How To Account For Coronavirus In Your Business (Literally)
In this brief advisory video, the speaker shares a practical tip for businesses navigating the COVID‑19 pandemic: set up a dedicated line item—such as a GL account or expense category—named “coronavirus” in the accounting system. All costs tied to the pandemic, including cleaning supplies, maintenance, IT expenses, and staff time spent on remote dispatch or planning, should be recorded under this line. The speaker explains two key reasons for this practice. First, it enables clear documentation for any government assistance or insurance claims that may cover pandemic‑related expenses. Second, it facilitates future financial recasting: if the business later seeks a loan or a sale, the coronavirus‑related costs can be isolated and removed to present a cleaner financial picture. The video concludes with an invitation for viewers to comment, share feedback, or suggest even more effective tracking methods.
