Every rental company has to do its bookkeeping. Some farm it out to a third party so they don’t have to bother with it. Others use accounting software to maintain more control over what goes on.
Better still, other business owners have discovered the advantages of using integrated rental software. Not only will this help you oversee your backend accounting, it works seamlessly with other aspects of your operation, helping you manage things like:
- Inventory control
- Point of sale
- Order entry
By storing all of the information in a central database, the system streamlines your processes and reduces (or eliminates) the need for duplicate entries.
And it doesn’t matter what type of rental business you operate. This software is meant to work with all types of rental applications:
- Heavy and small equipment
- Party supplies
- Moving equipment
- Welding equipment
- Construction equipment
- Outdoor power sports
- Portable sanitation
Here are some of the other great benefits of this type of accounting software:
1. Recurring Entries
Rental companies tend to deal a lot in repeat business, and therefore deal with many of the same accounting processes over and over. This could include:
- Journal entries
- Finance charges
With recurring entries, you can copy entries into future months, which saves you time. By automating these processes, it also keeps you from missing late monthly billing for long-term rentals. You can also use recurring entries for simple bank and credit card reconciliation.
2. Customer Reporting
Occasionally, you will get customers who will inquire about the particulars of an invoice on their account. By having a rental software program that lets you instantly and easily create customer accounts at point of sale, you will have all of the information you require to perform searches at a later date.
Plus, you’ll be able to refine your search through a number of handy filters:
- Purchase date range
- Purchase amount
- Product type
That way, if a customer comes in wanting to rent the same forklift they did the last time, but can’t remember the model, you’ll have it on their account. Or, if a customer notices an invoicing error, you’ll be able to go into the system and make the necessary changes.
3. Automated Processes
One of the main benefits of integrated accounting software is that any information you enter is available to each module in the system. For instance, when you create an invoice for a powerboat rental, the transaction is processed in a single system from the time the contract is entered to the time it is posted to your general ledger. There’s no need to run a batch process at a later point.
For other examples of how rental software can streamline your business, read our post: 3 Things Rental Software Does to Help Manage Your Business.
Are you looking for accounting software that will works seamlessly with your rental business? Windward System Five is an integrated business management system that features a robust accounting module to help you manage your cash flow. Call us to learn more.