">collection processes</a>.</div></li><li><div>Manage well and quickly the <a href="http://www.creditmanagement-tools.com/invoices-dispute-management-c3-r781.php">disputes</a>...</div></li></ul><div>...are essential actions for an optimized indicator.</div><div><br/></div><div><span style="font-weight: bold;">Conclusion</span></div><div><br/></div><div>The DSO is an imperfect indicator of performance. It can be coupled with other indicators (overdue rate, unpaid rate ... etc.) to evaluate the performance of a business in accounts receivable management.</div><div><br/></div><div>With a volatile nature, it must be interpreted on an average of at least several months and do not get excited or tense because of a sudden change.</div><div><br/></div><div>However, it is essential that it is calculated and followed whatever is the size of the company because it allows to quickly identify a drift of customers' payment behavior and / or of payment terms granted to them.</div><div><br/></div><div>It is also the main component of <a href="http://www.creditmanagement-tools.com/the-working-capital-c6.php">working capital requirement</a>, and therefore deserves all the attention of business leaders and managers.</div><div><br/></div><div>from Alejo Lopez Casao - Blog <a href="http://ift.tt/1UJdGMf">http://ift.tt/1UJdGMf</a></div><div><br/></div></div>Business Risk Decissionhttps://empresologo.postach.io/post/business-risk-decission2018-11-12T14:17:21.586000Z2015-01-27T15:43:35ZAlejo Lopez<div>It is important that the professional lender remains objective, avoiding the temptation to become emotionally commited to other than providing a service. The borrower may well have been planning the project over a long period and expects an inmediate answer... however, the lender must take the time necessary to reach a lending decission, it is not in the interest of either party to get it wrong...<br clear="none"/> <br clear="none"/> The decision must been taken following certain principles and structure:<br clear="none"/></div>
<div><br clear="none"/></div><ul><li>is the borrower known and competent?</li><li>who introduced him?</li><li>to what use will the monnies be put?</li><li>is the amount reasonable?</li><li>can he repay the debt when due?</li><li>is any security available and cost effective?</li></ul><div><br clear="none"/></div>
<div> <br clear="none"/> Take a look at the <a shape="rect" href="https://app.box.com/s/w36zzd6m90uhc063g0bvy9kpcony40mm">diagram </a> for more on this process.<br clear="none"/> <br clear="none"/></div>
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<div><br clear="none"/> <br clear="none"/> from Alejo Lopez Casao - Blog <a shape="rect" href="http://ift.tt/1LeEOxP">http://ift.tt/1LeEOxP</a></div>
Reforma fiscal 2015https://empresologo.postach.io/post/reforma-fiscal-20152015-03-06T00:55:38.492000Z2015-01-08T10:52:33ZAlejo Lopez<div><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">con fecha 28 de noviembre de 2014, se publicaron en el BOE los textos legales de la </span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">reforma fiscal.</span></span></span></font></span></b></font></div><br clear="none"></br><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;"> La entrada en vigor, con carácter general es del </span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">1 de enero de 2015.</span></span></span></font></span></b></font></div><br clear="none"></br><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;"> A continuación, le resumimos los cambios más destacados:</span></span></span></font></font></div><br clear="none"></br><div style="text-align: justify;"><div><br clear="none"></br></div></div><div style="text-align: justify;"><span style="font-size:13.5pt;"><font face=" verdanasans-serif"><font color="#333333"><b><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">I.-</span></span></span></b></font></font></span><span style="font-size:13.5pt;"><font face=" verdanasans-serif"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;"> </span></span></span></font></font></span><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">En el Impuesto sobre la Renta de las Personas Físicas (</span></span></span></font></span><font face=" verdanasans-serif"><u><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">IRPF</span></span></span></font></span></b></u></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">) (</span></span></span></font></span><i><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">modificaciones introducidas por la Ley 26/2014, de 27 de noviembre):</span></span></span></font></span></i></div></div><ul></ul><ul><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">La </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">bajada de tipos de gravamen</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de manera progresiva entre el año 2015 y 2016. </span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">Incremento de los</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;"> mínimos personales y familiares.</span></span></span></span></span></span></font></span></b></font></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">Reducción en las retenciones para profesionales. El tipo general para el </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">2015 se fija en un 19%</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;"> (Se adjunta tabla de retenciones).</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevos </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">incentivos al ahorro</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;"> (Planes Ahorro a largo plazo).</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l2 level1 lfo1;"><span style="margin-top:px;"><span style="margin-bottom:px;">Limitaciones a la tributación en régimen de estimación objetiva (módulos) (a partir del 1 de enero de 2016). Concretamente:</span></span></span></span></span></span></font></font></div></li></ul><div></div>
<div><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Se reduce a </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">150.000 € el volumen de rendimientos</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> de todas las operaciones (de los cuales, como </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">máximo 75.000 €</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> podrán tener como destinatarios a otros </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">empresarios</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> o personas jurídicas) </span></span></font></span><br clear="none"></br><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Se reduce a </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">150.000 € el límite por volumen de compras</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">. </span></span></font></span><br clear="none"></br><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Se </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">expulsa</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> del régimen a determinadas actividades como la </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">fabricación y construcción</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">.</span></span></font></span><br clear="none"></br><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Se revisan las magnitudes del </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">transporte de mercancías y servicios de mudanzas. </span></span></font></span></b></font></div><ul></ul><ul><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">Limitación a </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">180.000 €</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> máximo de la exención por las </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">indemnizaciones </span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">percibidas por despido.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">Eliminación de la </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">exención</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">por dividendos de 1.500 €</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> anuales por declaración. </span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">Supresión de los </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">coeficientes de actualización</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> aplicables a la venta de inmuebles. </span></span></span></span></span></span></font></span></div></li></ul><div><div style="text-align: justify;"><span style="mso-list:Ignore;"><span style="font-size:10.0pt;"><font face="Symbol"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;">·</span></span></span></span></span></span></span></span></font></font></span></span><span style="font:7.0pt "Times New Roman";"><span style="mso-list:Ignore;"><span style="font-size:10.0pt;"><font face="Symbol"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"> </span></span></span></span></span></span></span></span></font></font></span></span></span><span style="font-size:10.0pt;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;">Establecimiento de una cuantía máxima del valor de transmisión de </span></span></span></span></span></span></span></span></font></span></span><font face=" verdanasans-serif"><b><span style="font-size:10.0pt;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;">400.000 €</span></span></span></span></span></span></span></span></font></span></span></b></font><span style="font-size:10.0pt;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"> para poder aplicar los </span></span></span></span></span></span></span></span></font></span></span><font face=" verdanasans-serif"><b><span style="font-size:10.0pt;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;">coeficientes de abatimiento</span></span></span></span></span></span></span></span></font></span></span></b></font><span style="font-size:10.0pt;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:0cm;"><span style="margin-right:0cm;"><span style="margin-bottom:0cm;"><span style="margin-left:36.0pt;"><span style="margin-bottom:.0001pt;"><span style="text-indent:-18.0pt;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"> en la transmisión de determinados elementos patrimoniales. Los coeficientes de abatimiento, introducidos en 1992 y congelados en 2006 (aplicables a cualquier ganancia patrimonial), permiten en el caso de bienes adquiridos antes del 31 de diciembre de 1994 reducir la plusvalía generada entre la fecha de compra de la vivienda y el 19 de enero de 2006.</span></span></span></span></span></span></span></span></font></span></span></div></div><ul></ul><ul><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">Minoración del límite de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">aportaciones a planes de pensiones ( 8.000€).</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> </span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">Creación de un</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> impuesto de salida</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> en caso de residentes que se</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;"> trasladen fuera de España</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Supresión de la </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">deducción estatal por alquiler de vivienda</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">.</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Desaparece la exención por la </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">entrega de acciones</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> o participaciones </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">a trabajadores hasta 12.000€</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">, a no ser que la oferta sea a toda la plantilla en las mismas condiciones</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Las </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">pensiones extranjeras no declaradas podrán regularizarse</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> sin sanciones, recargos , ni intereses</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Modificación del porcentaje de reducción de </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">“rendimientos irregulares"</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> que pasa </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">del 40% al 30%</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">, con el límite de 300.000€</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Supresión de la </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">reducción del 100% de los arrendamientos de vivienda a menores de 30 años.</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> </span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Se elimina la distinción entre </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">ganancias y pérdidas patrimoniales</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> a corto y a largo plazo, integrándose todas en la </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">base del ahorro</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">.</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">La </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">venta de los derechos de suscripción</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> preferente de valores cotizados pasan a </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">tributar en el momento de la venta</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> y no reducen el precio de adquisición.</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Para el cálculo de la </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">imputación de renta inmobiliaria</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">, se tendrá en consideración si el inmueble ha sido </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">revisado en los 10 años anteriores</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">. Actualmente para computar el tipo del 1,1% del valor catastral, el valor catastral tenía que ser revisado en un año posterior al 1994.</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Se establece un</span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> límite de tiempo para poder aplicar la reducción del 40%</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> en los rescates de </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Planes de Pensiones</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> en forma de capital, una vez ocurrida la contingencia ( jubilación)</span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Las </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">Sociedades Civiles</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> ( S.C.P por ejemplo ) con objeto mercantil, pasan a </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">tributar por el impuesto de sociedades</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;"> a partir del </span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">1.1.2016</span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l1 level1 lfo2;"><span style="margin-top:px;">.</span></span></span></span></font></span></div></li></ul><div><div style="text-align: justify;"><span style="font-size:13.5pt;"><font face=" verdanasans-serif"><font color="#333333"><b><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">II.-</span></span></span></b></font></font></span><font face=" verdanasans-serif"><font color="#333333"><b><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;"> </span></span></span></b></font></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">En el Impuesto sobre Sociedades (</span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">IS</span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">), (</span></span></span></font></span><i><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"><span style="line-height:18.0pt;">modificaciones introducidas por la nueva Ley 27/2014, de 27 de noviembre, del Impuesto sobre Sociedades):</span></span></span></font></span></i></div></div><ul></ul><ul><li><div style="text-align: justify;"><font face=" verdanasans-serif"><b><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">Bajada de tipos de gravamen</span></span></span></span></span></span></font></b></font><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de manera progresiva entre el año 2015 y 2016 ( 28% para el 2015 y 25% para el 2016). Las PyMes continúan con el 25% para los primeros 300.000€</span></span></span></span></span></span></font></font></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevos beneficios fiscales vía creación de la </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">reserva de capitalización</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;"> y </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">de nivelación</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">. La reserva de capitalización permite, a grandes rasgos, reservar hasta el</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;"> 10%</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de los beneficios que quedará exento de tributación, sin que sea necesario que éstos se reinviertan en activos de la propia empresa. Por otro lado, se elimina la deducción por reinversión de beneficios y se crea la reserva de nivelación, creada en </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">exclusiva para las pymes</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">, cuando esos beneficios no repartidos se reinviertan en recursos propios de la empresa. Se permite pues, una deducción extra, puesto que dichos fondos dejarían de tributar durante cinco años. Así, y con el objetivo fundamental de compensar pérdidas, esta reserva le permitirá la deducción de la base imponible de otro 10% y, de no generarse pérdidas durante el periodo, la reserva pasaría a formar parte de la base imponible sujeta a tributación. Aplicando sólo la reserva de nivelación, y con un límite de hasta un millón de euros, las pymes alcanzarían un tipo del 22,5% y, combinada con la de capitalización, éste se quedaría en el </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">20,25%</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l3 level1 lfo3;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevo </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">plazo ilimitado para la compensación de Bases Imponibles Negativas</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">, y nuevo plazo de prescripción especial de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">10 años para la revisión</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de las mismas por parte de la Administración.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Supresión de los </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">coeficientes de actualización</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> aplicables a la venta de inmuebles.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Supresión </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">deducibilidad fiscal de los deterioros </span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">(a excepción del de créditos impagados y existencias).</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Modificaciones en la </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">deducción por doble imposición</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Simplificación de las</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> tablas de amortización.</span></span></span></span></span></span></font></span></b></font></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Eliminación del </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">requisito del local</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> para tener la consideración de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">actividad económica</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">, quedando solo el requisito de persona con contrato laboral y jornada completa.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevo supuesto de</span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> libertad de amortización</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de elementos del inmovilizado material nuevos, cuyo valor unitario no exceda de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">300 €</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">, hasta el límite de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">25.000 € por año</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li></ul><div></div><ul></ul><ul><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Respecto a los </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Activos intangibles de vida útil indefinida</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> , será deducible el precio de adquisición, incluido el fondo de comercio, con el </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">límite anual máximo del 5 %</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de su importe ( 1% para el 2015 ).</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">No se considerarán </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">donativos y liberalidades</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">, los gastos por atenciones a clientes o proveedores, si bien serán deducibles con el límite del </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">1 %</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> del INCN del período impositivo.</span></span></span></span></span></span></font></span></div></li></ul><div></div><ul></ul><ul><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Tampoco se considerará un donativo o liberalidad, las </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">retribuciones de administradores</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> por el desempeño de funciones de alta dirección, u otras funciones derivadas de un contrato de carácter laboral con la entidad.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">No son gastos deducibles los gastos derivados de </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">actuaciones contrarias al ordenamiento jurídico</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Tampoco serán gastos deducibles los gastos correspondientes a operaciones realizadas con personas o </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">entidades vinculadas</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> que, como consecuencia de una calificación fiscal diferente, no generen ingreso o generen un ingreso exento o sometido a un </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">tipo de gravamen nominal inferior al 10%</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Se elimina la </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">corrección monetaria</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> de las rentas positivas obtenidas en la transmisión de elementos patrimoniales del activo fijo o de estos elementos que hayan sido clasificados como activos no corrientes mantenidos para la venta, que tengan la naturaleza de bienes inmuebles.