Say you’re a hire business that hires out construction equipment like bulldozers and concrete mixers or even an equipment hire business that provides tents, chairs, and other equipment. When a customer decides to hire your equipment for a project or an event they may require several different items at varying quantities, you’ll have to invoice for each of them.
Various equipment means you’ll probably be overwhelming your customers with invoices and payment details. This can be further complicated if you use different software systems to support different parts of your hire operation.
So how can you ensure that your customers are getting their invoices on time to ensure that the payment is done within a reasonable period of time? Rental invoicing software is the solution you need.
With invoicing software, there are several ways both businesses and customers can experience convenience. Here’s a closer look at how it can help you accelerate your payment management.
Streamline invoice processing
Rental invoicing software stores all payment information in a single location. One of the key difficulties in invoicing is ensuring that employees have access to all payment details at any given time. Limited accessibility often creates problems when customers request payment details and your employees are unable to help them within a reasonable amount of time.
Many contemporary businesses are still using manual invoicing and paper-based systems to keep track of customer payment details. This can create many problems when it comes to quick turnaround times and may also lead to misplaced payment details in an already extensive filing system.
Facilitate faster payment turnaround times
Another important way rental invoicing software helps improve your payment management is through faster payment turnaround times. It may be hard to imagine, but there are still companies that prefer to send out paper-based invoices to customers at the point of equipment collection. Not only is this a payment method that takes time but it also makes room for several human errors that can delay the payment process.
With invoicing software, you can immediately generate and send out the invoice once the equipment has been returned and checked for any damage. The system will generate the invoice and send it out to the relevant customer, giving them time to process the payment without any delay.
Ensure cost-efficiency without excess manpower
Creating even a single invoice can be time-consuming. You have to enter their name, company name, the list of items that they’re hired, and more. This takes time and can impact productivity, especially if your current invoice management system charges per invoice.
When you have the right invoicing software, you can generate an invoice with a single click and manage your invoices in a single location. Your customers can even log into their customer portals and view their invoices without having to reach out to you when they need any information about their payments.
This software ensures that your invoices are being created on time and you will neither have to worry about your staff losing track nor taking away much of their burden. Plus, the invoices are created electronically, making the need for paperwork, errors in processing, and labour cost minimal.
In addition, your finance team no longer has to worry about following up with clients to collect payments. Payments can be made on time and you could even send automatic reminders to customers whose payments are pending past the due date—all without any human intervention.
Manage your payments with rental invoicing software
When you consider rental invoicing software as a whole, there are several benefits that organisations can enjoy.
If this is your first experience with automating these operations, you’ll need a partner that can guide you through the process and help you get the most out of your invoicing software.
At MCS Rental Software, you can get expert help in implementing invoicing software for your hire business and creating a cost-effective, reliable, and faster payment management system.