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Effectively managing all aspects of rental units (costs, depreciation, location, etc.) is one of the main pain points we hear about when talking with those in the rental industry. Companies struggle knowing exactly how well their rental units are performing. They find it challenging to find exactly where any given piece of equipment is at any particular time. Further, they find it difficult to capture relevant, user-defined information on each piece of equipment they own. Equipment rental companies struggle with issues such as these all the time; fortunately, Suite Engine RPM has the tools necessary to help effectively manage your rental units.
Prefer to read more about it? Suite Engine’s own, Tom Marshello, wrote this blog for our friends at ArcherPoint:
[Begin Video Transcript:]
Welcome to the demonstration video series for Suite Engine RPM – Enterprise Software for Equipment Companies.
When looking for a software solution to manage your daily rental operations, it is important that that solution offers you the tools necessary to make informed decisions on a daily basis. In today’s video we will discuss some of the management tools that Suite Engine RPM provides for your rental units. From our Roll Center, we are going to click on ‘rental units’ on the left-hand side to give us a list view of all of our rental units. From this screen, you can see the status of each unit right in this column. This shows that it’s ready. This shows that it happens to be on rent. Taking this particular 20 kilowatt portable generator as an example, you can see that it is on rent and over here, to the right, it shows that it has been shipped.
Within two clicks from this list view, you can get right to the source document which is our rental contract that this particular unit happens to be on. Backing out of here, let’s take a look at the rental unit card itself. On the rental unit card, we capture all key information such as a serial number, any related fixed asset that this particular rental unit might be associated with, as well as specifications for this particular unit. For this example, we’ve got kilowatts, volts, and revolutions per minute.
At the top of the screen, you’ll notice that we can click on statistics. This is a key factor in our rental unit because it shows us everything related to the unit that management might want to see, such as, the utilization, how many available days was it this period, this year, and last year, how many of those days were billable, or utilized, and then, of course, calculating out our percent utilization. It also captures the revenue as well as the costs that go into it and all of this information is drillable. So, when I take a look at the rental revenue here of $1,800, I have a hyperlink that I can click on to get right down to my unit cost revenue ledger entries to show me that information. In addition, right from this screen, I can get right back to that posted rental invoice just by clicking on ‘show posted document.’ This allows me to reprint and send that invoice back to the customer, if necessary.
Back on the rental unit statistics screen, we can also see that there are costs associated with this. So here, I’ve got internal costs which might be cost that came from a vendor; it might be costs from your internal staff to perform any type of activities against us, such as planned maintenance activities or maybe just a repair of that particular generator. We also see the depreciation cost that goes into this and remember, I showed you the related fixed asset (FA)? Well, that fixed asset we’re posting accounting related depreciation entries and I can get right to those FA ledger entries simply by clicking on that.
Lastly, all of this information shows us the revenue versus the cost, calculating out our rental unit margin, as well as our rental unit return on investment. This information allows you, as Management, to be able to see the profitability of each one of your rental units and take action as necessary.
[End Video Transcript]