</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Se elimina la deducción por </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">doble imposición interna sobre dividendos parcial (50 %)</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;"> para participaciones no significativas (inferiores al 5%).</span></span></span></span></span></span></font></span></div></li><li><div style="text-align: justify;"><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">Derogación de las siguientes </span></span></span></span></span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">deducciones</span></span></span></span></span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l4 level1 lfo4;"><span style="margin-top:px;"><span style="margin-bottom:px;">:</span></span></span></span></span></span></font></span></div></li></ul><div><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Por </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">reinversión de beneficios extraordinarios</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">.</span></span></font></span><br clear="none"></br><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Por </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">inversión de beneficios</span></span></font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> (aplicable a ERD)</span></span></font></span><br clear="none"></br><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;"> - </span></span></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">Por </span></span></font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333"><span style="margin:0cm;"><span style="margin-bottom:.0001pt;">inversiones medioambientales</span></span></font></span></b></font><br clear="none"></br><font color="#333333"> - </font><font face=" verdanasans-serif"><font color="#333333">Por gastos de formación del personal (nuevas tecnologías)</font></font></div><ul></ul><ul><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l5 level1 lfo5;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevas deducciones por inversiones en producciones cinematográficas, series audiovisuales y espectáculos en vivo de artes escénicas y musicales</span></span></span></span></span></span></font></font></div></li></ul><div><font face=" verdanasans-serif"><font color="#333333"> </font></font><span style="font-size:13.5pt;"><font face=" verdanasans-serif"><font color="#333333"><b>III.-</b></font></font></span><span style="font-family:"Verdana","sans-serif";"><font color="#333333"> En el Impuesto sobre el Valor Añadido </font></span><font face=" verdanasans-serif"><b><span style="font-family:"Verdana","sans-serif";"><font color="#333333">(IVA)</font></span></b></font><span style="font-family:"Verdana","sans-serif";"><font color="#333333">(</font></span><i><span style="font-family:"Verdana","sans-serif";"><font color="#333333">modificaciones introducidas por la Ley 28/2014, de 27 de noviembre)</font></span></i><span style="font-family:"Verdana","sans-serif";"><font color="#333333">:</font></span></div><ul></ul><ul><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">Cambios en las reglas de localización de prestaciones de servicios por vía electrónica, telecomunicaciones y similares.</span></span></span></span></span></span></font></font></div></li><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevos supuestos de inversión del sujeto pasivo </span></span></span></span></span></span></font></font><i><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">(venta de móviles, consolas videojuegos, ordenadores portátiles, etc.).</span></span></span></span></span></span></font></font></i></div></li><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">Incremento del tipo impositivo aplicable a determinados productos sanitarios.</span></span></span></span></span></span></font></font></div></li><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">Modificación de los regímenes especiales simplificado (módulos IVA), de agricultura, ganadería y pesca,de las agencias de viaje, y del grupo de entidades.</span></span></span></span></span></span></font></font></div></li><li><div style="text-align: justify;"><font face=" verdanasans-serif"><font color="#333333"><span style="mso-margin-top-alt:auto;"><span style="mso-margin-bottom-alt:auto;"><span style="line-height:18.0pt;"><span style="mso-list:l0 level1 lfo6;"><span style="margin-top:px;"><span style="margin-bottom:px;">Nuevos regímenes especiales aplicables a los servicios de telecomunicaciones, de radiodifusión o de televisión y a los prestados por vía electrónica.</span></span></span></span></span></span></font></font></div></li></ul><div></div><a href="https://cdn-files.postach.io/bdc81197994205c052071af1131ccdf7.pdf" target="_blank">Download PDF</a><div></div>Cómo mejorar la gestión del cobro y la morosidadhttps://empresologo.postach.io/post/como-mejorar-la-gestion-del-cobro-y-la-morosidad2015-03-06T00:55:38.144000Z2015-01-07T14:59:32ZAlejo Lopez<div><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Organización del departamento de riesgos y la figura del</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una adecuada gestión de riesgos en la empresa requiere una buena estructura del departamento de créditos, tanto en lo que respecta a los conocimientos y habilidades del</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">y las herramientas a su disposición para la evaluación y control de riesgos, como en los objetivos a conseguir en el marco de la política empresarial, lo que presupone también una implicación con el resto de los departamentos, especialmente con el administrativo, el de cobros y el departamento comercial.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">El</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">, responsable del área de créditos a clientes, es un profesional que emplea sus conocimientos para optimizar las ventas y mejorar los beneficios empresariales, coadyuvando al incremento de la productividad y competitividad de la empresa a través de la autorización de los créditos. Sus funciones son principalmente preventivas, esto es,</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">a priori</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">debe realizar todas las labores de prevención, evaluación, control, gestión y seguimiento de los clientes de la empresa, para que con una correcta gestión de créditos puedan evitarse, en la medida de lo posible, las incidencias y retrasos en el cobro de los créditos. No debe olvidarse que las cuentas a cobrar son, en muchas ocasiones, el principal componente del activo de las empresas, respecto del cual no se tiene un control físico. Por ello, una gestión eficiente va a reducir la masa de cuentas a cobrar, lo que se traducirá en liquidez y en una reducción de los gastos financieros. El objetivo último del</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">ha de ser minimizar el riesgo inherente y maximizar el rendimiento de la inversión en cuentas de clientes.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Gestión de créditos y procesos de análisis de riesgos</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Un aspecto de extraordinaria importancia en la gestión de los riesgos crediticios, es el relativo al análisis y evaluación del riesgo, así como la clasificación de los clientes. Estos procesos de análisis de riesgos precisan de fuentes de información, tanto internas como externas y de unos sistemas específicos.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">La gestión de riesgos puede afrontarse de una forma masiva o adoptando unos criterios cualitativos. La gestión masiva es posible cuando existen miles de millones de clientes, encontrándose el cliente individualmente considerado falto o carente de excesivo valor, esto es, se acomete la gestión desde un proceso de insensibilidad y distanciamiento, de forma objetiva y aplicando la Ley de los grandes números, el número está por encima del individuo. Por el contrario, la gestión cualitativa, que tiene un carácter más personal e individualizado, tomando en consideración al individuo frente al número, es factible en empresas con menor número de clientes.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">En la gestión de riesgos pueden adoptarse mecanismos preventivos o defensivos y mecanismos curativos. Dentro de los procesos preventivos, que tienen el objetivo de evitar la asunción de riesgos por encima de la política de la empresa, se encuadran el análisis previo del cliente, la vigilia de riesgos, los informes comerciales, los sistemas de análisis financiero, el control de la deuda del cliente, los sistemas de control de límites, el</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">scoring</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">(especialmente aplicable a sistemas masivos según reglas estadísticas), etc. En los mecanismos curativos, tendentes a asegurar la recuperación de la deuda en las condiciones pactadas con el cliente, pueden incluirse los sistemas de cobertura, las fianzas, avales y garantías, los seguros de crédito, los sistemas de aviso de vencimiento, la gestión proactiva de incidencias, los sistemas de recobro y las acciones jurídicas.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">De igual modo, el gestor de riesgos ha de estar atento a todas las fases del ciclo de la operación: vigilar la definición de límites de riesgo en el momento de las altas de clientes, controlar las condiciones de entrega y facturación del pedido, la gestión de albaranes, las incidencias en la facturación y el control de las condiciones y formas de pago al vencimiento.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">En una fase de análisis previo se debe medir y calificar el riesgo, esto es, analizar y valorar las contingencias, cuantificando cuál se va a asumir con el cliente y qué valoración tiene el mismo, asignándose límites de riesgos. Para ello se aplicarán sistemas de gestión y modelos de análisis de riesgos, que van alcanzando cada vez mayor grado de automatización. En este proceso de análisis de la solvencia, el</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">debe estar en permanente contacto no sólo con el departamento financiero sino también con el departamento comercial, pues debe tenerse presente que una venta no se perfecciona hasta el momento de su cobro, lo que implica una coordinación entre ambos departamentos que procure acuerdos con los clientes, coberturas adecuadas, cumplimiento de los límites de riesgo asignados, autorizaciones de excedidos, etc.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">La gestión del riesgo precisa también de información externa que se obtendrá tanto de los registros oficiales como de empresas especializadas y</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">bureau</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">de crédito.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Para llegar a fijar un límite de riesgo, que no es más que el resultado final del proceso de análisis, han de tomarse en consideración aspectos tales como la clasificación del cliente, su implantación en el sector, su volumen de negocio, su relevancia comercial respecto a la empresa, la rentabilidad final que genera y su solvencia técnica, cifrada en su comportamiento histórico de pagos, en su comportamiento externo, y el resultado de un análisis económico-financiero de los ratios, el balance, la cuenta de resultados, la información externa de empresas especializadas, etc.