This is hot off the press on the back of a discussion with our finance sector client.
The advice is to add a COVID-19 expense line to your P&L. There will be quantifiable expenses that you can directly allocate to that line item like special softwares, IT support, hardware, debt collection services, cleaning services etc. But remember to add a quantity for non-quantifiable too like your personal planning time, crisis management team meetings/ collective time, update conversations with clients, team members, creditors etc.
Basically, create a spreadsheet that records and measures all the resources including time and money that are being spent in your business to deal with the current uncertain situation. Make sure you have sufficient details and evidence to back up those entries.
This is for one core purpose. To be able to look back clearly when you move forward. It will help you with prompt reconciliation and proven presentation for government grants, reliefs and bank loans.
Hope that helps.
Stay safe and stay strong.