In the extremely competitive hospitality industry, operational efficiency is something that is always top of mind at all management levels. But for restaurants and hotels in New York state, looming minimum wage increases are now making it a more important factor in an organizations’ success than ever before.
The two-tier minimum wage increase proposal – which was recently announced by Governor Andrew Cuomo – looks to raise New York City’s minimum to $11.50 per hour, while bringing the state’s minimum up to $10.50 an hour.
Such a hike would give New York the highest minimums in the country. But it could also cause complications for local businesses, particularly within the hospitality space, where competition is rampant and overhead and turnover rate are traditionally high.
Increasing efficiency with document management software
One of the ways that New York hospitality businesses are staying ahead of the operational efficiency curve in light of the coming wage increases is through implementing a digital document management system.
Document management software can help lower costs and increase overall efficiency within any part of a hospitality business, though its use in human resources and accounts payable are particularly effective at offsetting the increased costs associated with the minimum wage hikes.
Easier and faster audits
“Audit” is a word no business likes to hear. But document management software makes the audit process quicker and simpler than ever. Digitizing your documents makes it particularly easy to manage I-9 forms on demand; traditionally, paper documents have made this a hassle as I-9s must be stored separately from other employee files.
You can also grant auditors electronic access to the documents they need, so they can go through them remotely, without having to be onsite and disrupting your operations.
Faster processing of documents
Paper documents can be a serious drain on operational efficiency. From HR forms, to invoices and other accounts payable documents, paper often ends up lost, damaged, or misplaced in the wrong pile or folder – causing expensive delays and wasted time in processing.
By contrast, electronic documents are easy to distribute, track and share. This helps you conserve time and resources, and to benefit from expedited processing resulting in lower costs.
Reduce costs and overhead
Space is a premium asset in the hospitality industry, especially in NYC, and storing paper documents takes up valuable real estate that can reduce overall profitability. Switching over to document management software puts this precious square footage back into the service arena, where it can generate revenue, rather than acting as “dead space.”
And remember the delays and misplacements of paper documents discussed in the previous section? Preventing this can be costly, too, with excess employee hours potentially spent keeping track of documents, rather than doing productive work. This is another area where having a digital document system shines, as fewer people are required to process each document, saving payroll dollars and boosting productivity per employee.
Finally, gaining fast access to documents can add to the competitive advantage that comes from streamlined efficiency. With document management software, you can easily search for documents digitally, track them and access them in an instant whenever you need them.
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Minimum wage increases may be an inevitability, but the efficiency edge your company maintains within the competitive hospitality industry doesn’t have to be set in stone.
For more information on how document management software can help your business become more efficient and help offset the coming NY minimum wage hikes, give us a call at (888) 294-1965.Contact Us to Learn More