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una de las técnicas más utilizadas en la valoración del riesgo para asignación de límites es el</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">scoring</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">, basado en la aplicación de técnicas estadísticas de análisis multivariable, con el objetivo de determinar las leyes cuantitativas que rigen la vida económica de la empresa. De este modo se determina el comportamiento en función de las variables con mayor potencia predictiva dada su correlación con el resultado, y con el peso de cada una de las variables dentro de cada riesgo considerado, se asigna una puntuación.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">También se utiliza el</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">rating</font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">, aplicando técnicas estadísticas de análisis cuantitativo y la opinión de expertos, otorgándose la puntuación en función de las variables consideradas como relevantes en el análisis y evaluación del riesgo y ponderando cada una de ellas, para finalmente agrupar los riesgos puntuados en clases homogéneas, segmentando la población global en grupos de similar valoración.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una vez debidamente valoradas y ponderadas estas variables según el modelo de análisis tomado, y efectuadas las oportunas correcciones en coordinación con el departamento comercial, se fijará el límite de riesgo del cliente que vendrá dado por el máximo quebrando económico que puede ocasionar en la empresa.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Las nuevas tecnologías aplicadas a este campo facilitan enormemente la actividad del gestor, permitiendo la automatización de procesos repetitivos y posibilitando la asignación de límites de riesgo por cliente de una forma fiable.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Habilidades negociadoras del gestor de riesgos</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Un buen gestor de créditos debe tener habilidades negociadoras, tanto con los clientes como con las entidades financieras.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Respecto a las relaciones con los bancos, el</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">credit manager</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">debe conocer en todo momento los costes financieros de las operaciones: tipo de interés por descuento de papel, costes de domiciliaciones, costes de devolución e impagados, costes financieros por saldos de clientes, etc. En todo caso, una de las máximas preocupaciones del gestor de créditos ha de ser procurar la reducción de los plazos medios de cobro de los saldos, lo que evitará tener que acudir a la financiación bancaria para solucionar problemas de tesorería.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">En cuanto a las relaciones con los clientes, el gestor de créditos debe procurar un conocimiento real de las actividades de su cliente y su posicionamiento en el sector, para así poder autorizar los créditos con garantías de cobro. Es muy importante la adecuada documentación de las deudas, tanto en su fase contractual, incluyendo en su caso las debidas garantías (fianzas, hipotecas, reservas de dominio, etc.), como en fases posteriores (facturas, albaranes firmados, etc.), para poder asegurar el futuro cobro. Una vez ya iniciado el proceso de cobro, el gestor debe tener habilidades negociadoras para buscar un acercamiento de posturas y un principio de acuerdo, lo más favorable posible a los intereses de la empresa. Dicho acuerdo deberá documentarse y si es posible legalizarse mediante fedatario público. Es muy importante también en este punto, la formación continuada del gestor, tanto en concepción y política de riesgos, como en técnicas de negociación, así como otro tipo de formación técnica sobre procesos de evaluación, sistemas y medios de pago, etc.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">La administración de ventas y el servicio de atención al cliente: resolución de incidencias</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">El departamento de gestión de riesgos debe estar relacionado con el departamento administrativo y de facturación, pues de este modo se acometen en primera instancia las posibles incidencias en el cobro que tengan como causa no un problema financiero, sino estrictamente comercial. Aun cuando en la organización empresarial exista diferenciación entre departamento de créditos y de cobros, se debe involucrar a ambos en una política y acción comunes, para que el gestor de créditos colabore en el proceso de facturación y cobro. Por ello, cada vez más, en las empresas se están implantando departamentos con la denominación de "atención al cliente", "administración de ventas", "control de calidad", etc., que no son más que divisiones especializadas en la detección y resolución de incidencias, entendiendo por tales cualquier hecho económico que puede servir de argumento al cliente para no atender el pago de una factura en el tiempo y/o importe pactados.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una de las labores que debe acometerse en este departamento es la clasificación de las incidencias según la clase de negocio y tipología de la empresa. En este sentido pueden detectarse incidencias comerciales (relativas al precio, bonificaciones, descuentos, características del producto, promociones y publicidades, etc.); técnicas (problemas de calidad o de funcionamiento); logísticas (retrasos o equívocos en la entrega, duplicación de pedidos, devoluciones, reexpediciones de productos); administrativas (errores en la confección o envío de la factura, problemas con la documentación de la operación), etc.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una vez definidas y convenientemente clasificadas las incidencias debe acometerse el proceso de resolución que ha de pasar primeramente por su imputación al sistema, esto es, asignarlas a un área determinada que muy bien podría ser el departamento de créditos. Es muy importante que la detección y resolución de la incidencia se acomode a una gestión proactiva antes del vencimiento. El gestor de créditos debe dar solución inmediata a las incidencias detectadas para evitar que el sistema se cargue innecesariamente con multitud de incidencias que sólo aumentan la carga burocrática. Una actitud diligente en la resolución de tales circunstancias implica también un seguimiento y control de las mismas y una rápida cancelación del sistema después de su resolución.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Técnicas de recuperación de impagados</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">El paso final de la gestión de riesgos es la recuperación de impagados, y en este punto debe tenerse siempre presente que el proceso de cobros es un proceso finalista, por lo que acumula todas las ineficiencias de cada uno de los procesos anteriores a las suyas propias.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Una de las primeras medidas que debe afrontarse en la gestión de cobros es el análisis del impagado en cuestión para clasificarlo en alguno de los siguientes grupos: incidencias de cobro (simples cuestiones en el proceso de cobro que no obedecen a auténticos problemas financieros, sino más bien a incidencias internas en la propia organización); impagados (importes no satisfechos al vencimiento en deudas vencidas y exigibles); créditos morosos (créditos retrasados en el pago e impagados pese a haber intentado su cobro con el deudor por vía amistosa); créditos litigiosos (créditos morosos e impagados sobre los que se ha intentado el proceso de cobro por vía judicial); fallidos (créditos morosos que han resultado impagados pese a haber intentado todas las posibles vías para su recuperación, por lo que ya tienen la consideración de pérdida para la empresa).</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">En cuanto a los medios de clasificación de los créditos impagados, sin entrar en la consideración de la vía judicial, los más corrientemente utilizados son la reclamación telefónica, la reclamación escrita y la entrevista personal. Muchas veces, estas reclamaciones están basadas en sistemas informatizados que permiten la segmentación de los clientes con algoritmos que posibilitan su parametrización en función del crédito concedido, del tipo de cliente, del importe de la deuda y de la antigüedad de la misma.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Las reclamaciones escritas están recomendadas para todo tipo de clientes, tienen un bajo coste y permiten su utilización masiva, sin excluir otra clase de acciones. La gestión telefónica, que debe ser realizada por personal experto, está recomendada para impagados de importe medio y bajo, siendo su principal ventaja la posibilidad de recibir retroinformación de la situación del cliente de forma inmediata. La entrevista personal se recomienda para impagados de elevado importe o de decisivo valor para la empresa, teniendo en este caso como facultad el poder conseguir acuerdos firmes y garantizar su compromiso.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">Precisamente, es en estos procesos de gestión del cobro y del recobro donde las tecnologías de la información y los sistemas informáticos juegan un papel de extraordinaria importancia. El máximo exponente de la utilización de estas herramientas se encuentra en el outsourcing que mediante la externalización de un servicio permite a la propia empresa dedicarse a sus actividades propias. Con el outsourcing se subcontrata con una empresa especializada determinadas funciones indispensables, pero no críticas, que pueden ser realizadas por un tercero, lo que se traduce en un ahorro de costes, un cambio en los sistemas de producción, una mejora de la tecnología, una simplificación burocrática y administrativa, una mejora de la eficacia y un aumento de la competitividad.</font></font></span></font></div><br/><div style="align: justify;"><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">El</font></font></span></font> <font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">outsourcing </font></font></span></font><font size="2"><span style="font-size:9pt;"><font face="Verdana, sans-serif"><font color ="#000000">en el departamento de cobros y recuperaciones puede implementarse en cualquier fase del proceso, ya sea desde el mismo momento del vencimiento del pago, gestionando los cobros de pequeña cuantía; como en las fases pre contenciosas, gestionando las deudas de mayor cuantía y antigüedad, facilitando los procesos de búsqueda de bienes, avalistas y negociaciones prejudiciales, y en la fase contenciosa, externalizando los servicios de letrados, procuradores, empresas de tasación, etc., e incluso en la última etapa de seguimiento de los fallidos hasta su fecha de prescripción</font></font></span></font></div><br/></div>Performance Checklist Presentationhttps://empresologo.postach.io/post/performance-checklist-presentation2015-03-06T00:55:38.202000Z2015-01-05T21:44:50ZAlejo Lopez<div><div align="center"><div style="text-align: -webkit-left;"><font color="#010101" face="Arial" size="4"><b><b style="font-size: 11pt;">While Planning for Your Presentatio</b></b></font></div></div>
