TipHaus Helps Manage Your Tips—So You Can Do Other Things and Keep Your Employees Happy
From reporting to distributing, managing tipped revenue is a time-consuming responsibility and contentious part of running a restaurant.
Since tips come from cash and card transactions and are manually distributed across multiple employees and hours worked—they’re prone to error and can be a leading cause of employee strife.
There’s no room for mistakes when it comes to your employee’s income. Your retention and brand reputation depends on your ability to ensure fairness and accuracy across your team.
TipHaus, an automated tip distribution software, wants to take tip management off your plate— helping you increase productivity and retain employees by offering pay transparency like never before.
How TipHaus Saves You Time and Money
TipHaus integrates with your POS and gathers relevant information, like employee clock-ins, hours, sales, and tips—they even recognize issues like an employee forgetting to clock out and auto-reconcile tip miscalculations.
They automatically calculate and distribute tips based on policies you set up and manage from your employer dashboard. Employers can also easily pull comprehensive reports to send to accounting or a payroll provider.
“We save you at least 20 hours at the end of the month,” Kirk Grogan, Chief Operating Officer at TipHaus, told us. “We have some case studies with 15-unit groups saving 400 hours a month on their accounting team’s side. You know, it saves an exceptional amount of time and effort.”
It doesn’t matter how complex your tipping structure can get—TipHaus covers it all so you can get on with other things, and your employees can get paid quickly.
With their newest tool, Earned Tip Access (ETA), employers can distribute tips with the push of a button, instantly depositing tips into employees’ Hausmoney accounts.
Each employee enrolled in the TipHaus software gets their own FDIC-insured Hausmoney banking account with a debit card, savings account, and zero checking or overdraft fees.
“This is a true bank account. You have routing and accounting numbers, savings accounts, and virtual and physical debit cards,” Grogan explained. “You can pay bills, buy products online, open bar tabs, and anything else you could do with a traditional brick and mortar online banking account. And of course, your finances are FDIC insured, due to our partner Lineage Bank, an incredible partner who shared our vision to bring financial wellness to the service industry.”
From reporting to distributing tips—TipHaus has thought of it all and is invested in making its software provide something employers and employees can get excited about.
Costing only $99 a month per unit, TipHaus is incredibly cost-effective. Considering the time and money you could save by automating your tip structure—TipHaus pays for itself.
“It could not be simpler. In the first month, you will save. Unless your manager makes like $5 or less an hour, you can do the math that 20 hours saved will make up for itself on day one,” Grogan said.
How TipHaus Increases Job Satisfaction
“Our core function is saving managers time and money by automating the entire process. We remove legal liability from wage thefts and things of that nature—incidental or intentional, you know, wherever it’s going to be,” Grogan explained. “We solved all that, but we realized we still needed something for the people whose primary income comes from tips and gratuities. And so that is really what got us started.”
Passionate for the industry and those on the floor making the whole thing happen, the team at TipHaus realized that tipped employees weren’t getting the pay transparency or financial tools they deserved.
To help employers decrease turnover and increase value in their software capabilities—TipHaus built an employee app allowing workers complete visibility into their tipped income.
“We’re finally providing transparency that’s never existed in the service industry. Through our mobile employee app, through our now just released banking platform (Hausmoney)—we actually give employees the ability to budget, to predict how much money they’re going to make, to understand who they’re tipping about, and who’s pooling tips and what that looks like,” Grogran shared.
When employers sign up with the TipHaus software, their employees gain access to a TipHaus employee app. The app offers immediate insight into their total tips, who they’re paying, what days generated the best tips, and finally, a real avenue to providing proof of income—data that’s been sorely lacking and not easily obtainable for tipped workers.
Additionally, since everything is tracked and managed through the POS system, TipHaus offers a level of security that tips are handled legally and up to state-by-state laws.
Fair pay and good management are two significant factors impacting an employee’s overall job satisfaction. TipHaus allows employers to offer transparency that doesn’t exist anywhere else and impactful tools so workers can better manage their finances.
“We put employees first and encourage managers to do the same,” Grogan explained. “Turnover costs eat you alive, and if you never calculated it, you should pay attention to it. If you can distribute tips quickly, be transparent, and cut down on that turnover by 20%, then that’s 10s of thousands a year you’re saving.”
If you’re tired of managing tipped revenue and want to give your employees the added benefit of pure pay transparency, visit TipHaus today. Their pricing structure makes it worth checking out and seeing if it’s right for your business.