financial planning
Money and you
Where to exchange currency: best options and tips for 2024
A bank account with a debit card is not the be-all and end-all of financial services, as multiple features make up a complete financial experience. One such service is the exchange of currencies, as people might require it for many reasons. Find out how this service works, the best options to exchange currencies, and what problems you can face when doing so. What is a currency exchange? Currency exchange is a process that occurs when one currency is converted into another. It can happen with physical cash or online. A person or a legal entity can initiate the exchange process
Money and you
Gross profit vs net profit: a comprehensive guide for entrepreneurs
Gross and net profits are a must if you want to better understand your company’s profitability. In this article, we will compare gross profit vs. net profit and explain how they are calculated and why they are important for a business’s financial health and financial goals. What is gross profit? A business gross profit refers to the funds your business earned over a specific period, excluding the cost of goods sold. You can find gross profit (aka gross income) on a company’s income statement. Identifying the business’s gross profit allows companies to understand if they earn enough funds to keep
Money and you
Cash flow forecasting 101: how to ensure liquidity and financial stability
Cash flow forecasting is not some fancy term; it is a significant tool for any business. It’s all about predicting cash inflows and outflows for the future. In the article, our team will explain how it works, provide examples of the best software and tools for cash flow forecasts, and answer the most common questions about determining future cash flow. What is a cash flow forecast? A cash flow forecast is a financial tool that estimates the amount of all the money expected to flow in and out of a company over a specific period, from a few weeks to
Money and you
Salary advance: how it works and what you need to know
Work is not just about 9-to-5 tasks, calls, and meetings. Sometimes, other matters are at hand, and you need to be aware of your options. For instance, you may need to receive your salary earlier to pay for unexpected expenses. It is what a salary advance is used for. Still, salary advances have benefits and drawbacks. This article will explore the pros and cons of a salary advance request and explain how it works. What is a salary advance? A salary advance (sometimes called payroll advance) refers to a situation when a business allows its employee to receive a portion
Money and you
Cost of goods sold formula: how to calculate COGS accurately
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
Money and you
5 things to do during holidays to feel refreshed in 2024
Let’s be honest: the holiday season can be stressful, piling up on top of other worries you might have had during the year. Thus, it is crucial to take care of yourself to enter the new year well-rested and full of energy. Genome’s team is all about this mindset! We have gathered some of the tips on what you can do to feel refreshed in 2024. In small and grand ways! Visit other countries This is an obvious one, but it is simply too good not to be included! If you have time and means – why not experience other
Money and you
Ready for the holiday season 2023-2024? 5 things you may forget to plan ahead
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
Money and you
Setting financial goals: what companies should know
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
Business services
Financial mistakes any business can make and how to prevent them
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