</div><div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Identify your audience, purpose, and objectives.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Choose and narrow your topic.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Gather information to support your ideas.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Develop your main idea and outline your supporting points.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Decide how to get your audience’s attention.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Plan for transitions between ideas.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Plan a powerful conclusion.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Arrange for visual aids, facilities, and resources you will need.</span></div>
<div align="left"><font color="#010101" face="Arial"><span style="font-size:12pt"><br/></span></font></div>
<div align="left"><font color="#010101" face="Arial"><span style="font-size:11pt"><b>During Practice</b></span></font></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Speak aloud when practicing.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Memorize key parts of the speech.</span></div>
<div align="left"><en-todo checked="false"/><font size="2"> </font><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">If you plan to use notes in your speech, use them during practice.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Practice articulating words clearly.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Decide which words and ideas you want to emphasize.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Practice using pauses and variations in rate, loudness, and inflection.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Practice standing, walking, moving, and gesturing as you speak.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Time your presentation as you practice.</span></div>
<div align="left"><font color="#010101" face="Arial"><span style="font-size:12pt"><br/></span></font></div>
<div align="left"><font color="#010101" face="Arial"><span style="font-size:11pt"><b>Before and During the Presentation</b></span></font></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Adjust for last-minute changes and technical difficulties.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Stretch your muscles, and warm up your face, mouth, tongue, and voice</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Channel nervousness or anxiety into enthusiasm</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Try stretching and relaxation exercises.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Visualize yourself giving a successful presentation.</span></div>
<div align="left"><en-todo checked="false"/><font size="2"> </font><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Breathe deeply, walk to the stage area with confidence, and set up your notes or visuals.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Begin your planned remarks while making eye contact with the audience.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Remember to speak slowly and clearly and use the gestures and movement you practiced.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: small;"> </span><span style="color: rgb(1, 1, 1); font-family: Arial; font-size: 10pt;">Stay aware of the time and your audience’s reactions.</span></div>
<div align="left"><en-todo checked="false"/><span style="color: rgb(1, 1, 1); font-size: 10pt; font-family: Arial;">Adjust your voice, movement, gestures, and material as needed to suit the audience’s needs and the time frame.</span></div>
<div align="right"><font color="#010101" face="Arial" size="2"><br/></font></div>Ética a Nicómaco Comunicacion empresarialhttps://empresologo.postach.io/post/etica-a-nicomaco-comunicacion-empresarial2015-03-06T00:55:38.134000Z2015-01-05T19:16:14ZAlejo Lopez<div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><b>La experiencia es un grado; y conocer lo vivido por otros, ayuda a evitar errores. Así lo entendía Aristóteles cuando escribió a su hijo Nicómaco aquella “carta" llena de consejos para una vida cumplida —Ética a Nicómaco—, que debería ser libro de cabecera de un directivo.<br/><br/></b></span><span style="font-size:9pt">Pues bien, escribió Aristóteles en su Ética a Nicómaco (8, 9, n. 1658):<br/></span> <span style="font-size:9pt"><i>Iustitia consistit in communicatione</i></span><span style="font-size:9pt">, que es habitualmente traducido por “la justicia consiste en la recíproca convivencia". Mientras los demás hábitos operativos se refieren esencialmente al autoperfeccionamiento, éste lo hace, de forma más explícita, a las relaciones con los demás, en cuanto “otros". En esa “convivencia", la justicia inclina a dar a cada uno lo suyo, su “</span><span style="font-size:9pt"><i>debitum</i></span><span style="font-size:9pt">", que no depende del capricho, sino que es antecedente al deseo o no de concederlo. “</span><span style="font-size:9pt"><i>Suum cuique</i></span><span style="font-size:9pt">" (dar a cada uno lo suyo) es una expresión que ha recorrido la historia</span><span style="font-size:9pt"><sup>1</sup></span> <span style="font-size:9pt">como explicación de lo que la justicia sea: pagar por un trabajo no es la concesión graciosa de un “sátrapa", sino obligación. El mayor o menor grado de justicia dependerá de lo adecuado de la retribución en función del rendimiento, los conocimientos exigibles, etc.</span></font></div></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Hay un modo específico de interpretar la expresión</span> <span style="font-size:9pt"><i>Iustitia consistit in communicatione</i></span><span style="font-size:9pt">. A saber, parte de la justicia es “manejar" correctamente los cauces de comunicación: dar a conocer lo que debe saber cada persona, en el momento, circunstancias y modo adecuados. Y, por lo que a nosotros aquí interesa, dentro del ámbito de las relaciones mercantiles.</span></font></div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><br/>
Dificultades en la comunicación empresarial</span></font></div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">— ¿En qué idioma hablo?<br/>
— ¿Es que no logro hacerme entender?<br/><br/>
Con tonos más o menos airados, éstas son expresiones que se oyen periódicamente en las entidades mercantiles. Muchos ejecutivos pasan por la experiencia de no lograr transmitir las indicaciones de forma eficaz. Y, en ocasiones, cuando parece que los subordinados han captado, es él quien no entiende determinadas reacciones de sus colaboradores o empleados. Esas situaciones tienden a producir angustia, porque la persona no puede vivir aislada. Su necesidad de transmisión —de intersubjetividad— es apremiante.</span></font></div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><br/></span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">La responsabilidad será a veces de quien ocupa cargo de gobierno, pues carece de las suficientes habilidades directivas para llevar adelante su función con un mínimo de dignidad. El problema de comunicación procede entonces de su escasez de equilibrio, de su ignorancia sobre la orientación que sería oportuno dar a la empresa o a la unidad en la que él “hace cabeza". Éste es un problema menor: o mejor dicho, de “patanería" del directivo y de quienes lo mantienen en un puesto para el que no está dotado, pero no relevante ahora para nosotros. (Aunque quienes son “retenidos" en pedestales que les superan, dañan a la organización, a sus subordinados y a sí mismos: en su patética “autocontemplación" no dirigen ni se autodirigen).</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">No se trata tampoco habitualmente —salvo que uno trabaje como expatriado y no domine la lengua— de problemas de idioma, sino de algo más profundo. Hans-Georg Gadamer</span><span style="font-size:9pt"><sup>2</sup></span> <span style="font-size:9pt">ha abordado el tema desde el punto de vista de la hermenéutica: a veces no es suficiente “transmitir", es preciso “interpretar" aquello que se comunica, para que los interlocutores entiendan lo mismo, y el diálogo sea constructivo y eficaz. Así lo explica en Wahrheit und Methode, p. 319 —traducción: Verdad y Método—: “Hay que interpretar allí donde el sentido de un texto no se deja entender inmediatamente. Hay que interpretar en todo lugar donde no se quiere confiar en aquello que supone inmediatamente una presencia. Así interpreta el psicólogo, en tanto que no reconoce como válidas en su sentido inmediato las expresiones vitales, sino que pregunta por lo que tras ello ocurre en el subconsciente. También el historiador interpreta los datos de la tradición, para descubrir el verdadero sentido que en ellos se expresa y oculta a la vez".</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Para superar los problemas de comunicación, que dañan el desarrollo de la organización, Gadamer, siguiendo a Schleiermacher (Hermeneutik), propone la necesidad de la hermenéutica, que este último define como “el arte de evitar malentendidos". Esto excluye, de entrada, que la explicación habitualmente utilizada por ciertos directivos: -¡Es que tiene mala voluntad!, sea siempre válida. Muchas veces, no será cuestión de buena o mala voluntad, sino de la carencia de aptas explicaciones por parte de quien emite las órdenes. Para explicar esto de forma más detallada, Gadamer acudió al ejemplo de la historiografía, campo en el que fácilmente se producen distorsiones de comunicación. Recogemos sólo los aspectos que tienen relevancia para la comunicación dentro del ámbito de la empresa.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><b>¿Saben más los directivos?<br/></b></span><span style="font-size:9pt">— “Los directivos saben más", es un argumento “de autoridad" empleado en ocasiones para atemperar las inquietudes de los subordinados.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Esta afirmación tiene, en mi opinión, varias salvedades:</span></font></div><ol style="margin-top: 0mm; margin-bottom: 0mm;"><li style="margin-left: 5pt; margin-right: 0pt; padding-left: 0pt; font-family: Times New Roman; color: #010101;"><font face="Verdana" size="1"><span style="font-size: 9pt; color: rgb(0, 0, 0);">No siempre quien tiene más datos es capaz de ofrecer la solución óptima. Es más, el buen gobernante es aquél que señala vías de trabajo y avance con insuficiencia de antecedentes. Quien “acumule" demasiada información antes de decidir, acaba en “la parálisis por el análisis". Y aunque así no fuese, no es creíble que por tener más referencias, su acierto sea necesariamente mayor.</span></font></li><li style="margin-left: 5pt; margin-right: 0pt; padding-left: 0pt; font-family: Times New Roman; color: #010101;"><font face="Verdana" size="1"><span style="font-size: 9pt; color: rgb(0, 0, 0);">La distancia que separa los puestos de mando de las “trincheras" provoca que, en ocasiones, mientras alguien “trepaba" —o era ascendido en buena lid—, el frente haya sufrido relevantes modificaciones. Si adopta entonces —con expresión italiana— providencias “</span><span style="font-size:9pt"><i>a tavolino</i></span><span style="font-size:9pt">" (es decir, desde una mesa de despacho distante de lo que en la realidad sucede), sus errores son garrafales.</span></font></li></ol><div><font color="#010101" face="Verdana" size="2"><br/></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Muchas veces, el autor de una indicación manifiesta un</span> <span style="font-size:9pt"><i>wishful thinking</i></span><span style="font-size:9pt">, o una reflexión personal mediatizada por la propia experiencia, etc. Quien reciba la orden, no tiene como función re-elaborarla, pero sí adaptarla a circunstancias concretas, que la Alta Dirección ignora. La rigidez en la aplicación de la normativa, no beneficiaría a la organización, pues anquilosa el funcionamiento de ese ser vivo que es una empresa. De ahí que el</span> <span style="font-size:9pt"><i>empowerment</i></span> <span style="font-size:9pt">—¡siempre acompañado de un profundo complemento formativo!