kickfinadmin, Author at Kickfin

8 Restaurant Software Solutions You Need for 2020

Posted on November 20, 2019January 11, 2023 by kickfinadmin

For restaurant operators — and the consultants who advise them — building out your technology stack can be overwhelming. There are literally hundreds of software products and platforms at our disposal that promise immediate ROI, new operational efficiencies, increased productivity…the list goes on.

Of course, no restaurant needs more than a handful of tech tools, no matter how big you are. So how are you supposed to know which ones are right for your business?

We recommend taking a step back and thinking about the solutions you require — before you start sifting through actual vendors and platforms.

Below, we’ve compiled a list of solutions we’d recommend for every multi-location restaurant group. It may look like a lot — but the good news is that with only a few different tools, you can cover every item on this list!

1. POS Software

At the most basic level, your POS hardware and software should give you the tools you need to manage orders and process payments. A modern POS system should also have data security features to protect customers’ information (and yours), and it should also provide some level of reporting.

With that being said, there’s now a good amount of crossover between POS solutions and end-to-end restaurant management software. The latter includes POS hardware and software, as well as some combination of inventory management, employee management, accounting, payroll, and more — but not everyone needs such a robust solution.

Let your budget be your guide, and also consider the tools you’re currently using so you don’t double up on functionality.

2. Accounting Solutions

Many restaurateurs outsource accounting to third-party firms or consultants, and that can be a great solution. But if you’re handling everything in-house, you need a transparent, accurate, and easy way to track your numbers — including sales, revenue, food costs, vendor payments, payroll, and more.

You’ll want an accounting system that integrates seamlessly with your POS solution, as well as any other software solutions you have in place. You also should be getting automated, actionable and real-time insights into where your business stands financially. Bonus points if it automatically tracks payments and generates 1099s for your vendors.

3. Payroll and Tip Out Solutions

For many restaurant owners, operators and managers, payroll swallows up hours of their week, every week. Choosing the right payment solutions will not only give you time back; it will also make a strong statement to your employees — that you care about them getting paid fairly, quickly and predictably.

Many employees in the restaurant industry live paycheck to paycheck, which means the faster they can access the wages they’ve earned, the better. If weekly payroll is cost- or time-prohibitive for you, then leveraging a real-time tip-out solution for your employees can fill in those gaps between paychecks.

Keep in mind: With both payroll and tip-out software solutions, there may be hidden fees (for you and for your employees) that you’re not accounting for in your monthly or annual vendor payments. Make sure you fully vet the solution you’re considering before you sign on the dotted line.

4. Workforce Management Solutions

Hospitality employees often struggle with difficult or unfair schedules, lack of training, and poor communication. Leveraging workforce management software solutions can boost your team’s culture and drive retention, loyalty and engagement. Plus, it can reduce labor costs from 4 to 5%.

If you’re purchasing workforce management software for a multi-location restaurant group, it should offer (most of) the following capabilities:

Auto-scheduling
Time tracking
Workforce communication
Insights and analytics
Hiring, training and other HR functionalities

5. Table/Floor Management

Table management solutions deliver visibility into what’s happening at each table in real-time, so your team can know exactly when and where to seat guests, serve guests, bus tables, etc.

Table management solutions also give restaurant operators actionable data and insights around what’s happening on the floor. And by reducing wait times and making service more efficient, they often result in a more pleasant experience for guests.

These tools run the gamut from super simple to incredibly smart. But don’t pay for more than you’ll need in the foreseeable future, and consider all the implications of going digital: for example, if your demographic skews more Baby Boomer and less millennial or Gen Z, some of those (very cool) features may not be necessary.

6. Inventory Management and Purchasing

When you automate inventory management and purchasing, you’ll cut down on food waste and costs, keep inventory records current, understand how food costs stack up against revenue, and make bookkeeping a breeze.

Pro tip: Be sure your purchasing and accounting solutions to play well together, if they’re not part of the same platform, so you can avoid the dreaded export/download/import process.

