COVID-19 (“Coronavirus”) is certainly top of mind, both economically and socially. We understand that this is a challenging time for everyone and want to share guidelines that may be helpful as you consider the broader implications of Coronavirus on your business, and take appropriate actions.
In addition to the cancellation of events and fears concerning travel, the economic impact is estimated to be $1.1 trillion in lost income globally. The ripple effect and subsequent impact of supply chain disruption, event cancellations or office closings spans multiple industry sectors. There may be potential risks across divisional and functional lines - spanning your entire organization - including human resources issues, supply and production disruption, and financial reporting and disclosure considerations, among others.
Here are five areas for you to consider in order to mitigate risk during these challenging times:
DGC is here to assist you in whatever way best meets your needs. We have extensive experience helping clients navigate disruption to their business and understand that this is a challenging time. We can work with businesses to assess and mitigate risk and resolve business interruption.
If you would like to discuss how DGC can advise you on these matters, contact a member of your client service team or Elisabeth da Silva, CPA, CFF at 781-937-5792 or firstname.lastname@example.org or Jackie Reinhard, CPA at 781-937-5721 or email@example.com. You can also visit our coronavirus web page at dgccpa.com/coronavirus which will be continuously updated with new articles and checklists to help you deal with the impact of the coronavirus on you and your business.
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