In today’s increasingly digital world, data is an invaluable resource. Your rental company’s success depends on your ability to study, understand, and put your business data to good use. However, overcoming challenges with data is not a straightforward task. This is where you can take help from a rental business solution.
Opting for the right rental business solution will greatly simplify reporting and data analysis, helping you effectively use your data to gain meaningful insights and improve day-to-day operations.
Investing in a rental business solution is extremely helpful for generating in-depth reports on your business. You will no longer have to skim through reams of information – a tedious and time-consuming task. Here are some other reasons why you should adopt a rental business solution:
- Helps bring powerful business analysis and detailed reporting to your fingertips.
- Ensures that the reports are always available whenever you need them by storing the records on the cloud.
- Provides you with real-time reports about asset utilization, maintenance, depreciation, and more.
- Highlights key rental inventory management areas that require attention.
- Makes sense of financial trends for you to keep an eye on.
Here are four powerful ways the reporting feature in a rental business solution aids you in generating in-depth reports for your business.
Data on asset utilization
Asset reports increase transparency across the organization. These reports can help achieve goals such as improved budget control and decreased time wastage.
With these reports, you will have complete information about employee interaction with business assets and other tasks. This makes it easy for you to hold your employees accountable and keep track of where your assets are, what they were used for, whether they were returned on time, and much more. Access to this information also allows you to quickly identify and troubleshoot any issues and concerns related to company assets
For example, if you’re interested in finding out how your employees have been engaging with purchase orders or other procurements tasks, you can easily draw up employee reports.
Asset reports also identify the employee(s)who had rented out an asset when it was damaged, thereby helping you charge appropriately for damages. This information is beneficial since it provides insight into asset misuse, and helps create an accountable workforce. You can even track the smallest of changes, such as recording location changes.
Reports on assets can also be used to understand the demand for different assets and help you retire or discard the ones that aren’t required anymore. You can do so by assessing asset usage. You can also further categorize the assets based on their maintenance states, the duration they have rented out for, and availability.
All this will prove useful to predict what future replacements you may need and also provide you with the time to prepare for these expected expenditures.
Accurate depreciation calculations for data accuracy
All rental assets have a finite useful life and their usefulness starts to decline over time. This decline needs to be recorded to accurately calculate the asset’s current value at any given time, along with how much of its value has already been lost. Calculating depreciation helps you set a fair rental rate for that asset, and helps predict when you should replace it.
Using a rental business solution helps you calculate the value of your asset accurately at any point in its lifecycle. You can customize the software to perform the depreciation calculation in accordance with any internal controls the organization uses. Warning: even the slightest error in the calculation can lead to incorrect results and financial losses. This is because these results affect important decisions you have to make about asset acquisition and allocation.
For these reasons, it is recommended that you use relevant software to aid in calculating depreciation. A rental business solution ensures that you take full advantage of depreciation periods, which means increased savings for you.
Another benefit of using such software is having all the important information already stored in one place. Information such as the asset’s procurement date, how often it is rented out, repaired, the cost of maintenance, etc. help determine more accurately whether the asset needs to be replaced or not.
Read More: 5 Equipment Tracking Best Practices To Boost Your Business
Complete maintenance and service reports
The smallest asset failure can halt your operations for days. To avoid such disruption, you need to keep tabs on the maintenance records of each asset. A rental business solution makes this task much easier by providing instant access to historical data and the ability to generate reports. The software also helps you keep track of maintenance needs and sends out reminders about any upcoming service sessions.
Now, coming to the reports. You can generate service and maintenance reports if you’re using the right kind of software. These reports offer detailed records of all service and maintenance events. This includes how often the maintenance took place along with the cost of maintenance and the time it took to get the job done. At the end of the year, you can easily assess the assets that are taking up maintenance costs and get rid of them or at least reduce downtime.
Ability to generate custom reports
Every rental business has different needs and the pre-configured reports might not fit those needs. A comprehensive rental business solution will give you the option to customize templates so you can generate reports uniquely suited to your organization.
You can begin creating a custom report by first choosing a primary module, such as assets, bundles, orders, etc. Next, you can also choose more related modules to build the report. You can add from a wide range of custom column options. Lastly, apply filters to narrow down your results and obtain focused meaningful results.
Once the custom report is complete, you can run the report, save the template for any future use, or schedule the report. Scheduling reports is a great way to ensure that all relevant parties are up-to-date with the latest asset data. Moreover, it also eliminates having to gather, compile, and share information all over again.
A rental business solution perfect for generating reports
We are a cloud based rental solution that offers businesses seamless rental management. It also comes with a host of other features like asset tracking, maintenance management, a customized webstore, and much more. Try us out today!