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Case Study: Tropicana Café

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The Business

Tropicana Café is a coffee house and café located in Mission Beach, California.

The café serves local residents and tourists alike in a comfortable and relaxing atmosphere just a block from the beach.

The Challenge

The owners of Tropicana Café, being first-time restaurant owners, quickly realized the amount of work required to make their business a financial success and keep it running.  As a small business, Tropicana Café wanted to get control of its finances in the short term, and maximize shareholder value in the long term.  Very quickly, it became apparent that they needed expert accounting guidance to meet these goals.

The Solution

Profitwise (formerly The IPS Solutions Group) visited the Tropicana Café to meet with the owners, and jumped right in to organize the accounting system.  Since no formal books had been established, Profitwise first created a new chart of accounts and then input and reconciled all of the past historical accounting transactions so the Tropicana Café owners would know where they stood financially.

Profitwise employed an experienced team of accounting professionals—a CPA and a bookkeeper—to manage the account.  They provided Tropicana Café with accurate and affordable financial accounting in the early stages of its growth, and tendered the expertise needed to maximize efficient cashflow management.  Above all, by making sure the financials were always under control, they provided the owners with peace of mind.

The Result

As a result of Profitwise’s involvement, management was able to shift its focus from keeping up with the daily bookkeeping to successfully operating and managing the restaurant.  From then on, Profitwise provided monthly accounting reports to the owners so they could stay on top of their finances.  Additionally, Profitwise helped Tropicana Café look to the future, increasing its shareholder value, and eventually, helping the principals with the financial aspects of transferring ownership. Because it was given the right start, Tropicana Café continues to grow today.

Testimonial:

As a new restaurant owner, I initially thought I could handle the financials aspects of running the business myself.  It didn’t take long before I realized I needed professional help.  Profitwise did an outstanding job of getting my books in order and providing timely and reliable financial statements that helped me to better run my operation.  They went above and beyond what you’d expect from a typical accountant; they stayed by my side through the good times and bad.  If your restaurant needs bookkeeping and accounting help, I would wholeheartedly recommend Profitwise.

J. Evans – Tropicana Café