— permita la flexibilidad propia de las extremidades en una realidad industriosa. Quien en ese lugar aplique la normativa, lo hará de manera creativa, aportando valor a la organización, y no será un simple papagayo de decisiones que en ese momento pueden ser superfluas.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Esta actitud no es sencilla, porque está tan lejos de la sumisión pasiva a cualquier reglamento, por irracional que sea, como a la anarquía, que rechaza una orden superior por el sencillo hecho de serlo. Quienes tengan menor preparación —o mayor miedo al error— preferirán la primera opción: el que repite siempre lo mismo no se equivoca (al menos en apariencia, pero, como reza el adagio empresarial: “quien siempre hace lo mismo, pronto dejará de hacerlo", porque el mercado no se detiene y el cambio de las circunstancias es veloz). El otro extremo —la anarquía— es tan rechazable como el primero, porque las extremidades de un cuerpo no pueden ir cada una por su cuenta: si todo fuese cabeza, no habría organismo; si no hubiese interrelación entre unas extremidades y otras, no habría institución.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><b>El arte y el gobierno<br/></b></span><span style="font-size:9pt">Emplea Gadamer el ejemplo del arte para detallar algunos aspectos de las dificultades que implica comunicar eficazmente. Dice así (p. 98): “la obra de arte no es un objeto que esté frente a un sujeto que es para sí. La obra de arte tiene más bien su ser en convertirse en experiencia que transforma al que experimenta". En su aparente dificultad, las ideas que transmite son luminosas.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">En primer término, por lo que hace referencia a la comunicación. Nunca es la dirección algo estático. Si la organización fuera una “foto fija", no serían necesarios los directivos. Bastaría con un reglamento que explicase para cualquier circunstancia una específica solución. Pero el buen gobierno, consciente de la “movilidad" del entorno, es un arte, es decir, una verdad que va-haciéndose, no algo acabado e inamovible.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">En segundo lugar, la comunicación —si el gobierno es bueno— ha de procurar no sólo “afectar" a los frutos del esfuerzo (por ejemplo, que los productos sean más perfectos, mediante un sistema de Calidad Total), sino también al trabajador. Eso supondrá, de algún modo, “transformar al que experimenta". Los directivos no deben ser “estatuas de hielo" o robots que transmiten indicaciones superiores. Cuando así se comporten, han claudicado de la función asignada.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Al igual que el arte, el proceso comunicativo puede tener un desarrollo indefinido. Las expresiones de Gadamer son claras (p. 402): “la palabra del pensamiento humano apunta ciertamente a la cosa, pero no puede contenerla en sí como una totalidad. Por ello el pensamiento continúa el camino hacia concepciones siempre nuevas, y en el fondo no puede completarse en ninguna. Su perfectibilidad tiene como la otra cara de la moneda el que positivamente representa la finitud del espíritu, que, en un proceso espiritual siempre nuevo, sale más allá de sí y encuentra precisamente en ello la libertad para siempre nuevas concepciones".</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><b>La importancia del contexto<br/></b></span><span style="font-size:9pt">Algunos directivos —con más frecuencia si proceden de renombradas Escuelas de Negocios— tienden a entrar como elefante en cacharrería, renovando todo (reingeniería se denomina a veces), sin prestar suficiente atención a lo que antes sucedía. Gadamer les diría (p. 355) que “la comprensión de la tradición incluye siempre la tarea de una histórica automedición del presente con esa tradición". Y, añado yo, que la “penetración" en el presente exige una correcta profundización en los ancestros, porque, de otro modo, el riesgo de cometer dislates se multiplica. No se capta el sentido de la propia existencia y de las organizaciones en las que se trabaja sin un esfuerzo suficiente de entender las coordenadas espaciales e históricas: la comprensión de lo global es preciso para entender lo particular. Con expresión anglosajona:</span> <span style="font-size:9pt"><i>thinking global, understanding local.</i></span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">De manera más clara aún (p. 478), y con palabras casi idénticas a las de Dilthey: “el contexto histórico ha de ser entendido al final como un horizonte de sentido que supera esencialmente el horizonte vivencial del individuo: es como un gran y extraño texto que necesita de la ayuda de la hermenéutica para ser descifrado". Esto implica, entre otras cosas, la absoluta insuficiencia de una completa preparación técnica, ayuna de suficiente formación humanística que encuadre las actuaciones de la organización mercantil en la que se brega.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">No significa esto que lo vivido precedentemente marque indeleblemente las decisiones futuras, pero sí que sin entender por qué otros actuaron de determinada forma, se hace más dificultoso asumir las opciones correctas, y relativizar las situaciones por las que se atraviesa. Hemos de ser conscientes —aconseja Gadamer (p. 187)— de que no somos sino miembros condicionados y finitos de una cadena que continúa. Eso no nos “rebaja", sino que nos ensalza, como parte de un proyecto que es más amplio que nosotros mismos. Además, y frente al panlogismo hegeliano, nuestro autor siempre defendió la individualidad de cada persona, aun dentro de ese contexto más general que nos ayuda a entendernos.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Las tácticas empresariales concretas quedan contextualizadas no sólo por las estrategias —el lugar al que se quiere llegar—, sino también por esa visión más amplia de la realidad que encuadra la propia actividad dentro de un panorama no sólo de futuro, sino también de pasado. Eso hace que las decisiones sean más juiciosas y fructíferas. Quien vive continuamente “al día" —como si el ayer no existiera y sin proyección de a dónde desea llegar— más que vivir, “sobrevive". Si es un directivo a quien esto acaece, el problema es añadido, porque uno de los medios de motivación importante (dando por supuesta la justa retribución de los subordinados) es que la gente se sienta identificada con el proyecto a corto y medio plazo, y si es posible, también a largo.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Gadamer lo dice así (p. 210): “la estructura de la vida está determinada por una relación del todo y las partes. Cada parte suya expresa algo de la totalidad de la vida y tiene, por tanto, una significación para la totalidad, del mismo modo como su misma significación está determinada desde esta totalidad".</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><b>Limitaciones y diálogos creativos<br/></b></span><span style="font-size:9pt">Con mentalidad “matematicista", algunos directivos aspirarían a tenerlo todo atado y bien atado. Cualquier suceso en la propia organización debería responder a un proceso racional. En línea con las reflexiones realizadas en mi trabajo “La irracionalidad en la acción directiva. Schopenhauer & la Empresa", cabe señalar que ese afán logicista no es posible, y así lo señala también Gadamer. Hay aspectos de la realidad —¡la mayoría!— que no pueden ser “numéricamente" analizados o “lógicamente" entendidos. La propia configuración del mundo incluye unos ciertos toques, si no de anti-rracionalidad, sí al menos de a-rracionalidad.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Por ese motivo, Gadamer condena lo que denomina el “perjuicio de la perfección", según el cual todo podría ser anticipado al conocer las “reglas de funcionamiento" de la realidad. De hecho —y como se ha señalado—, la labor de dirección ha de ser dinámica, adaptando en cada momento las decisiones a las modificaciones que se han producido en el mercado, en los proveedores, en los propios empleados, en los accionistas, etc.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Dentro del esfuerzo por buscar la objetividad (realidad que se mueve ágilmente y que es difícil de “atrapar"), aborda Gadamer la necesidad de la propia alienación, es decir, de salir de uno mismo, de los insuficientes referentes del “yo", para abrirse a la realidad de un modo más completo, y de esa forma ofrecer “mejores" soluciones. Una de las sugerencias que realiza es la observación de la belleza (cfr. p. 33): cuando contemplamos una obra de arte —y en la obra de arte individual, un mundo—, esta obra no se queda en un universo extraño (...); más bien nosotros aprendemos en ella a entendernos a nosotros mismos, es decir, superamos la discontinuidad de la vivencia en la continuidad de nuestra existencia.</span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><br/></span></font></div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Cabe añadir que si eso sucede con el arte, en mayor medida en el trato con otras personas. Las propuestas de gobierno mediante el</span> <span style="font-size:9pt"><i>walking around</i></span> <span style="font-size:9pt">tienen una profundidad antropológica probablemente superior a la que pensaron sus impulsores. El directivo que se encierra en la soledad de su despacho (aunque sea acompañado por un grupo de aduladores), “se pierde" lo mejor de la empresa, de sus empleados, y, al final, de sí mismo. En realidad, la persona se conoce en el trato abierto con los demás. Dicho de modo “filosófico": no hay “yo" sin “tú". Sólo sabemos quiénes somos cuando nos interrelacionamos. Permanecer “escondido" en la propia torre, sin permitirse el diálogo con los demás, es asegurarse el fracaso personal y quizá también el institucional.<br/><br/>
Resultan apasionantes las consideraciones de Gadamer sobre las “limitaciones" inherentes a la persona humana. Formarse, desarrollarse personal y profesionalmente no supone —afirma— llegar a una situación de “círculo cerrado" en el que ya todo se conoce, sino precisamente una “aurora" para seguir siendo receptivo. La culminación del directivo –de una persona en general- no es considerarse un sabihondo, sino la disposición no dogmática a continuar aprendiendo del mundo y de los demás. “La dialéctica de la experiencia no tiene su plenitud en un saber conclusivo, sino en esa apertura para la experiencia que libera la experiencia misma".</span></font></div><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt"><br/></span></font></div>
<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Todo ello ayudado por un lenguaje común sobre el que es posible el intercambio de experiencias y el mutuo enriquecimiento. Por eso, el cazurro, el sabelotodo, quien considera que ya ha llegado a su culmen, no es sino el más indigente. La comunicación nunca debe ser un “ahora te toca a ti", o “te vas a enterar", sino: “vamos a dialogar para encontrar vías de acuerdo y solución" (a este respecto, pueden verse, mis Mil Consejos para un Emprendedor, Cie Dossat2000, p. 201 y sg.).</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Surgiendo de ideas previas, el diálogo debe conducir a nuevas metas. No debe ser un diálogo reiterativo, que repita lo sabido, sino que, tomando eso como punto de partida, explore nuevos terrenos en los que profundizar.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Para concluir, sólo un “pero". Junto con sus indudables aportaciones, Gadamer cae en un excesivo relativismo, que dificulta el propio diálogo que propugna. Su propuesta de hermenéutica jurídica, por ejemplo, corre el riesgo de convertirse en arma del sin sentido, porque si las leyes lo son porque se aplican, ¿dónde encontrar un sólido referente? Quizá falta en Gadamer un contacto más cercano con la antropología y la ontología, que hubiese evitado su alejamiento de la “realidad real", que ha de contar con elementos epistemológicos y fenomenológicos, pero que no puede fundamentarse en ellos.</span></font></div>
