The equipment rental industry is evolving, pressuring rental companies to employ innovative solutions to stay relevant and competitive. One software solution that can offer such companies 360-degree visibility and centralized data to manage their global footing is the rental ERP software.
However, picking an ERP software for the equipment rental industry is not an easy feat. Knowing your business needs is the first essential step to choosing a suitable rental ERP system.
In this article, you can uncover critical features that any equipment rental company should look for in the ERP system.
- Rental Price List Management
The rental price list management module in the rental ERP software enables the deployment of tiered pricing, seasonal pricing, and discount management.
For instance, this module can help managers implement tiered pricing structures in the rental equipment company based on factors like rental duration, customer type, or quantity rented for more complex strategies. In addition, the system can be used to set up seasonal pricing to adjust rental rates with varying peak and off-peak seasons.
Here, discount management implies managing discounts, promotions, or special offers on equipment rental prices.
- Rental Quotation
ERP system comprising the rental quotation feature can help compare multiple quotes, enabling customers to pick the best rental option to meet their needs. In addition, managers find it easier to customize rental terms and conditions in the quotations tailored to specific customer requirements.
- Rental Agreements
The rental agreements module in the ERP system can help streamline the approval process for the equipment rental company. It enables electronic signatures for rental agreements and sets up them for automatic renewal with pre-specified terms and conditions.
Moreover, you can use customizable templates for different rental agreements, leading to accuracy and consistency.
- Material Delivery Note
With a material delivery note module, the ERP system can keep tabs on the status and location of deliveries in real time, thus providing customers with accurate information about their orders.
Another perk of this feature is that the ERP system can capture digital signatures or proof of deliveries for each rental equipment delivery to confirm their receipt. Not only this, but such rental ERP systems can also help you schedule deliveries depending on your customer’s preference and availability.
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- Material On-Hire
Some attractive features of a material-on-hire module for an ERP system include flexible billing cycles, automatic billing, and integration with a calendar.
The software facilitates flexible billing cycles on a daily, weekly, or monthly basis to align with customer requirements. With this rental ERP system, managers can automatically generate invoices based on the on-hire dates. Moreover, the integration of on-hire dates with calendar applications results in hassle-free tracking and management.
- Material Off-Hire
The material off-hire module is best suited to automate the off-hire process, which triggers equipment return and finalizes billing. ERP system with material off-hire feature can also notify you about equipment inspections at the off-hire stage.
Moreover, this feature helps ERP software initiate a return authorization process to know whether the equipment has been returned as per the agreement terms.
- Inventory and Material Management
ERP platforms with inventory and material management features use historical data to forecast the company’s inventory needs and ensure rental equipment availability. Such systems can also automatically generate stock reorder notifications as per pre-defined thresholds.
Therefore, tracking the movement and location of rental equipment with this rental management software aids managers in managing inventory efficiently.
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- Fixed Asset Management
Rental companies must manage the lifecycle of their rental equipment to maximize its value. ERP systems with fixed asset management modules help rental companies do the same.
These systems can calculate the depreciation of rental assets based on pre-defined methods. They can even maintain an in-detailed maintenance history for each rental equipment to track costs and ensure compliance.
- Invoicing and Bulk Invoicing
ERP system with invoicing and bulk invoicing features can automate the invoicing process and customize invoices to include every vital detail. Moreover, they can help generate bulk invoices for multiple customers or rentals, saving time and effort.
Bottom Line
Finding an ERP software that can tick all your boxes in terms of modules and features can significantly help your equipment rental company. Such systems can aid rental organizations in managing all vital functions and processes, from inventory management to invoicing and fixed asset management, boosting sales, profitability, and growth.
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