3 Invoicing Challenges for Rental Companies (and How to Solve Them)

May 21, 2019 Carrie Saunders

Many equipment rental companies spend far too much time determining pricing, then creating, entering, double-checking, and managing agreements and invoices. Sound familiar? The equipment rentals industry is uniquely complex, especially when it comes to managing these aspects of cash flow.

 

To add to the problem, most financial solutions are only designed to handle the needs of retail transactions, where inventory is sold a single time for a single cost. Historically, many equipment rental businesses have coped with this issue by relying heavily on manual processes for determining prices, creating agreements, and sending invoices.

 

There is good news! Technology is providing new levels of automation and revolutionizing the way rental businesses can operate. Is your business ready to upgrade to effective processes that will enable new growth? Western Computer is now offering DynaRent for Microsoft Dynamics 365 Finance and Operations, a full-blown rental management solution with the capability to transform your business for the better.

 

Why do rental companies partner with Western Computer?

 

Western Computer has unbeatable knowledge of the rental industry and over 30 years of experience helping customers improve their business processes. We’ve helped many rental businesses implement best-fit accounting software, integrate their rental management systems with their financial solution, create effective workflows, and optimize best practices to get the most from their investments. That’s why we’re offering DynaRent, from To-Increase, as a rental management application for Dynamics 365 for Finance and Operations.

 

What is DynaRent?

 

DynaRent for Dynamics 365 for Finance and Operations provides you with a comprehensive, seamless rental management system that is fully integrated with your financial solution. In addition, DynaRent leverages pre-existing functionality and integrations with Power BI, Cortana, Dynamics CRM and more. This solution can help your organization modernize and automate every aspect of your business, including rental pricing, agreements, and invoicing.

 

Western Computer and DynaRent can help your rental company solve these common challenges:

 

1. Manual invoicing frustrations

 

For equipment rental companies relying on manual invoice creation, employees frequently dedicate countless hours to creating and managing invoices. Due to the variables employees must track for each customer and rental, this is often time-consuming, error-prone, and frustrating. That’s why Western Computer offers rental management solutions such as DynaRent and a wealth of experience helping customers automate their periodic invoicing. We can help you set up recurring invoicing, so billing isn’t a nightmare for your employees. You can still fully control the variables, and set the invoice period for whatever you need – whether that’s days, weeks, or months. Using the right solutions and processes to automate periodic invoices will reduce errors, eliminate frustration, and keep your people happy.

 

2. Mistakes related to complex billing needs

 

Billing for equipment rentals is very complex. All the variables that need to be tracked, from the specifics of each rental agreement to the possibility of overtime charges, customer refunds for early returns, damage fee waivers, and meter charges, quickly add up to create a situation that’s very difficult for your employees to get right. Manually managing this process can lead to mistakes,  unhappy customers and  lost revenue.

 

Western Computer has experts who understand how to help you with this. A rental management solution such as DynaRent, combined with the appropriate training, can lead to integrated and automated billing processes with a vastly reduced rate of errors.

 

3. Invoicing backlogs and cash flow problems

 

Manually creating agreements and invoices is a slow process, and a backlog can easily occur which results in cash flow issues for your business. By appropriately automating and integrating your agreements and invoicing, you can speed up this process and get invoices sent out on time. Then, you’ll be able to easily manage customer payments and equipment status in real-time, allowing you to understand the big picture of your organization.

 

Ready to improve your rental pricing, agreements, and invoicing?

 

DynaRent for Dynamics 365 for Finance and Operations from To-Increase
 

For more information about DynaRent, check out our DynaRent webinar presented by Western Computer and To-Increase. To learn more about how Western Computer can help your equipment rental business optimize processes, increase efficiency, and achieve success, contact us today!

About the Author

Carrie Saunders

Carrie Saunders, Western Computer’s Business Development Executive, has over a decade of corporate sales experience. Carrie strives to be a thought leader regarding Microsoft Dynamics products so she can help her clients to implement the best possible business solutions. By creating valuable and long-term partnerships, Carrie has significantly contributed to the success of Western Computer’s customer base.

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