Winter holidays, for all their cheerfulness and magnitude, can be quite chaotic, especially when they creep up on you unexpectedly. It’s just like that: you are all caught up in your work, family life, and daily errands, and it hits you – the celebration time is near! To ease the stress, it is better to plan some things ahead of the holidays. And Genome has suggestions to help you better navigate your life before the upcoming celebrations! #1. Vacation time, of course!  No explanations are needed here – you had a year filled with either work, chores, family matters, or

Genome’s team is back with yet another article that dives into different types of fraudulent financial situations that people and businesses can face. And this time, card-not-present fraud is on the agenda. Want to know how to avoid scams associated with card-not-present transactions? We gathered some tips below. What is a card-not-present transaction?  Before we get to the fraud part, let us first explain what card-not-present transactions are in general.  Card-not-present transactions (also known as CNP transactions) are the type of payments a person makes with their debit or credit card. Such payments happen remotely, meaning that the card and

A business bank account is a necessity for any company. However, you may wonder, “Can I have 2 business bank accounts?”. The short answer is yes, you can.  But our team at Genome also wants to explain why you might need more than one business bank account and the benefits of having multiple business accounts. Business bank account: the fundamentals of your financial journey A business bank account is an account you can open in a brick-and-mortar bank or other financial institution. The account is in your company’s name, and you can use it for corporate financial operations. Simply put,

Most people with bank accounts will undoubtedly want a card as well. After all, debit and credit cards allow for quick payments in most parts of the world and online.  However, when selecting a card, you may wonder which option is better – physical or virtual.   Genome is here to help you clear things up. In this article, we describe the difference between virtual and physical debit cards and explain various types of cards in general.  What is a virtual card?  It is all in the name, really! A virtual card is a payment card that banks and financial institutions

The article has been updated on 29.08.2024 Financial security and financial independence are things that most people strive for. But achieving these is not that easy, especially if you don’t have a plan or have enough worries in your life as is. Still, you can do it in 10 steps and by being consistent.  This article will cover essential actions, from cash budgeting and debt management to investing wisely and saving for retirement, helping you build a solid foundation to be financially secure. What is financial security? So, what is financial security in terms of your personal finance? Financial security

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