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<div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">En cualquier caso, la mayor parte de sus propuestas se revelan de gran utilidad para la dirección empresarial actual.</span></font></div><ol style="margin-top: 0mm; margin-bottom: 0mm;"><li style="margin-left: 5pt; margin-right: 0pt; padding-left: 0pt; font-family: Times New Roman; color: #010101;"><font face="Verdana" size="1"><span style="font-size: 9pt; color: rgb(0, 0, 0);">Puede verse en: Aristóteles: Retorica, I, 9; Cicerón: De finibus, 5, 23; San Ambrosio: De officis, I, 24; San Agustín: De Civitate Dei, 19, 21; etc.</span></font></li></ol><div align="left"><font face="Verdana" size="1"><span style="font-size:9pt">Véase HERNÁNDEZ-PACHECO, J. (1996): Corrientes Actuales de Filosofía, Tecnos</span></font></div>IASB y el modelo unico arrendamientoshttps://empresologo.postach.io/post/iasb-y-el-modelo-unico-arrendamientos2018-11-03T16:51:45.831000Z2014-11-12T15:08:26ZAlejo Lopez<div><div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El IASB parece haberse decidido por un modelo único para los arrendamientos. Es decir, el arrendatario contabilizará todos los arrendamientos como arrendamientos financieros (arrendamientos de tipo A). El resultado es un activo y un pasivo en el balance y, lo que es más importante, un gasto concentrado al comienzo del período.</span></div></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El modelo es similar a la propuesta original del IASB en 2009, pero el feedback fue menos que positivo. Desde entonces, el IASB ha tomado una dirección diferente, ha buscado la convergencia con el FASB y está de vuelta donde empezó. Esta vez, parece decidido a mantener la línea.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El Vicepresidente del IASB, Ian Mackintosh, dijo en junio de este año que "en los sectores económicos que se ven afectados de manera significativa por la norma sobre arrendamientos, aporta una visión muy necesaria en el verdadero apalancamiento de las empresas"¹</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;"> </span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">Otra gran ventaja de un modelo único es que no hay arbitrariedad. Todos los arrendamientos se tratarán de la misma manera – parece aceptable y conceptualmente sólido. Entonces, ¿por qué hay tantos críticos? La razón principal es que resulta en un gasto concentrado al principio del período cuando muchos piensan que lineal refleja mejor la sustancia económica (por ejemplo, arrendamientos de inmuebles). Muchos siguen apoyando el modelo del FASB, que es parecido al de NIC 17.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">Aunque el mundo finalmente parece dispuesto a aceptar el reconocimiento de los arrendamientos en el balance y el gasto concentrado al principio del período, persisten los retos – especialmente para las grandes carteras de arrendamientos relativamente pequeños.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;"> </span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El IASB tendrá que resolver algunas de las cuestiones prácticas si piensa seguir adelante con un modelo único. De lo contrario, todavía hay posibilidades de amotinamiento. Los rumores actuales indican que es poco probable que el EFRAG apoye la adopción por la UE sin más debate.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">La primera de estas cuestiones es cómo distinguir entre un servicio y un arrendamiento. La contabilización de los arrendamientos operativos es casi idéntica a la contabilización de los contratos de servicio conforme a la práctica actual, por lo que la línea divisoria nunca ha sido debidamente examinada. Muchos acuerdos tienen elementos tanto de un servicio como de un arrendamiento; cómo debería reflejarse eso en el modelo contable está abierto a debate.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;"> </span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El IASB también sigue discutiendo los arrendamientos de "pequeña envergadura". Su intención siempre ha sido que las entidades no deberían registrar dichos arrendamientos en el balance. Los beneficios de proporcionar esta información no compensan los costes. La forma y el alcance de la exención serán difíciles de trabajar.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">Por último, la cuestión de la transición y la fecha de vigencia siguen sin resolver. La dirección ya está pasando por un proceso de examinar los contratos en relación con la nueva norma de ingresos ordinarios. Las disposiciones transitorias de cualquier guía nueva podrían implicar que la dirección tenga que repetir ese proceso de nuevo unos años más tarde. Esto podría conducir al apoyo de un enfoque prospectivo a la transición.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;"> </span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="color: black; font-family: Arial; font-size: 10pt;">El plan de trabajo del IASB indica que se espera finalizar las nuevas deliberaciones a finales de año, con una norma presumiblemente en el transcurso de 2015. Esto parece ambicioso, pero el IASB parece decidido a completar este proyecto.</span></div>
<div style="margin-top: 1em;margin-bottom: 1em;-en-paragraph:true;"><span style="font-family: Arial;"><font style="font-size: 8pt;"><i>from Alejo Lopez Casao - Blog <a href="http://ift.tt/1y9jYIf">http://ift.tt/1y9jYIf</a></i></font></span><span style="color: black; font-family: Arial; font-size: 10pt;"><br/></span></div>
Fitch appraises the varying attributes of equipment leasing sectorshttps://empresologo.postach.io/post/fitch-appraises-the-varying-attributes-of-equipment-leasing-sectors2016-08-02T22:09:09.560000Z2014-10-02T09:34:43ZAlejo Lopez<div><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333"><img src="https://cdn-images.postach.io/618b5dba-2fc0-4f46-83ba-d03fda675207/c09579fd-b7c6-4dde-adfd-6bc408c63955/fa976985-ce20-4149-a95d-52723c5f04d4.jpg" width="200" height="112" alt="lorry container"/></span><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333"></span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">The truck, container, railcar and aircraft leasing sectors are commonly considered to share many common attributes.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">These include: reliance on wholesale funding; business cyclicality; and potential residual value risk.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Nevertheless, there are some points of differentiation which can result in a more or less favorable credit view of the respective sectors.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Fitch Ratings considers, for example, that the truck leasing sector is typically less exposed to business cyclicality as a result of more diversified/durable earnings streams, while also typically employing higher unsecured funding levels.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">On the other hand, the truck leasing sector is viewed as relatively more susceptible to technological change/disruption - especially as it relates to the fuel efficiency and emissions of the leased equipment.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Truck leasing also tends to be concentrated within individual countries or regions as opposed to exhibiting global diversity.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><strong><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Container leasing less sensitive to technological change</span></strong><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333"></span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">The container leasing sector typically benefits from increased global diversification, relatively longer-lived portable assets that are less sensitive to technological change, and lower relative historical loss experience.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Conversely, the container leasing sector typically exhibits a higher reliance on secured funding, less revenue diversity and higher customer concentrations.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">The railcar leasing sector typically exhibits higher relative customer industry diversity, and the railcars themselves are also generally viewed as less exposed to residual value risk than trucks and aircraft given the slower pace of technological change.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Similar to the truck leasing sector, the railcar leasing sector tends to be concentrated within individual countries or regions as opposed to exhibiting global diversity.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><strong><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Weaker credit profiles for aircraft lessors</span></strong><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333"></span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Aircraft lessors are viewed as having higher relative growth opportunities and greater flexibility in moving assets between lessees to match supply and demand or reposition fleets during stress. However, along with these positive attributes comes exposure to relatively weaker sovereign environments, less proven regulatory frameworks and weaker relative credit profiles for lessees.</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">Fitch explained: “Ratings assigned to large equipment leasing companies are typically centered in the 'BBB' rating category; however, individual issuers may be rated higher/lower depending on their individual risk characteristics, the magnitude to which they are exposed to sector-level strengths/constraints, or the presence of a more highly rated parent company."</span></p><p style="margin-left:20.25pt;line-height:13.5pt;background:white"><span lang="EN-GB" style="font-size:10.0pt;font-family:"Helvetica","sans-serif";color:#333333">The sector attributes outlined in Fitch's special report include operating environment, company profile, management, risk appetite and financial profile, which all correspond to the key rating drivers outlined in Fitch's <em><span style="font-family:"Helvetica","sans-serif"">Global Financial Institutions Rating Criteria</span></em>, dated Jan. 31, 2014</span></p><p><span style="font-family:"Arial","sans-serif""> </span></p></div>
Sale & Leaseback: The Boards struggle with new accounting ruleshttps://empresologo.postach.io/post/sale-leaseback-the-boards-struggle-with-new-accounting-rules2018-11-03T17:11:44.221000Z2014-08-20T12:13:02ZAlejo Lopez<div><div style="margin-left: 36pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Written by Andy Thompson, legal & regulatory editor</span></div></div>
<div style="margin-left: 36pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Published: 18 August 2014</span></div>
