Rental Rate Optimization and Yield Management.The ability to manage Safety Critical Equipment or Safety Critical Plant including the recording of inspection and examination certificates.This is common practice in crane rental in Europe and in larger equipment rental in India and Asia. This is generally referred to as Timesheet Billing. Operated Equipment or Wet Rental where operators are sent out with the machine or equipment, and the rental charges are based on a combination of timesheet and standard rental charges.Product Service Inspection/Repair including the ability to trigger maintenance activity based on rental status, off-rent damage reports and clock hours or other service units.Sub-Rent or Re-Rent management including the ability to initiate rentals from third parties to cover contract obligations.
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Cash Customers/Contracts with cash drawer or till reconciliation and deposit management.Stock Locations and tracking of equipment between locations including inter-branch or inter-store transfers, and for larger businesses inter-company transfers.Product Utilization including Physical and Financial (dollar utilization) must be recorded.Product Revenue Accruals to provide revenue forecasts for rental contracts not billed at month end.Rent to Purchase or Rent to Own agreements with pre-determined contracts to take ownership of assets at a specific point in the contract.Sale or Return consumables must be managed alongside rental products.Bill Processing for long term rental contracts on specific cycles ( continuation or recurring invoicing), automated off-rent billing and additional charge management.Product Service Units and clock hour recording and maintenance triggers.Contract Charging Profile determining when and how charging is generated including flexibility on excess hours charges, charging by hour / day / week / month etc.Site Moves/Drop Ship & Relocations within live contracts.Product Exchanges and swap outs on live contracts.Transport management including ordering in outside haulage and keeping track of revenue and cost against delivery vehicles.'In Lieu of' or alternate items when equipment is not available as expected.Accessories, Attachments & Kits including sale or return items such as fuel.Dispatch/Pick-Up/Returns Process Management with the ability to manage partial dispatches and returns including asset tracking and signature capture on delivery / pick up.Reservations and Allocations management based on differing contract durations and customer requests.There are distinct industry requirements which need to be managed within the software, with Utilization one of the most important. Rental management software that integrates with 'off-the-shelf' accounting software can provide a viable alternative to the 'all-in-one' solutions. Rental management software should cover all aspects of a rental business in a systematic way including Financials ( GL, AR and AP), Equipment Servicing, CRM and reporting functionality allowing rental businesses to achieve all their business analytics from within a single package. Rental Management Software Functionality
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The introduction and expansion of increasing numbers of manufacturers, such as Volvo Rents, and CAT into the rental industry as direct providers of rental services is also re-shaping the way that individual rental software providers adapt their software. The rental industry itself continues to adapt and re-shape, as different players enter the market and national boundaries become less significant. In the last two decades a number of leading players have emerged providing solutions for everything from one or two user systems in a single store to international, multi-company and multi-location organizations. Like most software development, initial rental software systems were developed in the 1970s and 1980s as custom or bespoke solutions provided for individual rental companies and occurred in parallel in locations across the globe.