Businesses focused on renting equipment and goods find it challenging to synchronize rental order processes with invoicing. That’s because rental terms in today’s marketplace have gotten much more varied and flexible. Of course, routine rental orders with fixed rates and periodic invoicing can be fully automated—think daily, weekly, monthly billing for ongoing rentals.
But rental models now accommodate lots of different flavors, in response to customer demand, and that calls for a more sophisticated approach. At the same time, companies still need the ability to process rental orders and invoice customers with ease and accuracy. Let’s explore how a mobility-driven approach can help companies keep pace.
Invoicing simple rental orders is easy – but what about the more complex business models?
It’s common today for rental invoicing to be based on real-time registrations such as meter readings, delivered/returned quantities, and quality inspections. This actually isn’t new, but traditional approaches to handling these registrations and invoices are manual and prone to delays and errors.
Examples of rental scenarios where invoicing terms can create difficulties include:
- A mobile crane based on the running hours
- A generator based on an average usage and actual running hours
- A generator based on actual Kwh usage
So how can you automate rental data collection needed for invoicing?
Ideally, all registrations, especially the ones that are used for invoicing, should be triggered either automatically (e.g. meter readings) or manually via a mobile device (e.g. hour registrations, including signature capture).
The Internet of Things (IoT) is increasingly playing a role for capturing data. For example, IoT sensors on a meter can collect data for a meter reading, including an average usage calculation. What was previously a handwritten or manually input registration is now a cloud-based process, where a mobile app is tapped and data streamed directly from the sensors to the device UI:
Image 1: Example of IoT in combination with Rental PowerApps
The Rental PowerApps are extremely easy to use. A few more taps and all data goes to the back office or even directly into a customer-specific invoice that a technician can present or email to a customer. All calculations are automated and based on bullet-proof algorithms. And all information gathered goes to a central business database and populates forms, records, and queries so that there’s no worry that rental orders and invoices aren’t synchronized.
HiGH Software is working hard to bring you the latest advances in mobility for our DynaRent solutions suite. DynaRent works smoothly with Microsoft Dynamics ERP and mobile technoblogies to improve cash flow across your organization and let you take on new models for rental terms and invoicing.
Image 2: Example of mobile Rental Powerapps on a equipment rental project
If you are interested in our DynaRent product, please do contact us at [email protected] or visit www.highsoftware.com. We’ll continue to post blogs and articles about trends for equipment-driven industries that we uncover as we work with our customer.