Indonesians, especially those in urban areas, are increasingly buying processed food rather than cooking at home, according to data from the Central Statistics Agency (BPS). According to BPS data, purchases of packaged foods in food stalls, supermarkets, and restaurants increased from 29.6% in 2016 to 34% in 2018. This is backed by Nielsen data from 2016, which shows that 11% of Indonesians eat out more than once a week.
As a result of this reality, several restaurants, restaurants, and stalls have sprung up to meet the community's culinary needs. Culinary arts, on the other hand, is arguably a risky industry. Many external and internal factors can affect restaurant turnover. Large money, a strategic position, and good taste are no longer the only ways to succeed in a competitive market.
As a result, the Marugame Udon restaurant chain, which operates under the license of PT Sriboga Marugame Indonesia (SMI), places a premium on internal governance and restaurant management. This Japanese restaurant with fresh udon, open kitchen and tempura design now has over 60 locations in Indonesia and abroad.
Marugame Udon, as a multinational restaurant chain, must perform a variety of international transactions, including the procurement of food ingredients and cooking utensils.
Support Marugame's strategic business goals by increasing the performance of their financial management processes.
The task at hand:
Marugame Udon is one of the largest Japanese restaurant chains in the world. Marugame Udon's Indonesian branch imports food ingredients and kitchen utensils directly from Japan to make the ideal bowl of udon. As a result, the Indonesian branch is required to make monthly payments to its Japanese suppliers.
Previously, the team had to rely on big, well-known banks to make these international IDR to JPY transfers. However, the fees levied on each transaction were exorbitant, ranging from tens of thousands of rupiahs to several hundred thousand rupiahs per transaction.
Every time the Marugame team needed to make an international payment, they had to physically go to the bank branch and adapt to the bank's operating hours.
This method was inefficient to Marugame management, who wanted to maximize benefit from their activities. "There are inefficiencies in sending money using banks overseas," said Mr. Akhmad Nurhidayat, SMI's Chief Financial Officer. Since most people would use a correspondence bank, the cost per transaction is extremely high.
Then there's the transaction itself, which takes time because it has to conform to the communication bank's hours of operation.”
The strategy is as follows:
Mr. Nurhidayat looked for a non-bank option to maximize profit while continuing to expand their foreign operations, and he chose Wallex. Via their Wallex Business account, Wallex is a fintech-based alternative to the conventional route of making payments, offering rates that were higher than the Bank's, with lower fees and quicker deadlines for distribution of funds.
Marugame Udon's Finance team was able to make end-to-end international transactions from the convenience of their office (or home!) after being fully set up within Wallex's online ecosystem. All was done online, from financing the transfer to completing the transaction at a specific exchange rate.
This was especially useful when Indonesia was under martial law due to the covid19 pandemic, and going to the bank was out of the question.
As a consequence,
Wallex is now the company's preferred method of international payment, allowing them to save both time and money.
Mr. Akmad expressed his delight with the experience, saying, "We were able to reduce 50% to 60% of our foreign transfer costs after using Wallex." This is an excellent example of a finance platform that aids business efficiency.”
This was possible, according to Mr.Andy Putra, Wallex's Country Manager in Indonesia, because Wallex charged a flat rate of Rp 100,000 per transaction, as opposed to conventional service providers that charged progressive rates. Furthermore, the platform provides a favorable exchange rate for 47 different foreign currencies (compared to 10-15 that are offered by banks). This fintech platform is available 24 hours a day, 7 days a week, and can complete international transactions in 1 to 3 days.
"We recognize that the business world in this digital age is moving at a breakneck pace and is entirely online.
As a result, international class businesses like Marugame need international transfer solutions that are safe, realistic, and accessible at any time and from any place. "We're delighted that Marugame has entrusted Wallex with the task of facilitating foreign payment activities," Andy said.
Visit www.wallex.asia for more information on Wallex and to learn how it can help your company.
In relation to Margumae Udon :
The best Udon and Tempura from Japan are served at Marugame Udon. On February 14, 2013, Marugame Udon made its debut in Indonesia at Taman Anggrek Mall. All of the recipes are original Marugame Japan recipes, prepared with high-quality, natural ingredients manufactured at each of their locations using Japanese techniques and monitored by strict quality assurance requirements.
Marugame Udon has locations in several major Indonesian cities, as well as more than 1100 locations worldwide, including Los Angeles, Hawaii, Moscow, Sydney, Seoul, Hong Kong, and other major cities.
On October 7, 2015, Marugame Udon earned MUI halal certification and is committed to providing the best Udon and Tempura to its loyal customers.
In reality, only one-third of total B2B global payments are processed electronically, compared to two-thirds of B2C global payments, according to a study.This lag has been caused by a number of factors.
One is that B2B payments are often linked to complicated business processes that necessitate manual labor.
Automation and ERP tools can help reduce the complexity of these processes.
Global Receiving and Collections AccountA global collection and receiving virtual account is an easy, low-cost alternative to foreign bank accounts for cross-border businesses.
They will be less vulnerable to exchange rate volatility and will save money on various conversion fees.
They can easily carry, convert, and pay in 14 different currencies while managing FX risk and saving money on FX transactions over time, particularly when dealing in large volumes.
Quickusd is one of the most trusted dollar buy and selling medium for all freelancers in Bangladesh.
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Forex Technical Analysis – Trend Following Your Way to Great Profits
If you are looking at the currency charts you will see that they move in trends.
These are very easy to spot in observation but scheduling your entry levels and following these trends is harder and the goal of all currency traders, however, 95% fail and lose their invested money.
In order to use Forex Technical Analysis, you must follow the basics of trend following and helpful tips are given below for making more profits.
These last for a few hours to around a couple of weeks and traders make larger profits with the prediction of short-term trends.
We are going to facilitate you with some useful tips when currency trading for catching currency trends and getting into profits:
As long as its establishment is in Indonesia, a company will assume the same tax obligations as a resident.
Foreign companies with a permanent establishment in Indonesia can pay their taxes by direct payment, withholdings from third parties, or both.Level of Tax:A flat corporate tax rate of 22 per cent is applied to net taxable income as of 2020.
Companies with gross revenue of less than 4.8 billion earn a 1 per cent tax limit.
Present in Indonesia with the intention of remaining in the country during the fiscal year, except in cases where less than 183 days have been spent.People working overseas but still earning some sort of income in Indonesia Note: In cases where tax treaties circumvent the requirements, the tax exemption is applicable;Level of Tax:The tax rates of residents depend on the income of the person, ranging from 5% to 30%.
Categories of taxable products and services include;Some taxable goods for importation and export Export of services subject to taxes and intangible goods Taxable goods shipped between the head office and the branch or branches of the same company Goods movement on consignment Consumption of offshore-origin taxable intangible goods and servicesLevel of Tax:There is a general VAT of 10 per cent.
However, according to government legislation, it can be raised to 15 per cent or reduced to 20 per cent.4.
