Return on investment can be difficult to quantify on any investment you make for your business. Below is a detailed list of areas we believe will have a significant impact in your establishment when using a gratuity management system and allow you to decide the realistic value of the ROI.
GraTrack automates tip calculations and removes the need for due back cash exchanges.
Safe Bank Amount and Risk Exposure: By adjusting the amount of money needed to maintain cash operations you reduce the amount of cash at risk to theft. Add the money -less the cost of GraTrack- back to your budget.
Server/Cashier check out times: These types of repetitive tasks in regard to ROI figures can be astonishing! Lets say you have 10 checkouts to complete each night. Each employee spends 10 minutes on average using the current forms and a calculator to figure out the due back exchange and tip outs. They then spend 5~10 minutes with a manager to review for errors and process the cash exchange.
Many times servers are due back money in the form of credit card tips converted to cash. With GraTrack, this creates a drop situation in which no manager interaction is needed. The time savings could be anywhere from 10~20 minutes per employee per day. Using 350 days open a year that would amount to 875 labor hours. Depending on your wage rates, we’ll say $8 per hour, that’s $7,000 annually.
Manager time savings: As mentioned above in our sample site, the manager has 10 checkouts to process. This manager is on the clock and in many cases would be there anyway but what would you rather have them doing: Spending 30~45 minutes at the end of the evening stuck in the office or interacting with guests on their way out to ensure they enjoyed their dining experience?
Lets not forget the time spent aggregating all the tip data in a spreadsheet, hoping they didn’t make a mistake that would affect a persons income.
Just consider the time it takes managing that safe bank and making numerous bank runs a week to replenish due back cash.
Also, does your support staff come to managers regarding how much they were tipped out and by whom? GraTrack allows them to look up the information themselves and provides program manager the reporting tools to see an issue before they do.
Tip Compliance : Finally we do need to mention compliance, or more like litigation. This could come in many faces and it would be entirely too difficult to put an exact number on it, but all that’s needed to say is, “auditors and lawyers”, the statement “priceless” comes to mind.