Streamlining Accounting for Your Equipment Rental Business
InTempo Software
Accounting can be complicated for any business. For equipment rental organizations, however, it can be especially complex. Not only do you have to handle Accounts Payable and Accounts Receivable processes, but you also have to deal with added challenges – such as Preferred Customer rental rates, parts inventory, and depreciation. This can be extremely frustrating - if not downright impossible - if you're not using accounting software that's built for rental companies.
InTempo’s equipment rental software provides robust tools for both Accounts Receivable and Accounts Payable. Our fully integrated accounting package helps you reduce the amount of manual work that goes into A/P and A/R, which means more time to focus on what really matters: growing your rental business.
Need a better idea of how our software can streamline your accounting efforts? Below are 10 examples:
1: Maintain a comprehensive Vendor Master File
Keep all of your Accounts Payable information in one place. Track contacts, addresses (including multiple addresses for multiple branch locations), tax ID numbers, and re-order information in a single electronic system. When you need to see how much you’ve paid a specific vendor this year, or which inventory or expense accounts you’ve recently used, all of the information is right at your fingertips.
2. Search for A/P invoices by any criteria
No more misplaced invoices. Search for invoices using any criteria – including invoice number, invoice amount, check number, purchase order number, and due date.
3. Automatically match your purchase orders to your invoices
If your A/P team is manually matching invoices to purchase orders, they’re spending unnecessary time on administrative paperwork. Our accounting system can automatically match your purchase orders to your invoices, speeding up your procure-to-pay cycle.
4. Select invoices for payment based on your unique business processes
Whether you’re trying to maximize your early pay discounts or strategically manage your cash flow, InTempo Enterprise lets you easily select invoices for payment. Choose invoices based on any criteria, including invoice number, vendor, or due date. Once selected, you can print checks and disburse cash.
If you need to pay the invoice outside of the system – for instance, using a hand-written check – you can change the status within InTempo to update the record electronically. You can also issue partial payments on an as-needed basis.
5. Create detailed Accounts Payable reports
To make your rental business more profitable, it’s crucial to know where every dollar is going – and where you can cut costs. InTempo’s A/P reporting tools make it easy to track open payables, received-not-invoiced transactions, vendor statuses, and more.
6. Maintain a Customer Master File
The same way that Accounts Payable can benefit from a detailed Master Vendor File, Accounts Receivable can keep a Customer Master File that puts their most critical information at their fingertips. Our accounting software lets you:
- Track credit limits and credit approvals
- Create customer-specific billing and rate calculation overrides (including Preferred and Dealer pricing)
- Manage damage waivers and certificates of insurance
- Link together multiple customers under a single corporate umbrella
- Attribute purchases to specific sales reps (even splitting across multiple reps when necessary)
- Offer custom quick pay discounts for slower-paying customers
- Automate environmental fees, late charges, and authorized users
7. Manage credit letters and collection calls
You can generate credit letters at pre-determined intervals, such as 60 and 90 days post-invoice. Automate friendly reminders, demand letters, and repossession communications to help you collect what you’re owed. Similarly, you can generate a credit collection call list based on the number of days an invoice is past due.
8. Create detailed Accounts Receivable reports
As with A/P reports, InTempo Enterprise provides a full suite of Accounts Receivable reporting options. You can analyze:
- Aged receivables based on currency and customer
- Year-to-date and previous-year revenue
- Earned-not-billed transactions
- Credit approvals
- Cycle billing
- Customers over their credit limit
- Damage waiver expiration dates
- Certificate of Insurance dates
- Adjustments
Get the insights you need to increase your revenue and streamline your order-to-cash cycle.
9. Simplify month-end and year-end processing
Our General Ledger feature lets you manage A/P accruals and earned-not-billed accruals (automatically creating G/L batches in the case of the latter). Generate 1099 reports for year-end processing, and – if needed – activate prior years for auditors’ adjustments.
10. Track equipment rental business depreciation
Rental inventory is considered a fixed asset, and you deduct it as depreciation. InTempo’s accounting software lets you depreciate your inventory using various methods, including:
- Straight line
- Percentage of revenue
- Double declining
- MACRS
If needed, you can split depreciation across multiple rental branches, using assigned and current locations as well transfer history. The system can also help you manage federal and state bonus depreciation, making sure you maximize your deductions to improve your bottom line.
Learn More About our Equipment Rental Accounting Solutions
All of these features – and more – are part of the InTempo Enterprise rental ERP. To learn more about simplifying your accounting efforts with our rental software, contact us today.
