5 Awesome Tips That Will Boost Profits
Tips For Business Owners
One common thing about most businesses, restaurants included, is that they are always looking for ways to cut costs. As a restaurant owner or manager, it is possible that you have gone through every aspect of your restaurant in a bid to boost profits, and it is also possible that you have missed a very simple, yet crucial, tool that has been enabling most restaurants to save big for the last couple of years – time and attendance software.
But you are not alone, most businesses and organizations often fail to make proper use of the key area of time. This is despite the fact that time equals money. While most restaurant owners would agree to this, not many restaurants are accustomed to the concept of investing in time the same way they invest in money. Time, just like money, must be managed well, accounted for, and invested in a way that will maximize its returns. Unfortunately, this is, in most cases, easier said than done. This is largely due to the fact that most restaurants seldom have the right tools, such as time and attendance software , to manage time as effectively as possible.
Switching to an automated time and attendance tracking system can improve a restaurant's bottom-line. Here are 5 tips to boost profits with time tracking restaurant software -
Accurately Record Employee Hours
Traditional swipe cards and paper-based time tracking systems are extremely vulnerable to system errors, human error, and time theft. On the other hand, time and attendance tracking restaurant software , which records employee time in an automated way, completely eradicates all types of errors and also seals all time theft loopholes saving restaurants up to 4% of yearly payroll expenses.
Calculate Employee Hours
In addition to accurately recording employee hours, time and attendance software will add up these hours and make it easier to prepare payroll at the end of every week or month. Payroll preparation is a time-consuming task that is usually filled with errors and inaccuracies when performed manually. According to most restaurant owners, switching to biometric time and attendance tracking restaurant software speeds up payroll preparation by more than 70%.
It is an undisputable fact that paper timesheets are an eye sore to the environment. Not only do the paper timesheets harm the environment but they are limited resources that usually need restocking and reordering, especially when corrections are necessary. In addition to this, paper timesheets are known to misuse one of the most important resources a restaurant can ever have – employees' time and energy. The amount of time and energy it takes to print timesheets, distribute them, collect them, file them, and calculate them is just too much. Time and attendance tracking restaurant software eradicates paper timesheets leaving employees with enough time to focus on the jobs they were employed to do in the first place.
Sometime back in 2013, IRS (International Revenue Service) issued more than 4 billion penalties in employment taxes. It is estimated that 7 out of every 10 businesses do not comply with various wage and hour regulations. Studies show that non-compliance is largely due to timekeeping inaccuracies, misclassification, and generally the lack of accurate payroll data. Studies also show that between 2001 and 2011, non-compliance related lawsuits increased by 500%. By switching to restaurant software that tracks time and attendance, restaurants decrease the risk of crossing paths with the law or getting into frequent disputes with employees , which can also lead to Fair Labor Standards Act (FLSA) lawsuits.
Avoid Stress – Related Health Costs
An outdated time and attendance system has frequently been linked to a wide range of stress-related ailments. According to The American Psychological Association, stress-related illnesses are costing businesses more than $300 billion annually between reduced productivity, absenteeism, and turnover. Job-related stress, which is known to cause absenteeism more than any other injury or illness acquired at the workplace, also accelerates medical and insurance fees more than most illnesses and injuries.
I heard a story once about an employee that was brought to tears at the end of every week as he battled to complete the payroll on time, occasionally having to work overtime, and always missing out on family time and the flexibility to deal with important family matters. Since his employer implemented time and attendance software, this employee, together with his team now claim to always complete payroll on time without having to constantly worry about errors and mistakes. In short, time and attendance software is known to boost employee morale, which in turn improves the bottom line of any restaurant or business.