Genome’s month in review: June 2024

The hot summer season has just begun, and Genome is bringing in new educational articles that are just as hot! This month, we covered various insightful topics for businesses and individuals navigating the financial landscape. Read on to find out more. 

Brush up your knowledge of SWIFT transfers

Recently, the Genome team introduced international transfers for our business wallet users, including SWIFT, the king of global payments! So, now is a great time to test this money transfer option.

But what if you want to know more about how SWIFT payments work and why they benefit your company? Well, Genome can help with that, too! We have updated our article on SWIFT transfers to remind you how they function and why they’re a great solution for your international payments! 

Discover everything you need to know about IBANs

Speaking of money transfers, we also have upgraded our article about an IBAN – arguably one of the most important parts of SEPA transfers! The article covers the purpose and structure of IBANs, their role in international banking, and how they simplify cross-border transactions. 

Our team also explained the importance of ensuring the accuracy of IBANs to avoid transaction errors and delays. The read is Ideal for anyone involved in global finance or looking to better understand their international bank details.

Learn how to calculate COGS

Want your business to be successful? Well, unfortunately, there are multiple components that are essential to its growth, including different metrics and calculations. The Cost of Goods Sold (COGS) formula is one such metric, allowing you to assess your company’s profitability. 

Our team provided a clear formula and detailed examples, making it easier to calculate production costs accurately. It is a must-read for business owners and financial professionals looking to optimize their financial management and improve their bottom line.

Uncover how cryptocurrencies actually work

Compared to other payment methods, cryptocurrencies are relatively new to the finance game. However, this doesn’t mean they aren’t effective and advantageous for some use cases and transactions. 

Getting into cryptocurrencies may seem difficult for many people due to their unconventional function. However, the process is not that complicated, and you can learn all about it in our article. You can also explore different types of cryptocurrencies and their evolving roles in the financial ecosystem. 

Grasp the concept of gross salary

Whether you’re an employee or an employer, this is the topic you’ll be interested in. After all, the gross salary formula helps to accurately assess earnings before deductions like taxes and social security.  

The article breaks down various elements, such as basic pay, bonuses, and allowances, offering clear examples of gross salary. Moreover, our team also explains how the net salary is calculated, and it is different from gross pay.