The rental industry is booming, and the rental management software industry is booming right along with it. Whether your company rents heavy duty construction equipment, cameras, party supplies, tools or any number of other items, rental firms seeking a competitive edge have been turning to advanced software to better manage their rental needs.
Here are six ways peers in your industry are enhancing their rental management maturity:
1. Updated Software/Technology
While some rental companies may use different software for different functions throughout the company, using an array of disparate systems can result in confusion, lost or forgotten information, and a colossal waste of time and money.
A viable solution is to instead choose all-in-one software for rental management that consolidates and provides an overview of multiple aspects of your rental company. Such solutions typically feature a single, user-friendly platform that provides transparency of rental management that can be shared across your business.
From accounting to inventory control to equipment maintenance, a comprehensive solution lets you easily access valuable data, generate reports and otherwise check in on various facets of your business.
2. Rental Management On the Go
A platform that consolidates multiple rental management aspects is good, but one that allows access from mobile devices is even better. The most advanced rental management systems provide rental management information at your fingertips, along with other functions that benefit your business on multiple levels.
Top features often include delivery routing functionality so drivers can update information in real time, along with self-service portals for your employees, vendors and customers. Users can log in to their accounts to update contact information, place online orders or simply review their data. Functions are typically available without the need for a costly and complicated server dedicated to mobile accessibility.
3. Industry Flexibility
Because different rental companies have different needs, it’s imperative to find software and technology that can be customized to meet those needs. For instance, equipment rental companies need to track maintenance and reliability, while party rental companies have a high need for tracking large volume turnovers. A flexible system will provide ample functionality for both, and more.
Look for an adaptable system that not only suits the needs of your particular rental industry, but can also be tailored to your company’s specific procedures and size.
4. Streamlined Contract Management
Managing contracts with multiple spreadsheets is a task of the past for the most cutting-edge rental companies. Rental management systems can now provide full contract management functionality. Enjoy a centralized contract entry process on software built specifically around rental best practices for your industry, along with customized contract information requirements for specific items or customers.
Additional features to look for include:
- Drill down capabilities that let you easily review information behind each contract
- Rapid creation of new customers and items
- Search functions to quickly find the correct customer, address and billing code
- Copy function to easily reproduce a new contract from existing contract or invoice
- Customer credit limit check during the data entry process
- Separate delivery and return instructions for individual contacts
- Inventory queries and quantity checks to ensure you have the items available at home base or additional warehouses
5. Accounting Accountability
Unlike the QuickBooks or paper-trail accounting processes that come with a high risk of errors, the most sophisticated rental management platforms offer accounting modules to help ensure your accounting practices are streamlined and hassle-free. Real-time accounting information can be shared across your business, with functionalities that include general ledger, accounts payable, accounts receivable, inventory, billing, payroll, and others.
From the time a contract is entered until it’s posted on your general ledger, all financial transactions are processed in a single system. Additional time-saving features to seek out include recurring invoice and journal entries, easy setup of prepayments and finance charges, and straightforward bank and credit card reconciliation.
6. Inventory Control
One of the greatest needs across the board in the rental industry is improved inventory visibility. Companies can only schedule new rentals if they can accurately track items on hand as well as those due for return. Top-notch software solutions serve up innovative inventory management features, such as reservation inquiry and inventory maintenance.
Here you’re able to receive a real-time snapshot of critical information on a particular item, like quantity on hand, quantity committed, quantity due for return, warehouse location, and rental pricing.
Additional inventory management features frequently include:
- Unit tracking by serial or lot control
- Commission tracking
- A single maintenance screen for equipment, parts and inventory
- Alternate item suggestions
- Accessory items
While the multitude of rental management tools alone are enough to enhance your business, your rental company can find even greater success with a system that combines all those tools into a single platform. The explosion of the rental management software industry makes it easy to find a solution that best suits your company’s specific needs – while ensuring you keep up with, or even surpass, your peers.