How Bosch Bakery Accurately Assesses Cash Outflow with Shoeboxed
Bosch Bakery is a family-owned and operated wholesale bakery in Thousand Hills, California, providing artisanal bread to restaurants in their community. Retail offerings are available through the Baker’s Wife stall at farmers’ markets and street fairs, and all their baked goods are without chemical preservatives and made from natural ingredients.
The challenge: tracking cash outflow and operating costs
“I was keeping manual receipts, which was a nightmare,” says PD Sandhu, owner of Bosch Bakery, as he recounted his struggles with staying on top of expenses.
For business owners in the food industry, receipt management is crucial—not only for tracking deductibles—but also for staying on top of cash flow. One study conducted by U.S. Bank calculated that 82 percent of businesses fail because of poor cash flow management.
To maintain a reliable cash flow forecast, food service managers and owners require an accurate assessment of operating costs.
This necessity was reflected in Bosch Bakery’s need for an alternative to manual management of receipts: “[I wanted] more accurate accounting,” Sandhu told us.
The solution: on-the-go receipt management infrastructure
“I Googled other companies,” recalls Sandhu, “but Shoeboxed met my requirements perfectly, and [the cost] was reasonable.”
Today, Bosch Bakery uses Shoeboxed’s Digital Only Professional Monthly plan as a business expenses management tool to track expenses and manage receipts. Employees email receipts to a designated Shoeboxed email account each time they handle a business purchase. And whenever Sandhu logs in to his Shoeboxed account, he gets a panoramic perspective of outflow that is always up to date.
“I like that I can access Shoeboxed and see my expenses from anywhere by simply uploading the receipts.”—PD Sandhu, Bosch Bakery owner
We asked Sandhu how long it took to integrate Shoeboxed into his daily business operations. “It was a very smooth setup,” he replied.
“Our digital only plans offer an extremely affordable expense tracking option for businesses, with various ways to digitally add the expense to your account,” notes Morgan Price, Shoeboxed’s Operations Manager. “Shoeboxed is a great solution for any sized team, as each team member will naturally have a preference on how they want to upload receipts.”
The results: confident assessments of cash outflow
Remarking on his favorite Shoeboxed feature, Sandhu said, “I like the categorization of expenses. Makes my accounting very easy.”
Shoeboxed’s category feature algorithm reads the text on a scanned receipt and places it in one of 15 default tax categories. Users can also create and assign new categories as desired. Expense totals can be viewed for each category group, resulting in quick, precise calculations of cash outflow.
One of the notable benefits for bakery owner PD Sandhu is the feeling of being in control of his expenses since switching to Shoeboxed.
“I am more on top of my expenses, and it takes the guesswork out.”—PD Sandhu, Bosch Bakery owner