7. Online Ordering and Delivery

Smart restaurateurs know that online ordering capabilities can quickly and easily increase sales, especially during slower seasons.

Choosing the right online ordering platform can also save you time, labor costs and hassle. It’s faster than phone orders (and requires less manpower), and orders go straight to the kitchen, so there’s a lower risk of human error.

Plus, once your online ordering program gets off the ground, you’ll have a wealth of customer information that you can leverage to market to them, so they’ll keep coming back to you.

Remember: if online ordering isn’t part of the POS solution you’ve purchased (or you’re about to purchase), you’ll want to be sure they sync. The same goes for menu management, so you can avoid having to update menus in multiple locations every time a menu item or price changes.

8. Customer Loyalty Solutions

A loyalty program is a highly effective marketing tactic for restaurants, and (bonus!) it can be relatively hands-off, once it’s up and running, assuming you’ve got the right software in place.

There are so many ways to structure loyalty programs: points systems, tiered programs, etc. Maybe you want to build a VIP program, or perhaps you want to reward guests for making referrals or writing reviews. If you’ve got a vision for the way you want yours to work, there’s likely a software solution that can make it happen.

Managing Millennial Restaurant Employees

Posted on November 13, 2019November 10, 2022 by kickfinadmin

Real talk: millennials have gotten a bad rap over the years. At best, they’ve been a puzzle everyone wants to solve; at worst, their name has become a catch-all for anyone under the age of 23 who comes across as entitled unmotivated, or lacking ambition.

But millennials aren’t kids anymore. In fact, a lot of them are out of school and have families of their own; some of them (ahem) are even staring down middle age. And they now make up the bulk of the hospitality workforce as employees and managers — and increasingly as owners, executives and consultants.

If you’re operating a restaurant or bar, chances are, you’ve probably got a team of millennials. Even if you’re a millennial yourself, you might be scratching your head as to how to manage them in a way that engages them, motivates them to work hard, and makes them want to stick around.

Good news: a little understanding can go a long way. Here are 5 things you should know about your millennial restaurant employees that will make work more productive and pleasant for everyone (yes, yourself included).

1. Set them free (within reason).

Maybe you’ve heard millennials have a problem with authority — and for some of them, that’s probably true. But it’s no more of an epidemic for millennials than it was for their predecessors.

What is different, however, is their very obvious desire for freedom. Millennials, on the whole, are wary of being tied down. Compared to Baby Boomers and Gen Xers, they’re enthralled with the idea of a life in constant motion. FOMO (fear of missing out) is a real thing, both on a random Friday night, but also when it comes to the bigger picture— because millennials want to see and do and experience everything.

As restaurant employees, it doesn’t mean they’re unreliable or impossible to pin down. But it does mean they’re more open to moving from one job to the next, unlike their parents and grandparents who tended to stick with an employer for the long haul.

So how do you keep them around and give them the freedom they crave?

Train and teach: There’s nothing less freeing than feeling like you’re being micromanaged. As a restaurant owner, you won’t have to do that if you create an effective and efficient onboarding program that clearly communicates responsibilities, policies and procedures from the get-go. And remember: training isn’t a one-and-done kind of deal. It should be ongoing, so that you’re always reinforcing good habits.
…and then, trust: A Harvard Business Review article defines workplace freedom as “trusting employees to think and act independently.” That doesn’t mean your restaurant becomes a free-for-all; it means if you’ve hired the right people, implemented the right framework, and communicated it to your team, then everyone should feel equipped and empowered to succeed in their roles — no hovering required.
Let them share: Hopefully, you’re hiring smart, curious people who have been shaped by many diverse experiences. Give them the freedom and space to share ideas, give feedback, or contribute in ways beyond the role they were hired to do, if they express an interest or desire. At the very least, they’ll appreciate your willingness to listen and your trust in their perspective.

