18 Accounting terms that will help you understand financial statements

The A B C to understanding accounting and financial statements. These accounting terms that will help you understand financial statements

1. Fiscal Year :

A fiscal year is the twelve-month period that an organisation uses for budgeting, forecasting and reporting of financial statements and books of accounts. The fiscal year can coincide with the calendar year; however, it can also be different.

2. Revenue :

Revenue is the total amount of money collected for goods or services sold before deducting any expenses of business. It also includes any credits or discounts for returned merchandise.

3. Profit and Loss Statement :

A profit and loss statement is a report generated by the company that lists earnings, expenses and net profits for a given period of time. It’s also referred to as P&L.

POS (Point Of Sale)- All you need to know

Point of Sale- ( Abbr. – POS) Place where a sale is made.

Point of Sale

Weaver – Point of Sale

What is POS?

Point of sale, also referred to as point of purchase, is where a customer completes a sales transaction. Anyplace where a product/service is sold/bought is the point of sale. It could be a mall, restaurant, grocery store, a theatre, salon, stationary shop or anywhere you make a transaction; the exchange of a product/service for a certain monetary value. 

What is POS transaction?

The “point” where a customers tenders payment using any mode of payment, namely cash, card, wallet or mobile payments etc. in exchange for goods/services.

Point of sale

What is POS on a bank statement?

POS on a bank statement is usually used to describe the type of sale. You can see POS on your bank statement if you used your Debit Card to pay and complete a sales transaction. The details of the vendor you purchased from might appear in case of a Credit Card Statement.

Innovation in retail #1- Amazon

JUST WALK OUT

Walk into a store, pick-up all you need, confirm your purchase and leave, before you know it, the technology recognises what you’ve picked up. Eliminating the need for human interaction in shopping, Amazon Go has made waves when the suspense finally broke on 5th December 2016.

Wolfpack Outdoors


Great products have been put together by connecting the synergistic effects of passion for various things. One such creation is Wolfpack Outdoors by Rajesh Ramakrishnan, Aravind Venkataram and Arun Nayaham . All of whom refused to ignore their true calling.

The contradictory perspectives on technology

5 years back when I was traveling by train from Chennai, a gentleman walked in and sat in the opposite seat. It didn’t take too long for us to start off a conversation since we shared professional expertise in similar industries. When it came to our experiences as retailers and the challenges we faced, and after a lot of “free advice” from both ends, he frowned, “I don’t think India will ever make it to the list of tech-savvy nations.” A forecast made by him from traveling, attending the best conferences, having used and experienced the state-of-the-art technologies from around the world, so he explained.

Cook the perfect recipes this holiday season

Want to give your customer an unforgettable experience this holiday season?Add these ingredients to your recipe.

Have a checklist ready yet?  Come this December, busy days and haunting nightmares are alien-no-more if, you are a retailer. Whether  a yes or a no! here are a few out-of-the-ordinary means to promote, that you might want to consider adding to the already lengthy list of things to do.

The psychology of retail customer experience

The last time you came across these words- psychology in retail, didn’t you think “I’m not buying this”? Well, I did! Beyond store aesthetics, I didn’t know how anything else would affect customer behavior. Intrigued by how even the minutia in a store such as the genre of music played in the background or the color of shelves influenced behavior, I started digging deeper into the psychological aspects of customer experience.