How To Account For Coronavirus In Your Business (Literally)
In this brief advisory, the speaker recommends immediately creating a dedicated accounting line—either a GL entry or an expense item—labeled “coronavirus” to capture all costs related to the pandemic. This includes supplies for cleaning and maintenance, remote‑work expenses, and even staff time spent managing coronavirus‑related activities. Tracking these costs separately serves two main purposes: (1) it simplifies documentation for potential government assistance or insurance claims, and (2) it enables a clean financial “recast” later, making it easier to demonstrate the business’s underlying performance when seeking loans or preparing for a sale. The speaker invites feedback on alternative tracking methods and encourages viewers to implement the tip promptly.
