With manual data management, this can be hard to put a figure on. From speaking with various Equipment Rental Businesses of all shapes and sizes, it’s clear they share a common problem. Standard operational software products cannot meet their financial management needs, and standard financial management software products cannot meet their operational needs. To fully understand rental business overheads, you need visibility of both under one central system, tailored to your industry.
Rental companies can seem complicated; they may be part of a group or subsidiary with multiple branches across various geographies. So a solution that can drill down information to each level is essential – gaining complete visibility of revenues by date range, customer, day, order and invoice.
From a financial reporting perspective, accounting can be a burden when using more than one system (or none at all). Nominal codes can be confusing and thus often incorrectly assigned. This challenge can be easily overcome with an integrated solution allowing rules to be set ensuring code consistency; allowing complex nominal code hierarchies to be present on screen in straightforward operational terms.
Our TRACS solution has been designed to simplify the complexities of managing rental equipment in the energy industry; it can assist easy financial reporting and provide enhanced visibility of the true cost of business. To find out more, watch our short introductory video on “Smart Costs”: