Necessary Functionality for Rental Software

At the core, equipment, service and rental management software needs to do everything to make better decisions, improve service and in the end, produce a better bottom line. Every company using rental software has unique requirements so flexibility is imperative. Rental software solutions need to adapt to your business rather than your business adapting to the software. As your company grows, the software needs to be scalable, fully integrated, customizable, mobile and most importantly, easy to use. Rental software should help you realize improved efficiencies such as increased revenue, reduced capital expenses, increased revenue per employee, reduction in overhead expenses and reduced maintenance cost.

Having rental software that can facilitate the necessary business processes quickly and easily is key. A salesperson should be able to easily access data on his clients / prospects from his phone, tablet or computer. Knowing what the outstanding invoice balances are, what equipment each job site has, availability of equipment to fulfil requests. Having all this information easily available to them allows a quote to be created quickly and accurately. The rental software should provide the option to email the quote for quick delivery to the client.

Once a quote is approved, the rental software should have the ability to generate a rental contract directly from the quote. This insures all negotiated terms, and pricing remains intact and reduces errors.

Once the rental contract details are complete, but before delivery, the rental contract should feed into a dispatching system for scheduling the delivery of the equipment or services where applicable. Once scheduled the dispatch tickets should be automatically sent to the drivers via mobile phone / integrated device. The drivers should then be able to update relevant information through the app that syncs back to the software.

Upon delivery of the equipment, many clients wish to capture a signature indicating receipt of delivery. To date most in the industry are still using a paper ticket for this. As this transitions to paperless, a fully integrated rental software package needs to allow this to be done electronically via mobile application by signing directly on the tablet/phone, and then email a copy of the signed ticket to the client for their records.

Rental software should provide the ability to easily manage exceptions during a job. If a piece of equipment fails, the software should facilitate the swap out of the failed piece of equipment with easy to use swap out functions. Having the ability to transfer equipment easily between job sites without returning to the yard is also a critical component to accurately tracking rental equipment. The rental software should provide a mechanism to do this task easily.

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Maintaining the rental fleet is extremely important to maintain a profitable ROI on each piece. Rental software should have a fully integrated work order / maintenance area to easily generate work orders for preventative maintenance. Preventative maintenance should be automatically triggered based on meter readings/rental days/frequency. Generating purchase orders automatically directly from the work order to facilitate purchasing repair parts or 3rd party service should be an easy task to reduce duplicate entry.

Rental software needs to generate invoices to clients easily, accurately and be very flexible to meet the demands of the clients. The ability to batch invoice all open and approved rental contracts based on set criteria, invoice multiple rental contracts for a job / customer / PO / ETC. into a single invoice. Invoices should then be seamlessly integrated into whatever accounting package is being used, either integrated into the rental software or more importantly an existing 3rd party accounting package.

Rental software should have very robust reporting capabilities. Canned reports should provide many of the industry standard reporting metrics. The rental software should also provide the ability to generate custom key performance indicator dashboards, custom reporting, and data warehouses. This information should be easily accessible via the application, a mobile device or a webpage depending on the specific needs.

From a customer facing perspective, rental software should provide a customer of the rental software’s client / foreman / project manager / ETC. should have visibility to all equipment they have on a job site, be able to see what is available for rental, look at outstanding invoices.

Most importantly rental software needs to provide customer software support and consulting that truly understands the industry. Many industries run 24/7 and the support team needs to be available all the time.  Timely responses and quick resolutions to issues are extremely important. Providing software training, a proven implementation process and business consulting are important as well.

In conclusion, rental software should make it easy to track the revenue, location and history of an individual asset including utilization, total costs of operations, total cost of ownership, and return on investment.