When it comes to managing re-rents, rental software companies handle the process in different ways. Most these days can manage the creation of a re-rent purchase order and the confirmation of delivery to the customer. However, if you want to look at total management and deliver full cost control and profitability to your business through the re-rent process, then there is a lot more that you need to consider.
Ask yourself, does your rental software deliver a yes on all of these tests?
#1: Can you initiate a re-rent from inside a rental so that your purchase and rental contracts are tied together and you don’t need to re-enter any key information such as the customer’s delivery address on the purchase order.
#2: Can you automatically apply re-rent margins to ensure you always deliver profitability for your business?
#3: Can you automate the flow from your rental to your preferred suppliers so that you don’t have to touch any paperwork to get the request for a quote from your supplier?
#4: Do you know that the charges on your purchase order have been validated by your supplier and (other than damage) you can’t be hit by any unexpected charges when the invoice hits the AP?
#5: Do you have a way of validating that a delivery from a re-rent vendor has actually made it to your customer without relying on phone calls or emails?
#6: Can you apply approval processes within your re-rental process to ensure that you don’t end up re-renting equipment inappropriately?
#7: Can you see exactly how much equipment you’ve been re-renting in against any category/class/product over the course of the year so that you can easily identify what permanent changes might be useful in your fleet?
#8: Can you split out re-rent revenue from owned asset revenue on the same contract quickly and easily without having to send out separate contracts (one for owned and one for re-rented).
#9: Can you quickly and easily see what you have on rent that is re-rented so that you can swap in your own equipment when it becomes available?
#10: Can you upload your vendor invoices directly into the AP and auto-match them against your re-rent POs saving you time and money.