Managing Equipment Rentals in NetSuite
NetSuite is a powerful ERP, however, there are some gaps in functionality that historically have made managing Equipment Rentals and Repairs challenging. While NetSuite does offer a number of modules and functionality options that suit the needs of this industry, there are a number of areas where clients could benefit from NetSuite enhancements and customizations to more closely align the solution to the unique needs of the industry.
CEBA Solutions' development team have worked with leading equipment rental companies to create customized solutions and automation that leverage NetSuite's robust accounting, inventory and CRM functionality and enhance the solution to provide greater alignment to the industry's needs.
Key Functionality Gaps Closed by Customizing NetSuite for the Equipment Rental and Servicing Industry
Equipment rental scheduling.
Streamlining the quote to invoice process.
Gaining real-time visibility of equipment available as well as at a point in time in the future.
Getting insights into expected deliveries and equipment returns
Being able to provide different rates for daily, weekly, monthly and annual rental contracts
Defining custom billing schedules, frequencies and renewal rates.
Read Our NetSuite Customization Deep Dive for Equipment Rental Companies
Existing NetSuite Modules to be Enhanced for Equipment Rental Companies Through Customization
NetSuite offers a number of modules that provide a great base of functionality on which an industry-leading equipment rental management solution can be built.
NetSuite Accounting and Finance
The NetSuite Accounting and Finance module offers a great foundation on which to manage the finances of an equipment rental business. This module provides functionality for managing customers, vendors, and employees; tracking revenue and expenses; and creating financial reports.
NetSuite Inventory Management
The NetSuite Inventory Management module is critical for managing the inventory of an equipment rental business. This module provides functionality for tracking inventory levels, managing sales orders and purchases, and creating reports on inventory levels and trends. Equipment rental companies who also manage an inventory of spare parts are able to take advantage of NetSuite's Advanced Inventory Management features, which provide additional functionality for managing inventory levels, tracking lot and serial numbers, and managing assembly items.
NetSuite Customer Relationship Management (CRM)
The NetSuite CRM module is a critical component of any equipment rental business solution. This module provides functionality for managing customer and prospect information, tracking customer interactions, and managing sales opportunities.
NetSuite Fixed Asset Management
The NetSuite Fixed Asset Management module offers functionality for tracking the assets of an equipment rental business. This module provides the ability to track asset location, depreciation, and asset utilization.
Building off of a solid base, CEBA's developers were able to create a number of customizations that leveraged existing functionality and enhanced the solution to solve each of the gaps listed above.
A few notable customizations include:
Rental Scheduling: A custom scheduling module was created that allows equipment rental companies to schedule equipment rentals, view available inventory, and track equipment utilization. This module also integrates with the NetSuite Calendar, providing visibility into equipment availability across the organization.
Quote-to-Invoice Process: A custom quote-to-invoice process was created that allows equipment rental companies to quickly and easily convert quotes into invoices. This process includes the ability to create recurring invoices for customers with recurring rental contracts.
Advanced Billing Schedules: Custom billing schedules were created that allow equipment rental companies to define different rates for daily, weekly, monthly, and annual rentals. These custom schedules also allow for the creation of recurring invoices for customers with recurring rental contracts.
Insightful Reports: A number of custom reports were created that provide valuable insights into equipment availability, expected deliveries, and equipment returns. These reports help equipment rental companies manage their business more effectively and ensure that they are meeting the needs of their customers.
By leveraging the existing functionality of the NetSuite platform and enhancing it with customizations, CEBA was able to create a solution that met the specific needs of equipment rental companies. This solution provides all of the necessary functionality for managing the finances, inventory, customers, and assets of an equipment rental business. In addition, the solution provides insightful reports that equip rental companies with the information they need to make informed decisions about their business.
About CEBA Solutions
CEBA Solutions has a long history of working with equipment rental companies to provide solutions that address the unique needs of the industry. We have a team of experienced consultants and developers who are familiar with the industry and the challenges faced by equipment rental companies.