Giving a good account of himself

With an estimated turnover of about EUR 350,000 this year and a market share of 3-4 percent on his niche – accounting and payroll services for companies with foreign capital – Cristian Bizau, managing partner of Pallas, intends to launch audit services in the future and allow his business to grow sustainably.

Anda Sebesi

Cristian Bizau, managing partner of accounting and consultancy firm Pallas, started his first job back in 1991 when he was still in high school, working for a local TV cable broadcaster in Satu Mare as a computer operator.

But as a student he spread his wings and accumulated a lot of experience in different fields, working as a salesman, computer assembler and graphics designer, as well as being in charge of fundraising activity for an NGO that worked on behalf of people with disabilities. He was also part of the AIESEC organization. After graduating from the Academy of Economic Studies he got a job in the consulting department of an audit and consultancy company, gaining a lot of experience in this field.

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Later he founded a training company that was operational from January 2003 to October 2004. “I set it up because I had had a lot of experience in this field since I was a student,” remembers Bizau. But his business had a rough ride.

“After two years of operational activity we were struggling to survive, so I decided to come back to something I had already done and also liked: to offer consultancy services for foreign investors that run businesses in Romania, through Pallas Consulting which I launched in 2004,” says Bizau. In 2006 he began to offer accounting and payroll services through Pallas Conta, which have since become the main engine of his business.

The idea to set up his firm came when he was working for the consultancy and audit company and charged with many internal responsibilities – from creating the system to measure the time spent with customers, to the annual evaluation system, editing the news bulletin and creating the visual identity guide.

“This way I managed to get a good understanding of how such a business works,” says the young entrepreneur. He adds that unlike training and consulting – which are project oriented – the business model for an accounting firm is far more predictable because the customer base is pretty much the same from one month to another.

“This kind of permanence allowed me to take the risk of hiring new people and increase the turnover,” says Bizau.

Asked about the most difficult time his business has faced, Bizau says it was when he needed to make a lay off due to the fact that the company had to restructure and improve its cost structure.

“Even though it related to a driver’s position it made my heart ache,” says the entrepreneur. If he started another business, he would introduce work procedures from

the start, before any bad habits

that would take a long time to change were able to establish themselves.

As for the challenges, Bizau says there are plenty when running such a business: from legal changes that his company has to keep up with (or even anticipate), to finding highly skilled employees capable of adopting the company’s organizational culture, managing activity peaks to deliver projects on time and maintaining the high quality of service.

“In addition, especially in times of crisis, like many other businesses we need to pay a lot attention to collecting money from customers,” says the managing partner.

As for the competition on the market, Bizau says there are few companies that focus on the same target customer as Pallas does. As a result, his company hasn’t had to fight with others over the same customers.

In his opinion, unlike large companies, a small firm specialized in this field has the advantage of its greater flexibility.

“First, we are more flexible than companies that are affiliated to an international network and must respect some procedures set at group level. Furthermore, I think that our team’s expertise, built up in more than ten years of working on the market of professional services for foreign investors, is a significant competitive advantage,” says the entrepreneur. He adds: “The fact that the company has formed relations with lawyers, liquidators and consultants to obtain European funds allows us to offer integrated services. Last but not least, it is only us on the market who issue a free weekly news bulletin about the investment environment in Romania,” says Bizau. In his opinion, his company has a 3-4 percent market share on its niche – accounting and payroll services for companies with foreign capital.

As for future plans, the company intends to finish establishing procedures for all of its activities and to launch audit services, with a sustainable increase in turnover as its main long-term objective.