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Maker's Market

https://www.makersmarketstore.com/

Maker’s Market is a one-of-a-kind gift store situated in Toronto’s Junction. The shop features many unique, handcrafted, and locally made goods from talented artisans. The company offers retail space to vendors through various membership packages, which include four-week rental periods and extensive support to help artisans thrive. At Maker’s Market, vendors keep 100% of their sales and design and decorate their retail space, resulting in a personalized shopping experience.

Sector

Retail shop / rental vendor space

Unique Challenges

Operating a rental membership-based company presents several accounting challenges. One primary issue is the need to accurately track and manage the various membership packages, which can involve different rental periods, pricing structures, and support services. This requires a robust accounting system capable of handling complex billing cycles, including prorated charges and adjustments for early terminations or extensions. Additionally, the shop must ensure precise recording of vendor sales to guarantee that each artisan receives 100% of their earnings, necessitating meticulous sales tracking and regular reconciliations. Managing expenses related to maintaining the retail space, marketing support, and other services provided to members also adds layers of complexity to financial reporting and budgeting. Ensuring transparency and accuracy in financial records is crucial to maintaining trust and providing effective support to the artisans.

AZ Accounting Solution

The key to accurate record-keeping is monthly accounting services. Our team implemented a comprehensive and integrated solution comprised of accounting software and segregated bank accounts for vendor revenues and membership revenues. The Management maintains a point-of-sale (POS) system that seamlessly integrates with the accounting software to ensure accurate and timely recording of vendor sales. Regular financial reconciliations are conducted to maintain accuracy and transparency.

Success Factors

  • Customized accounting procedures to meet client’s requirements
  • Close working relationship with the Management
  • Regulatory compliance and thorough sector research
  • Technology and innovation implementation
  • Management’s receptiveness to our recommendations.
  • Effective collaboration and document management solutions.

What the Client Says

AZ Accounting has been helping us with our accounting, taxes and payroll ever since we started our company 4 years ago. They have been a pleasure to work with and have always been happy to answer my questions. Their team is friendly, knowledgeable and helpful.

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