The Key Benefits of ERP for Rental Businesses
Running a rental business can be complex. You need to be able to track the rental process from checkout to check-in, manage multiple bookings and pricing models, maintain your inventory and ensure excellent customer service. So how do you manage all these complex day-to-day processes while still focusing on business growth? This is where a cloud-based Enterprise Resource Planning (ERP) system for your rental business comes in.
A cloud ERP is a software solution specifically designed to manage and maintain your entire rental business. Cloud ERP systems like Acumatica can manage your inventory, track all of your finances, give you a 360-degree view of your customers, maximize your ROI and more – all on one platform.
Here are some more benefits you could enjoy if you switched to a cloud ERP today.
Accurate insights into your business and financial processes
With an ERP, you are able to track all of your financial and business operations and have all your data centralized into one platform. That means purchasing, quoting, taking reservations, managing rentals, repairs, maintenance, parts, billing and collections information are all funnelled into a unified system.
Beyond this, an ERP for your rental business can manage all your financials, including accounts receivables, accounts payables and general ledgers for multiple locations, currencies and lines of business. This data centralization gives you a holistic view of your business and enables you to make more informed decisions.
Optimized asset management
Is that item being rented out? When is it coming back and does it need repairs? An ERP system can provide you with answers to questions like these since it’s able to track the status of all of your equipment. With an ERP, you can instantly access rental information including availability, location, movement, maintenance and repairs so you can maximize rentals.
Improved customer service
Customers are the foundation of your business, so keeping them satisfied is of utmost importance. With a cloud ERP, you can quickly process early, partial or late returns, ensure machine availability and health status, and provide smart and quick quotations. Understand and anticipate customer needs with accurate CRM functionality displaying customer quotes, orders, payment histories, and more.
Flexible invoice and pricing options
An ERP for your rental business can provide flexible invoicing options like generating an invoice upfront, periodically, upon return or on a set day of the month. You can also simplify extending the right discount and price levels to your best customers, provide different payment options and be able to sell or rent the same item to a customer.
Maximize your ROI
Having accurate insight into your processes means being able to manage your assets so that you can refine and grow the most profitable areas of your business. You can access the ROI of each piece of equipment and make adjustments to maximize your ROI.
Many rental businesses may feel that an ERP is out of reach for them right now. However, if you’re looking to propel your business forward, and want to streamline everything from operations to accounting, then an ERP may be worth the investment. Although the initial investment may seem high, the significant gains in efficiency, accuracy and reporting far exceed the cost. A cloud ERP is also designed to grow with your business so you don’t have to worry about switching systems if your business outgrows it.