A bank account with a debit card is not the be-all and end-all of financial services, as multiple features make up a complete financial experience. One such service is the exchange of currencies, as people might require it for many reasons.  Find out how this service works, the best options to exchange currencies, and what problems you can face when doing so. What is a currency exchange? Currency exchange is a process that occurs when one currency is converted into another. It can happen with physical cash or online. A person or a legal entity can initiate the exchange process

The payment diversity exists for a reason – it is a customer demand. Online gambling is one of the best examples of this demand for payment options. Take a look at Malta, a very popular place to register an online casino. According to the survey on online gambling customer payments distribution, in 2021, 40% of respondents preferred bank transfers, 34,7% – a credit or debit card, 13,2% – e-Wallets, and 12,1% – other options, like cryptocurrencies. So, the question stands: why do clients prefer such different options when using online casinos? Moreover, what are the benefits of these casino payment

Gross and net profits are a must if you want to better understand your company’s profitability. In this article, we will compare gross profit vs. net profit and explain how they are calculated and why they are important for a business’s financial health and financial goals.   What is gross profit? A business gross profit refers to the funds your business earned over a specific period, excluding the cost of goods sold. You can find gross profit (aka gross income) on a company’s income statement. Identifying the business’s gross profit allows companies to understand if they earn enough funds to keep

Cash flow forecasting is not some fancy term; it is a significant tool for any business. It’s all about predicting cash inflows and outflows for the future.  In the article, our team will explain how it works, provide examples of the best software and tools for cash flow forecasts, and answer the most common questions about determining future cash flow. What is a cash flow forecast? A cash flow forecast is a financial tool that estimates the amount of all the money expected to flow in and out of a company over a specific period, from a few weeks to

Starting a company can be both exciting and chilling. On one hand, a person is driven by fresh ideas and passion for their craft. On the other hand, you need to go through various complicated processes to put your business on the map.  One such thing is a business license. Many businesses require it to provide services, sell goods, etc. So, how do you get a business license? Read on to find out as we explore different types of business licenses and what challenges you may face when obtaining one.     What is a business license? A business license is a

Work is not just about 9-to-5 tasks, calls, and meetings. Sometimes, other matters are at hand, and you need to be aware of your options. For instance, you may need to receive your salary earlier to pay for unexpected expenses. It is what a salary advance is used for. Still, salary advances have benefits and drawbacks. This article will explore the pros and cons of a salary advance request and explain how it works.  What is a salary advance? A salary advance (sometimes called payroll advance) refers to a situation when a business allows its employee to receive a portion

Online casino games are by far the most convenient way to use a casino. There is no need to waste time going to crowded brick-and-mortar casinos or another country. No wonder the iGaming market is expected to reach over $136 billion by 2029, showing a stable annual growth rate (2024-2029) of 6,20%. There are different types of such companies, so our Genome team dedicated an article to specific online casino games offered by pay-by-mobile casinos. Such iGaming businesses found their rightful niche on the market. Today, the use of smartphones for various tasks is unprecedented, thanks to their accessibility and

Managing a business is not only about producing products and making a profit. Mutual respect and trust between employers and their staff are crucial to the company’s success.  That’s why a business owner and their salaried employees need to understand the concepts of gross salary (gross pay) and what it consists of. In this article, you will learn more about gross pay and how it differs from net pay.   What is a gross salary? Also known as gross pay, gross salary is the term that describes the individual’s total earnings (based on hourly rate, monthly salary, etc.) before any expenses

Cryptocurrency: the basics When you think about money, your first association will likely be physical cash or bank cards. However, times are changing, and more types of payment methods are emerging for people’s convenience. One of the newest additions to the trend is cryptocurrencies — funds that only exist in digital form and operate on decentralized networks.   Unlike more traditional payment options, cryptocurrencies are considered more private, as they are generally not regulated by traditional financial institutions. In most cases, they operate based on blockchain technology, like the famous Bitcoin.  Cryptocurrencies are stored in digital wallets, the ownership of which

One of the main things a company needs to keep a close eye on to stay afloat is different numbers and metrics. One such metric is the cost of goods sold, which represents how much money a business will need to spend to produce its goods. Calculating and accurately planning your expenses related to production costs will save you a lot of headaches in the future — and money, of course. Find out the formula for the cost of goods sold and a step-by-step calculation guide.  What is the cost of goods sold (COGS)? The cost of goods sold is