Finances are a very complicated and extensive topic for any business. A lot of careful planning and thought must be put into it not only to manage your corporate funds successfully but even to keep your company afloat. This is where financial goals come into place, allowing you to better understand and organize financial strategy. But how do you set financial goals? Find out in Genome’s article! What is a business financial goal?  Let’s be clear: any company needs money to operate, upgrade its services, purchase necessary equipment, pay employees, and for many more reasons. This is why businesses pay

Surely, you know about banks: every decent-sized European city has at least one nowadays. Using a bank has become something as regular as going to the store.  But how about non-banks? The term may sound a bit confusing, as it doesn’t exactly tell us the purpose of such companies.  The Genome team is here to clear everything up! This article will explain how the non-banking companies work and differ from other financial institutions.  Non-banking financial companies: meaning of the term First and foremost, let us finally explain what is meant when referring to non-banking financial institutions. Non-bank financial institutions, also

The Genome team continues explaining the different types of fraudulent financial schemes people can find themselves in when running their day-to-day errands. And what can be more mundane than using an ATM?  Unfortunately, this is why you can be caught off guard and become a victim of ATM skimming fraud. This article explains how skimming fraud occurs and how you can recognize and avoid ATM skimming.   What is skimming in banking? When talking about financial fraud cases, one may be used to thinking that scammers mainly operate online, as it is easier to trick someone who can’t see you.  However,

Let’s be honest: we all make mistakes, it is an inalienable part of life. Sometimes it’s trivial, day-to-day things, like buying wrong-size shoes online or forgetting to send a report at work. Of course, companies are not exempt from making business mistakes either. Some of these blunders are common, which allows other companies to learn how to avoid them. That is why Genome’s team decided to list some of the most frequent financial mistakes businesses can face, as well as the ways to prevent them.  Short-term and long-term planning is crucial Lack of planning is a common startup mistake, but

The article was updated on 19.06.2024 At first glance, the term cash flow (CF) seems very straightforward. However, there are many intricacies surrounding it. Not to mention that different types exist, and people/companies need to follow specific advice to manage them. Genome’s team has prepared an article covering the main things about cash flows you should be aware of. What is cash flow? Cash flow refers to the movement of funds into and out of personal or business bank accounts. How cash moves can be divided into two subcategories: We should also mention the term “net amount,” which is the

A business bank account is a must for any company that offers products, merchandise, and services to customers. However, there’s no one-size-fits-all solution. Meaning that the needs of companies may vary drastically when it comes to financial services. While e-commerce websites won’t need much in terms of banking solutions, restaurant owners will face quite a different experience. That’s why today, Genome’s team decided to explain the intricacies of getting a restaurant bank account. In this article, restaurant owners can learn what their business needs to run the financial side of it.  Types of bank accounts for restaurant owners  Generally, as

The concept of banking is extremely broad nowadays, encompassing multiple types of financial institutions and various services for individuals, companies, and merchants. And digital banking has become a big part of it, as the industry has been undergoing significant transformation.  Thus, diving into the digital banking topic is important, and that’s what Genome’s team is doing today! Find out more about digital banking services and how to start using them in this article. We also explain the difference between online, mobile, and digital banking.   Digital banking: meaning of the term The name of the term “digital banking” says it all.

ATMs are so common these days that most people likely take them for granted. However, if, by some unexplained mystery, all ATMs disappear from the planet tomorrow – you will definitely notice. Because, at the end of the day, they are an integral part of essential banking tools and people’s day-to-day errands.    Have you ever wondered how exactly ATMs work and which services they provide? Well, Genome is here to answer your questions! Learn more about them in this article.   ATM: meaning of the term The automated teller machine is a banking technology in the form of a specialized computer

Nowadays, banking is a broad concept encompassing multiple types of services. Just take a look at the article where we described different types of financial institutions – definitely, the market is very diverse. By the way, in that particular article, the Genome team mentioned retail and commercial (corporate) banks, and we decided to elaborate on the topic a bit more. Thus, today, we will explain the difference between retail and corporate banking and also describe some of the services that retail and corporate banks provide.  What is a retail bank? If you are looking for an account for your personal

Let’s be clear: merchants have to deal with a lot. Not only the customers’ demands are high, but the management of financial operations can be exhausting as well. Not to mention all the service fees merchants need to take care of. Speaking of, do you know enough about cross-border fees? If not, you will – thanks to Genome’s article. Today our team explains what a cross-border fee is, their types, and how companies should deal with cross-border processing fees.  Cross-border fee: meaning of the term A cross-border fee is a common thing that occurs during cross-border transactions. For instance, when