Managing your equipment rental business can be a tough nut to crack. Do you use a software? Or do you rely on just yourself and your books? At Baseplan we definitely advocate for an equipment rental software, with over twenty years experience in this field we can say with confidence that it is the way to go. But how do you know you can trust an equipment rental software? Read on for our tips on what to look for in a worry free equipment rental software.
When looking at your equipment rental software options, a big ticket item to cross off is how it handles customer management. The software should be able to manage your existing and potential customers through your CRM system. It should have seamless integration with sales quotes to provide fast and consistent quoting across your business. Fast contract creation for existing customers, along with identifying your top customers and the ability of viewing their hiring patterns will also go far. It should have the ability to track service jobs and fleet vehicles. The system should also utilize customer fleet management reports to show response time and preventative maintenance performance.
Your next bullet to check off on your list of things that you equipment rental software should solve is equipment management. At an extreme basic, your software should be able to keep track of where your equipment is and who has rented it. It should be using integrated software to report on revenue, costs, and profits for each item. In an ideal world, your software should be keeping track of preventative maintenance programs as to avoid equipment breakdowns. Finally your software should should be able to quickly and easily record electrical tagging and testing details.
The final thing to check off on your list of 'must haves' in a software is financial management. The first thing to note in financial management is the ability to create accurate invoices, and these should be generated automatically from data collected. It should be able to also provide more accurate financial reporting due to automatic accrual processes being driven from operational actions. In an ideal it would allow better business performance monitoring by accessing a a live, detailed profit and loss statement at any time. It should enable you to easily manage your cash position and reconcile your bank accounts. Better profitability management by machine due to individual profit and loss statements. All of this will hopefully end up in reducing revenue loss through cycle billing.
If the equipment rental management software you are looking at covers these basic tenets, you are on the right track! If you have further questions about equipment rental software contact us to request a call with a Baseplan Professional today, and let your software do the hard work for you.