How To Account For Coronavirus In Your Business (Literally)
In this brief advisory segment, the speaker urges businesses to immediately create a specific general‑ledger (GL) or expense line titled “Coronavirus” to capture all costs tied to the pandemic. This includes tangible items such as cleaning and maintenance supplies, as well as intangible costs like remote‑work planning, IT expenses, and staff time spent managing coronavirus‑related issues. Two primary reasons are given: (1) clear documentation will simplify claims for government aid or insurance reimbursements, and (2) it enables a clean financial “recast” later—useful when applying for loans or preparing for a sale—by isolating pandemic‑related blips from the core financial history. The speaker invites feedback and alternative tracking methods, emphasizing rapid implementation.
