How F&B firms use HR tech to save time and money
On top of the latest relief measures unveiled in Singapore Budget 2021, some food-and-beverage (F&B) firms are improving their business models to remain sustainable through another challenging year. This includes capitalizing on the technological developments adopted by other restaurants and businesses.
Technology now plays a more prominent role in the home and the workplace — from ordering food to salary disbursements, and shopping transactions to timesheet management. Digitizing workflows can help ensure that crucial company data – think pay slips and staff schedules – are accessible wherever your team is.
How can F&B firms save time and cut costs vis-a-vis their business model? The key lies in digitizing and simplifying admin-heavy HR processes, such as payroll processing.
Process payroll in the time it takes to fry an egg
Are you staying up late squinting at spreadsheets just to rush payroll? Entering and editing data in Excel is a highly manual process, making spreadsheets extremely time-consuming.
A payroll process shouldn’t take hours with the technology available today. If you’re losing hours to payroll, it’s time to go digital! Free online payroll systems like Talenox can help you automate salary disbursements in a few clicks.
As a business, you’ll want the following automated capabilities to optimize the time spent on payroll processing:
A built-in calculation engine that computes a wide variety of configurations like commissions, incentives, and allowances.
Comprehensive payroll calculations that fulfill all statutory requirements, including prorated and overtime pay calculations.
Integration with your bank — think OCBC, DBS, UOB, Maybank, and many more international banks — that generate compatible bank files for payroll submission.
All in all, automation helps you eliminate manual calculations and unshackle from the many administrative burdens so that you can focus on growth and cash flow.
You’ll also want to ensure you adopt a grade ‘A’ payroll system. In Singapore, the IRAS provides a list of such providers.
Selecting from a recognized list means your payroll software is compliant with the latest statutory requirement — an essential consideration. After all, avoiding fines due to late or erroneous payments stemming from faulty payroll processing is always preferred!
Automatically sync approved timesheets with payroll
In some F&B firms, the payroll process needs to take into account hourly wages. In that scenario, your HR management software (HRMS) should track your employees’ work hours and calculate the salary figures accordingly. The last thing you want is the administrative burden of keying in the same data twice: in a time tracker and your payroll process.
Look for online tools that allow your time tracking and payroll system to talk to each other for faster and more accurate payroll processing. It’s all about connections! For example, some HRMS integrate with work management tools — for example, Deputy and Talenox. Combining information if you approve a new leave application, having it reflected in your time scheduler saves you additional time and effort — and errors!
Unify your payroll and accounting processes
Some small F&B firms don’t put enough emphasis on keeping good accounts. Instead, they remain complacent with a traditional, manual accounting system.
If that’s the case in your business, it may be time for change. When you’re handling numerous business transactions daily, recording the account numbers, and debits and credits for every transaction can eat into your time. It’s also a highly tedious process that’s prone to human error. An effective accounting process has to be 100% error-free. After all, you’re trying to keep a clear idea of what the business is spending on each month.
When an F&B establishment is handling numerous business transactions a day, it can be incredibly time-consuming to record the account numbers, and debits and credits for every transaction.
Online systems such as Xero and Quickbooks automate accounting entries and push your payroll data from your HRMS to your accounts so there are no extra numbers or missing decimal points. This automated accounting process doesn’t just help you reduce hours to minutes. It also helps to ensure the numbers you calculate at the end of the day are accurate, removing the worry of finding time to manually record and triple-check every business transaction.
Take advantage of free HR tools for complex statutory calculation
It’s essential to stay on top of policy regulations and updates, so your statutory calculations are accurate. If you’re running an F&B operation in Singapore, the following statutory calculations must be correct. So, thankfully, there are free tools available to help you.
Central Provident Fund (CPF) contribution.
The CPF is a mandatory social security savings scheme to which employers and employees contribute. It serves to meet teach employed Singapore Citizen and Permanent Resident’s retirement, housing, and healthcare needs
Whether you’re an employee or an employer, you need to calculate your CPF contributions with the most updated CPF contribution rates. Try the free CPF calculator designed by Talenox to accurately calculate CPF contribution; the calculator also calculates the Skills Development Levy (SDL) and statutory donations!
A prorated salary is a portion of the full salary amount. Simply put, the salary calculated to be proportionate to the number of days that the employee worked in an incomplete month of work. It’s vital to carry this out for accurate compensation.
Automatically prorate your wages according to your actual worked days with the Prorated Salary Calculator designed by Talenox. It’s a free online calculator that caters to employers and employees of all industries, including the F&B industry.
Foreign Worker Quota and Levy
The Foreign Work Quota (FWQ) is essentially the number of S Pass and Work Permit holders a business can hire based on the Dependency Ratio Ceiling (DRC), or quota. The Foreign Worker Levy (FWL) is then computed based on your industry requirements and tiering of basic- and high-skilled workers.
Try out the free online tool designed by Talenox for you to automatically calculate foreign worker quota and levy.
Thousands of businesses use Talenox for HR and finance management. Save hours of your time. Give Talenox a minute.