2. Be flexible

Freedom and flexibility go hand in hand. Many hospitality workers have chosen this line of work because it offers some level of flexibility that other jobs don’t — it’s not a 9-to-5, stuck-in-a-cube kind of gig. And while this is a true career for some people on your team, for others, it’s a job they’re able to work around school, or family duties, or another job.

But restaurant employees — from hostesses to servers to line cooks to chefs — are some of the most overworked people in the modern workforce. And the keyword there is people: they’re not assets or line items. They’ve got lives beyond the four walls of your business.

Fairness and compassion go without saying. Being accommodating is simply the right thing to do when circumstances arise that are beyond their control. But if you get a little creative, there are other ways to provide a little flexibility to your millennial employees:

Millennials increasingly gravitate toward remote-friendly, work-from-home jobs. Obviously, unless they’re planning to seat people in their very own kitchen, it’s hard to work remotely when you’re a restaurant employee. But perhaps you can choose to make some of your team meetings virtual, or maybe you can give digital access to onboarding and training materials.
Another flexibility play is giving employees more control over schedule creation, while also ensuring that your team is actually large enough for the business you’re doing, so that it’s not impossible to get shifts covered as those needs arise.

3. Go digital.

Technology is a millennial’s one true love. There’s a “smart” everything these days, and no one is more enamored with (or appreciative of) the digital age than this crowd.

Millennials are well-versed in technology and they understand the efficiencies and capabilities that innovation can deliver at home and on the job. They’re also extremely well informed because they’re always connected to the rest of the world — so they know what else is out there.

That means, for employers, ignorance is not bliss. If you’re not leveraging the technologies that could make work and life easier for your people, then they’re probably well aware of that fact, and they have easy access to jobs with other employers who are doing it right.

For example: many restaurateurs have felt the pain of the labor crisis as their employees go after “gig economy” jobs with the Ubers and Lyfts of the world, whose platforms allow for real-time pay out. Taking advantage of industry innovation can help you win the battle for good labor.

Tools like Kickfin — which allow you to tip out employees in real time, directly to their bank accounts — or front-of-house solutions like workforce and table management software will certainly deliver ROI to you, but they’ll also show your team that you’re invested in their wellbeing and that you take care of your people.

Pro tip: Employee-facing software solutions should drive transparency and engagement across your whole team, not just your managers or operators. Selecting vendors that take the employee experience into account is incredibly important; it may be something as simple as having a well-designed app or an intuitive, easy-to-learn interface.

4. Give them purpose.

Work is work — there’s no way around it. But millennials are coming to the table (so to speak) with higher expectations. Yes, they’re willing to work, but they also want to be fulfilled and find meaning in what they’re doing.

It’s not about pride or being the most important person in the room; it’s about being a part of something bigger than themselves and contributing to a greater cause. Maybe your restaurant isn’t going to save the world or solve the hunger crisis, but every good business and brand should give its people and its customers a reason to believe.

So find out what that reason is, if you haven’t already. Know your mission, know your why — and share it with your team. Every single person you employ should be able to articulate this.

At the end of the day, there’s no code to crack or equation to solve. Like with any other employee or colleague, empathy will go a long way in establishing trust and transparency — two things that millennials value highly.

And here’s the good news: when you bring millennials into the fold, they tend to bring a lot of people with them. By winning their respect and loyalty, you’ll also win some of the best brand ambassadors you could ever hope to have.

Kickfin can change the way you manage your millennial restaurant employees.

4 Reasons Why Prepaid Cards Are Bad for Restaurant Employees

Posted on November 6, 2019November 10, 2022 by kickfinadmin

If you’re one of the many restaurant owners or operators who uses prepaid cards to tip out your employees: we get it.

On the surface, prepaid cards, or pay cards, seem like a smart solution to the daily (and nightly) tip-out dilemma. Managers don’t have to acquire and distribute cash, which saves time and hassle. Plus, you’re keeping your employees safe — because no one is more vulnerable to theft than when they’re walking to their car with a pocket full of cash in the wee hours of the morning. And the biggest perk of all: you’re giving your employees instant access to the money they worked so hard to earn.

