Posted on: 8 May 2018
Owning an equipment rental business means maintaining billing records as well as detailed rental information. Though some accounting softwares may help with this, they will likely lack services that cover all your inventory and sales needs. An inclusive option is to use an equipment rental software. Here are three things to look for if equipment rental software is something you are considering.
One of the first things you need to look for with equipment rental software is a cloud backup option. Though this is important with any business software, it can be vital for an equipment rental business. Keep in mind, you are not simply keeping accounting records. You are keeping records on equipment that can total in the hundreds of thousands, and sometimes millions, dollars. This equipment can be hard to trace without the software that holds the information containing VIN numbers, serial numbers, and other equipment specific information. Having cloud storage gives you that added level of security and a method to get the information you need if there is a power outage or computer virus issue.
Having an interactive quote ability is something that can help build your business. This type of system can give you the ability to check availability, give a quote from your system for the equipment rental and related fees, and send that information to your clients. It also gives you the option of sending correspondence to the client to ask if they have questions. The quotes can be kept in your equipment rental software system for a set amount of days, so when the client is ready to move forward with the rental, you can pull up the original quote easily.
An automated billing system is a must-have for an equipment rental software. This automated billing means you can set up automatic billing statements to everyone currently renting from you. When the clients pay their billing statements, the system will automatically update in the software, as well. If you have late payments, you can setup the software to have the late payers notified. You can also send out collection notices and pull proof of the billing if a repossession company needs to be called to retrieve equipment.
These are only three of the aspects you should look for with equipment rental software. Ideally, you should meet with your accounting consultant to have them evaluate your business setup and needs. They can help determine if there are other needs you may not have thought of and help you determine which software is best.Share