Reduce costs and speed up payments with electronic invoicing, for rental

Invoicing lies at the heart of your rental business. Your invoices need to be fast to produce and able to handle the complexity of your rental business. This blog shows how using hire management software for automated invoicing can help reduce your costs, improve your payment speed and lead to more accurate invoices.

1. Keep it simple

Hirers need to provide simple, transparent pricing structures, produce accurate invoices for any more complex calculations and make charging structures easy to understand and invoice. You may have a range of charging calculations arising from a mix of any of the following:

Time period (hourly, daily, weekly, monthly, ‘free days’ such as Bank Holidays)
Transport cost calculations
Customer discounts
Consumables
Accessories

A hire software solution can save you time by storing and allocating relevant price information and producing clear and accurate invoices. Hire software can also enable your staff to provide customers with clear explanations of their invoice charges.

2. Prevent errors and endless credit notes

When using manual input methods, they are inevitably prone to human error. Software controls can prevent user errors getting into the system and therefore onto the invoice and removes the need to create credit notes. Critical system alerts can help prevent errors early on by giving warnings to managers of issues that need addressing, e.g. kit out on hire below minimum value or abnormal quantities. Your rental software can be configured to restrict overriding standard prices – keeping a watchful eye over unauthorised ‘mates’ rates’

3.Reduce queries – provide the evidence

Prove that you delivered when you said you did with signed proof of delivery PDFs. Attaching these documents automatically to the relevant invoices give additional peace of mind and reduce customer invoice queries. Printing time and date stamped off-hire numbers on the invoices provides clear evidence on when a hire was terminated, giving you and your customers the confidence that your invoices are accurate.

4. Go paper-free

Reduce costs with electronic invoicing. You should have the flexibility to deliver the invoice to each customer in their preferred format whether by email, EDI or by post. Electronic invoices are cheap to produce and quick to send. They reduce stationery, postage, labour and storage costs and are also better for the environment for those keen to highlight their green credentials.

5. Flexibility – give each customer what they want

Deliver the most appropriate invoice format for each client to help to speed up payment. Longterm rental clients with a range of ongoing, open contracts by site or project may prefer a single consolidated invoice at month end and at whatever frequency you choose.

6. Self-service – to prevent non-payment

Your customers can view their invoices through your Customer Web Portal which gives them easy access to their information 24/7. Clients can also find detailed ‘plain English’ invoice charge calculations, view any accompanying signed proof of deliveries and even perform ‘off-hire’ requests to terminate existing contracts. The end result is faster invoice payments with fewer invoice queries and fewer payment delays.

7. Accounts integration – be confident your data is right

Simply linking your hire management software with your accounting solution can streamline your invoice production process. This minimises your administration costs by avoiding duplicating work and re-keying invoice data at month end. Invoice errors will also be reduced, which improves accuracy and prevents delays in payment.

8. Strengthen your brand with accurate, professional invoices

Retain your customers by being able to produce accurate and professional invoices, complete with supporting documentation which is clear and easy to understand. Happy customers are easier to retain and more likely to recommend you to others.

Ready to elevate your rental business?

Connect with our expert team to discover how MCS Rental Software can drive your success. We’re here to answer your questions and help you find the perfect solution.