Except: you’re not.

Unfortunately, prepaid cards aren’t as simple or seamless for your employees as they may be you. What seems like a superior alternative to cash tip-outs could actually be costing your people a sizeable chunk of their earnings — and creating other unintended consequences — every time you load up and hand out a card.

Here are four reasons why prepaid cards could be making life harder for your staff.

1. Hidden fees

It’s not an exaggeration to say that prepaid cards are predatory. Prepaid cards come with a slew of fees that will add up incredibly fast when your people try to use their cards. Want to make a purchase? Check your balance? Withdraw cash? It’s not uncommon for people to be hit with fees for all of the above.

Depending on the card or vendor you choose, hidden fees can include:

Transaction fees: Transaction fees for prepaid cards may include a monthly fee or per-purchase fee; ATM withdrawal fees; and cash reload fees.
Service fees: Service fees for prepaid cards may include checking your card balance at an ATM; fees charged when you call customer services; and inactivity fees.
Other fees: Again, depending on the card or vendor, your employees could run into miscellaneous fees listed within the “fine print.”

Suffice it to say, when restaurant employees attempt to use prepaid cards, they’re likely losing valuable dollars they’ve earned. And while that’s frustrating for everyone involved, it could lead to an even bigger problem for your restaurant — because your people could start looking for a new employer in our competitive gig economy, where they’ll get immediate access to their earnings without having to pay for it.

2. Long transfer times

The hospitality workforce has been overtaken by millennials, and their Gen Z successors aren’t too far behind. This 35-and-under crowd has a deep affinity for all things automation. That’s especially true for monotonous, unpleasant tasks…like paying bills.

You’d be hard-pressed to find a millennial who doesn’t have at least one of their utilities or subscriptions (power, phone, gas, cable, Netflix…) set to auto-pay, so that payment is pulled directly from their bank accounts on a monthly basis.

That can be a problem if you’re living paycheck-to-paycheck and you’re not getting access to your tips after your shifts. Unfortunately, “instant” pay cards aren’t a solution. Not only can it take 2-4 full business days to transfer and receive funds from your card to your bank account — but your employees will often run into fees for attempting to do so. It’s yet another inconvenience for your people (and another way pay cards make their money).

3. Low vendor acceptance

Prepaid cards are different than debit or credit cards. Again, it depends on the card you’re using — but it’s not unusual for prepaid cards to get turned down by specific types of vendors. In other words: prepaid cards may not be accepted everywhere your employees wish to spend their money.

It seems people run into the most issues with travel-related vendors — like car rental services. According to Chime, vendors that typically put holds on cards may be less inclined to accept a prepaid card, as they don’t come with a name or expiration date.

4. Fewer regulations

It’s no secret that checking accounts and credit cards are highly regulated to protect consumers from fraud and loss. Until this year, prepaid cards weren’t afforded the same protections.

Fortunately, in April 2019, a new Consumer Financial Protection Bureau rule extended some of the existing checking account and credit card regulations to prepaid accounts — but there are several caveats.

For example, in order to be covered by several of the new protections, users must register their cards. If your restaurant employees neglect to register their card (typically through an online form), then they won’t have the right to dispute fraudulent charges or get reimbursed following loss or theft.

Another catch: in the event of unauthorized charges, prepaid card users are required to pay the first $50, and if they don’t report the unauthorized charges within two days of the activity, that number can go up.

Without question, restaurants that use prepaid cards as a tip-out solution have only the best intentions — and they may be saving their managers the time and hassle of dealing with cash. But the hidden issues that come with prepaid cards make them less than ideal for your employees — and ultimately, it could cost you your best people.

Here’s the good news: with Kickfin, you can deliver your employees’ tips directly to their bank accounts in real time — with complete transparency, and no hidden fees. Get a demo today!