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

At first glance, the term cash flow seems very straightforward. However, there are many intricacies that surround it. Not to mention that different types of cash flow exist, and you need to follow specific advice to manage it. Genome’s team has prepared an article that covers the main things about cash flow that businesses should be aware of. Find out more below.  Cash flow: meaning of the term In terms of business financial operations, cash flow is the movement of money into and out of the company’s bank accounts. The net amount of funds moved during cash flow is calculated

With July ending, it is once again time to look back at all the recent updates Genome has had. And there’s no better way to do so than checking out our month in review! Find out about articles we have published in July below. We made the transfer limit calculation more convenient The Genome team has improved the way the transfer limits are calculated. All the transfer limit calculations are now linked to the calendar dates. This way, tracking your limits and plan payments will be much easier.  Here’s how the limit calculation works starting from July 31st, 2023: You

Managing account transfer limits is essential for any person or company that uses Genome. That’s why the team wanted to make it even more comprehensible and simple for our clients. Thus, we have changed the limit calculation process to allow you better plan your financial operations! The respective changes came into force on July 31st, 2023. How does the new limit calculation work? Genome’s team updated the limit calculation process for personal and business wallet users. Now it is counted like so: All the limits will be reset to zero when the period ends, and the new countdown will begin.

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

Welcome back! We hope your Summer is going smoothly. Meanwhile, it is time for another monthly update! If you want to find out which new articles our team prepared for you in June – this article is for you! Checking out the checking accounts Checking accounts are the gateway to primary banking operations for many clients. But, many may wonder – what are the differences between personal and business accounts? Well, our team covered the main similarities and distinctions between the two in this article. We also explained why companies need to use business checking accounts instead of personal ones.