<div style="margin-left: 36pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Created: 17 August 2014</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;"><img src="https://cdn-images.postach.io/9f0f435a472f107c4ac11b3fd1802509/10460bf8db96037d2bd63ecd64589096/w600_5a5f1919ce541994df42c8177b416fd2.jpg" alt="accounting" height="112" width="200"/></span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The accounting rules for sale and leaseback (S&LB) transactions were the main issue considered in the latest round of re-deliberations of the proposed new global lease accounting standard after last year's second exposure draft (ED2).</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The joint standard setting bodies – the International Accounting Standards Board (IASB) and the US Financial Accounting Standards Board (FASB) – failed to reach agreement on a few of the issues involved and will be returning to them later.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">However, it is already clear that the S&LB rules will be extensive; and in the case of international financial reporting standards (IFRS) they will be more complex than current rules.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Even though all leases will generally be going on-balance-sheet to the lessee under the new rules, the standard setters seem to feel that S&LB transactions could still be structured to obtain undue accounting advantages in the absence of special rules.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; font-weight: bold; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Recognizing a sale</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The main issue concerns the conditions for both parties to recognize a sale and a return lease. Where a sale is not recognized, the alternative accounting treatment is for the S&LB transaction to be treated as a refinancing of the underlying asset. Under existing rules there are no restrictions on recognizing a sale, except for some real estate leases in US GAAP. As proposed in ED2, the Boards confirmed that the S&LB sale recognition rules will be mainly aligned with the general rules for recognizing sales of assets in the separate converged accounting standard for revenue recognition (Rev Rec). That standard has now been finalized and issued as IFRS 15, or Topic 606 in US GAAP. There will be only a few additional "override" criteria specific to S&LBs in the leasing standard.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The Rev Rec standard has a number of sale recognition criteria relevant to S&LB transactions. Each factor could count one way or the other; and none on its own would be conclusive. It would seem that three of the Rev Rec criteria as follows would operate in favour of recognizing a sale:</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• The buyer/lessor takes legal title to the asset;</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• The seller/lessee has a "present right to payment" for the transfer; and</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• The buyer/lessor has "accepted" the transfer of the asset.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">On the other hand one other Rev Rec criterion – the fact that the seller/lessee retains possession of the asset – would always count against sale recognition. The final criterion would be that of whether the buyer/lessor has assumed "significant risks and rewards of ownership of the asset".</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">This would of course depend on the extent of any unguaranteed residual value (RV) in the return lease.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The Boards' staff report before the latest meeting acknowledged that simply cross-referring to the Rev Rec standard would mean that "in some circumstances there will be significant judgement in determining whether a sale has occurred" in typical S&LB structures. However, Board members were divided as to whether application guidance should be given in the leasing standard.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The IASB initially voted by a large majority against providing application guidance. However, some FASB members felt that guidance could be useful. FASB eventually decided to leave its decision on this until after receiving a further staff report on aspects of possible "override" conditions.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">FASB's re-deliberation of these issues will be done at a joint meeting of the Boards. It is therefore possible, though it does not seem likely, that the IASB could then reconsider its decision not to provide application guidance in the IFRS version of the standard.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">There was a further non-convergent decision on the "override" criteria, resulting from the earlier divergent decisions as to whether to retain lease classification (for profit and loss account expensing purposes) in lessee accounting. FASB decided that in US GAAP there will be no recognition of a sale in S&LBs where the lease is classified as "Type A" (i.e. a capital or finance lease under current rules). The IASB will have no corresponding override based on lease type.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; font-weight: bold; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Other S&LB issues</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The Boards considered several aspects of the S&LB accounting rules in cases where the sale is recognized. The major one of these concerned whether any gain or loss compared with the initial carrying value of the underlying asset should be recognized up-front by the seller/lessee.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">In ED2, given the proposal to change current practice by precluding sale recognition in some cases, no restriction was proposed on the up-front recognition of gains on the sale, where the sale itself could be recognized. However, the IASB has now adopted a more restrictive and complex rule on this aspect compared with the ED2 proposal; and here again the two Boards have adopted non-convergent solutions.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">FASB decided that in the US GAAP version, there should be no deferral of gains (or losses) realized on the sale value under Type B (i.e. operating lease) deals. For IFRS the IASB agreed that while any losses on the sale would be recognized up-front, any gains would be subject to a partial deferral formula.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">For this purpose, where the sale price giving rise to a gain is at a fair market value, the lessee under IFRS would first measure the PV of the lease payments as a proportion of the sale price. That proportion of the gain would be deferred; while the remainder (based on the RV as proportion of the sale price) would be recognized up front. The valuation of the lessee's "right of use" (ROU) asset would then be based on the PV of the lease payments less the deferred part of the gain.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Both Boards agreed that where a sale is recognized, both parties should account for the return lease in accordance with the normal lessee and lessor accounting rules. </span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The Boards agreed to defer their consideration of the detailed accounting rules for cases where a sale is not recognized, until after the further requested staff report is received.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The staff report had contained recommended transition rules for applying the new S&LB requirements to return lease contracts running at the date when reporting entities first have to apply the new standard. However, the Boards decided to defer consideration of this until they decide the general transition rules for all leases, towards the end of the re-deliberation process.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; font-weight: bold; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Lessor disclosure rules</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The other issue re-deliberated this time concerned the disclosure rules for lessors in the notes to their accounts. Most of these rules were agreed on the same lines as the ED2 proposals. There were some changes reflecting the subsequent decision to retain the main current lessor accounting models, rather than moving to a new lease classification line as proposed in ED2.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The agreed rules will include several specified tabulations, with breakdowns between Type A and Type B leases, covering lease income and a maturity analysis of undiscounted future cash flows; asset class breakdowns of Type B leases (where the underlying asset, rather than receivables and RVs, will appear on the lessor's balance sheet); and narrative disclosures on such aspects as RV risk management. The IASB decided to drop a proposed ED2 disclosure that would have required a roll-forward reconciliation of opening and closing balances of Type A lease receivables and RVs. Instead it agreed a requirement to explain significant changes in the outstanding balance of the lessor's net investment in these leases (or in their receivables and RV components if these amounts are presented separately on the balance sheet) in the latest reporting period.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">However, FASB has a separate current project on accounting for the credit impairment of financial instruments, which would include impairment of lessors' Type A lease portfolios. It therefore decided to defer consideration of a possible roll-forward disclosure for Type A receivables (which is not required at present in either US GAAP or IFRS) until it reaches the relevant stage of this impairment project. FASB nevertheless concurred with the IASB requirement for an explanation of changes, without a roll-forward reconciliation, in respect of RVs.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; font-weight: bold; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Some remaining issues</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">It now seems likely that the new lease accounting standard will be finalized in the foreseeable future, perhaps early next year. Possible longer delays from difficulties not yet anticipated by the Boards can nevertheless not be ruled out on past form; and some significant issues remain to be re-deliberated.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">Apart from the deferred decisions on S&LB, the major remaining issues will be:</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• possible exemptions from the lessee capitalization rule for small ticket assets;</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• the disclosure rules for lessees;</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• the transition rules for leases running at the adoption dates; and</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">• the general effective date of the new standard.</span></div>
<div style="margin-left: 20.25pt; background: white; margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"><span lang="EN-GB" style="font-size: 10pt; line-height: 13.5pt; color: rgb(51, 51, 51); font-family: Helvetica, sans-serif;">The further report on small ticket exemptions was called for when the Boards first considered this in March, but has been long delayed. It is now expected in September</span></div>
<div style="margin-top: 1em; margin-bottom: 1em;-en-paragraph:true;"> from Alejo Lopez Casao - Blog <a href="http://ift.tt/1oNVfTf">http://ift.tt/1oNVfTf</a></div>