Finance

A bond is a form of insurance that protects your business against losses caused by internal fraud, theft, or incompetence. If mistakes are made by your employees that result in losses for your customers, restitution for damages is paid by your insurance company. Some businesses are required by law to purchase bonding insurance, and others do so to increase their business’ credibility.

While governments, not-for-profit institutions, and non-governmental organizations also deliver critical services, private organizations must continuously deliver products and services to satisfy shareholders and to survive. Although they differ in goals and functions, BCP can be applied by all organizations.

Collecting the money that your customers owe you can be an arduous, stressful task if you don't approach it in a consistent manner. However, ensuring that you're getting paid on time is an essential aspect of business that will help you maintain positive cash flow. Just as your suppliers expect you to pay them on time, you, in turn, must require the same of your customers.

Is your business a target for cyber crime? Some business owners feel they are too small to be noticed, but you do have something cybercriminals want - your business and customer information. No computer security system is absolutely foolproof and no business is too small that it is not worth targeting. The best way to protect your business is to be aware of the threats, have a plan to deal with them and know what to do if you are attacked.

The Fraud Awareness for Commercial Targets (FACT) campaign is an outreach and education initiative of the Competition Bureau that provides businesses and not-for-profit organizations with the facts necessary to avoid becoming victims of fraud, which costs them millions of dollars annually.

If you feel that your financial situation is out of control, there are four steps towards financial stability that you can take today. You may find that you are able to resolve the situation yourself through a little (or a lot) of hard work, or you may find that the best course of action is to seek the advice of a professional.

There is currently global convergence towards a single set of high quality accounting standards for use throughout the world. Accordingly, the Accounting Standards Board of Canada has adopted a strategic plan to adopt International Financial Reporting Standards (IFRSs) by publicly accountable enterprises in Canada.

If you are carrying on a business or engaged in a commercial activity in Canada, you are required by law to keep adequate records.

Always get receipts or other vouchers when you buy something for your business.