financial tools
Business services
What is EBIT? Understanding earnings before interest and taxes
Earnings before interest and taxes (EBIT) is a simple profitability metric that any company can use when evaluating its economic performance, such as operating expenses. This is yet another formula, along with gross profit, cash flow, etc, that you need to know. In this article, we will explore the topic and show how EBIT calculating works, its impact on a company’s profits / financial statements, and what businesses can learn from it in general. What is EBIT? To calculate EBIT for your business operations, we first need a clear definition. So, EBIT is a financial performance metric that measures a
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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
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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
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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
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Gross salary meaning: differentiating between gross pay and net pay
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
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Cryptocurrencies: how they work and their benefits
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
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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
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Does FoMO control your spending habits? How to manage it
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
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The importance of 2FA: why the biometric authentication is preferable to the SMS one
The article was updated on 18.09.2024 Did you know that Genome offers one of the quickest and most secure authentication methods for your log-ins – biometric authentication? To enable biometric authentication, you just need to: If you don’t have the Genome app, don’t worry. You can easily download it for free for your iOS or Android-based device, giving you instant access to its powerful security features. You might wonder – what is a big deal about additional authentication steps when managing finances online? Unfortunately, even with multiple advanced security solutions, the internet still remains a place where fraudulent scams and