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

Are you ready for major product updates and new informative articles? That’s right, Genome’s new month in review is here! Find out what was new in May before diving headfirst into summer!  Go international with a new transfer option for business!  This is the most exciting announcement in May! International money transfers are now available for Genome’s business wallet users. Check if your company is eligible to receive and send such payments, and try them yourself!  SWIFT is the primary option for transferring money internationally. In addition, an Intelligent Routing System is used to reroute your payment to the most

The online gambling industry grows year after year, becoming more lucrative. Just look at the numbers: in 2018, the total revenue of the online gambling market globally was $36,8 billion, reached $89,3 billion in 2023, and is projected to hit $136,3 billion by 2029.  It takes a lot of effort to set up something like a sports betting company or an online casino business and plan out all your expenses. So, how much does it cost to start an online casino? And how much is a gambling license? Read on to find out!   Overview of the costs involved in starting

Financial management, although sometimes overlooked, plays its role in the company’s success. It is especially the case for small businesses and partnerships (such as a limited partnership, limited liability partnership, general partnership, or other business types), where all the main financial operations and processes need to be quickly established and transparent.  This is why such companies might look into opening a joint business bank account to simplify their experience and ensure future growth.  Learn more about how joint business bank accounts work and how Genome’s shared business account allows our clients to manage their business finances with their team.    What

It is that time again! We are back and happy to present a new Month in review, covering all the updates for April 2024. In this edition, we have many articles covering completely different topics.  But one thing is for sure: all of them can be useful when it comes to your finances and security! Learn why there’s nothing romantic about romance scams Nothing is sacred to fraudsters, your love life included. That’s right – criminals can steal your funds by faking a romantic interest.  Our team delved into the insidious world of romance fraud, shedding light on the tactics

Online casinos are profitable businesses with annual growth rates higher than those of some countries. The revenue of the online casino market will only flourish. In just five years, the projected market volume will increase from $36,64 billion to $46,93 billion.  If you are considering starting your own online casino business, our team at Genome has some essential tips, which we have broken down into a 10-step blog post.  1. Understand the online casino market So, you might be wondering, “How to start an online casino in this current year?”. Market research and identifying your target audience are half the

Ah, the social pressures of today. People have to navigate through a lot of complicated and exhausting situations both at work and in personal matters. And, at the end of the day, when it’s time to kick off your boots, many choose to surf the internet just to encounter another trap. The fear of missing out (FoMO) for short. Let us make the situation a bit easier for you. In this article, we at Genome want to dive deeper into explaining what FoMO is and how to navigate your finances through some of the social pressures associated with it.     What