Did you know the rental industry is expected to increase 71% by 2016 (Source: American Rental Association)? With this rapid growth comes rapid change and the only way to be prepared is to have flexible and integrated software that will provide real-time, accurate information at a moment’s notice. Let’s take a look at two examples to see why this is so important.
Let’s say you are still managing your rental business manually, filling out status cards by hand every time equipment is rented out and returned. What if an item that you rented out is overdue? You wouldn’t know this unless you’re rummaging through your cards on a daily basis to see what’s due back, what’s overdue, and who you need to contact about the equipment in question. This time-consuming and inefficient process doesn’t help you to follow up on outstanding items, maximize your cash flow or effectively analyze business results. Instead of getting ahead of the game, you’re mired in manual processes, never really feeling as if you’re caught up.
Let’s say the process cards you manage by hand also need to be manually entered into your financial system, meaning that in order to get paid, you rely on the data being entered correctly and in a timely fashion. Many rental companies experience this extreme disconnect between rental orders and invoicing, taking weeks or even months to receive payment for their products and services. Every time there is an error you can add days or weeks to the date you will be paid.
Ideally, what you want is to have your rental order information entered once into an integrated system connecting directly to a real-time financial system. Open Door Technology’s Rental Management Solution makes this possible and helps you prepare for rapid growth in the rental industry.
Open Door Technology is excited to be exhibiting at this year’s The Rental Show and hope you stop by our booth (Booth # 129) to learn more about how we can help you stay ahead of the game with Rental Management Software. We’ll also be giving away a Wii U to one lucky winner while at the conference.
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