Top Benefits of using ERP to Run Your Equipment Rental Company
Enterprise Resource Planning (ERP) software can benefit almost all companies, in almost all industries. Granted, there are instances where a company is too small and ERP would be overkill, or an industry so highly regulated that a commercially available ERP would need to be customized beyond its beneficial limits. However, these are the outliers, and most definitely do not apply to the equipment rental industry. For companies specializing in equipment rental, an ERP can be the competitive edge in an increasingly competitive and growing industry.
Below are some of the top ways in which your equipment rental company can benefit from making an investment in ERP software.
Data is vital to any organization. Having easily accessible and accurate data is critical at all levels of an equipment rental company. Supervisors need to be able to make timely assessments of time and labor availability, while executives need credible data to make strategic decisions regarding business direction. An ERP provides a centralized location for data storage and access so that your data is organized and reliable: an ERP delivers the important data needed to make decisions to run your company effectively.
Accurate Asset Tracking
The assets are the lifeblood of any equipment rental company. To that end, being able to track your assets is vital. Knowing the how, what, and where statuses of every asset are key. Fortunately, this is something that ERP software does very well: track asset inventory. ERP software can track all equipment so that your company can save money by reducing time searching for equipment and ensuring every asset is being used to capacity. Further, ERP software can provide insight into the future availability of your equipment so that you can accurately plan to meet customer demand. Along those same lines is ERP software’s flexibility when it comes to calculating rates and billing according to your business model. Equipment rental companies by nature have complex billing needs: ERP software can accommodate those needs.
Improved Accounting Procedures/Reduced Accounting-Related Pain
ERP software can help facilitate your business’ accounting department. By using an ERP your accounting department will no longer need to spend hours or even days trying to reconcile bank statements. ERP software provides automated reconciliation and better visibility into your bank account. ERP software includes tools that provide easy ways to track outstanding invoices, AR aging, and credit follow-ups.
A robust Enterprise Resource Planning solution can help your equipment rental company manage inventory and processes to save you real money today and in the future. ERP software offers accounting procedures to help your people and business run more efficiently and productively. While an ERP solution will not solve all of your business issues, selecting an ERP software solution for your equipment rental company can make a big difference.
Through a collaboration with SuiteEngine RPM, ArcherPoint is now offering a comprehensive enterprise management software designed for equipment rental companies. Built to run either on-premises or in the cloud, SuiteEngine RPM is built with features and functionality designed specifically to help equipment rental companies thrive. SuiteEngine RPM features and capabilities include; accounting, business intelligence, fleet asset management, parts management, rental and sales operations, and service work orders.
To learn more about ERP Software and the Equipment Rental Industry, download our white paper.