One of Activant Silk's key objectives in developing the Rental Management module is to provide quick access to your rental inventory showing the status of each piece of equipment. This will include listing the current reservations (bookings), available equipment and equipment out of service for repairs. And easily provide you with information necessary to improve efficiency and increase profits. The Rental Management program allows you to monitor efficiency (rented hours vs. available hours, etc.) and profits by tracking every transaction in detail. This applies to both long-term rentals, e.g. monthly, or short-term rentals for equipment with daily or weekly rates. Full Integration with Activant Silk's other modules, such as Service Work Orders, Accounts Receivable, Invoicing and General Ledger provide for a complete and seamless Rental Package. No other third party software is required.
Easy Access to Rental Equipment
Rental equipment is easily set up in a manner that makes future inquiries extremely fast. Based on individual items or groups of similar items, rental inquiries are quickly performed allowing you to answer most inquiries over the phone
Look-ups can also be performed by equipment status:
- Reserved, with the beginning and return dates displayed
- Rented, with the beginning and return dates displayed
- Unavailable, e.g. in the shop for repairs
- Overdue, thus allowing quick follow up calls
Rental history can also be quickly displayed on screen or printed, showing the past history of a piece of equipment for any date range selected, e.g. last 3 months, last 6 months, etc.
Reservations, Confirmed Contracts and Invoicing
Reservations are easily performed by listing the equipment on screen and using the "point and shoot" method to select an item. Enter the customer information such as name, phone number and any other required information and then enter the starting and ending dates required.
If the booking is confirmed, contracts can be printed for your customer or faxed directly to them for signing. Invoices can be generated at any time, e.g. at the time of contracting, part way through the contract (applicable to long term contracts) or after the equipment is returned. The invoice module has all of the features of Activant Silk's POS Invoicing module.
Recurring invoices can also be created for long term contracts. For example, if you rent a piece of equipment on a monthly basis and will be invoicing at the beginning of each month, a recurring invoice need only be created once with the customer information and amounts. This makes invoicing extremely quickly and error free. The system can even tell you which machines need to be invoiced so that you do not have to worry about missing any of your billings.
This system provides a variety of price schedules as follows:
- Every 28 days
Combinations of rates are also applied automatically. For example, a customer rents a machine for 1 week but brings it back a day late. The system will calculate the standard weekly rate and then add one additional daily rate charge. The opposite can also be true. A customer rents a machine for 3 days but ends up keeping if for one week. The system can automatically change the billing to the weekly rate if desired.
A variety of other features exist, some of which are:
User Definable screen display allow user to select what information will appear on the customer profile, contact and history inquiry.
Full costing allows you to track the costs associated with a piece of equipment, allocate that cost to a G/L account, and run reports to compare the revenue generated. Profitability can then be monitored.
Damage Deposits can be automatically added to invoices if required based on each piece of equipment or rental contract. Damage Waivers can also be included.
Equipment Notes can automatically be printed on the contracts to provide your customer with crucial information required for operating or maintaining the equipment.
Additional Supplies can be automatically suggested or added to invoices. For example, renting a photocopier may also prompt the sales person to ask if the customer would like extra toner, or paper, etc. Renting a forklift may prompt the sales person to ask if the customer would like an additional tank of propane, or the new extended forks, etc. This will allow you to effortlessly increase your sales of "add-ons" thus generating extra revenue.
Depreciation is calculated automatically and is applied against each machine based on the hours used.
A variety of other Management reports are also available.