According to the American Rental Association, the equipment rental industry is expected to record revenue growth of 4.9 percent in 2017. The future of this industry is certainly bright, estimated to reach a whopping $ 55.6 billion in revenues by 2019. Imagine the tremendous opportunities this industry presents for your rental company. The sky is the limit. All you need is a robust ERP solution that integrates back office business system with your equipment rental needs. And then there is no stopping!
What are the key challenges of equipment rental companies?
Isolated Financials and Equipment Rental Operations: Lack of data integration is a key impediment that negatively impacts operation efficiency of equipment rental companies. With information scattered across various data points, it is very difficult to get a clear view of equipment rental activities, and related company financials. There is a disjoint between accounting data and operational data that significantly affects profits.
Inefficient Equipment Lifecycle Management: Equipment rental companies often find it challenging to maintain visibility into equipment conditions. This is a critical task in addition to inventory tracking. If companies fail to plan equipment maintenance and repairs, it might lead to loss in operational expenses as well as capital expenses.
Lack of Real Time Data: To ensure maximum ROI, equipment rental companies need to be on top of inventory data. Lack of visibility into equipment availability can significantly affect profits. You could lose customers if you are not aware what equipment are available for rental. Billings and scheduling are certainly complicated tasks that depend on data visibility.
How can cloud based Equipment Rental Software increase profits?
Streamlining your rental operations holds the key to your business efficiency. The more efficient your operations are, the more ROI you can achieve. This translates into huge profits. The way to success is data integration and automation powered by ERP software.
Seamless Integration: Forget about isolated spreadsheets to tabulate accounting data and rental data. Integration of front and back ends of your rental business operations is a fundamental benefit of rental business software. With data including rental invoicing, equipment maintenance, depreciation and fixed assets, in addition to accounts payable, receivable and general ledger, smoothly integrated, you can have information at your fingertips.
Mobility: Real time information can be accessed anytime, anywhere on any smart devise, facilitating thorough business analysis. Advanced reporting and billing features further ensures efficiency in business processes.
Reduce Human Errors: Additionally, automation greatly reduces data redundancy and human error ultimately adding to operational efficiency. What more, you can also eliminate employees hours and even headcount, tremendously improving overhead costs.
Partner with ASC to explore Acumatica Rental Equipment Solution Suite
ASC has been at the forefront of implementing cloud ERP solutions since the past two decades. Recently, the company has been honored with an award from Acumatica for superior customer satisfaction and value addition (Video 1).
Video 1: Video on Value Proposition; Acumatica & Advanced Solutions and Consulting
A leading certified Acumatica reseller, ASC commands extensive knowledge on the equipment rental industry. We take time to understand your business needs and suggest appropriate ERP solutions. Our experienced and expert cloud ERP team has successfully deployed 100’s of ERP software including the nonprofit market.
We are full service providing need analysis, business and technology audits; on-time project management; flowcharting for process engineering and training and support. Our sole motto is your competitive advantage. We promise to be your trusted partner through the before-during-after lifecycle of your ERP solution implementation.