Our NAV Solutions, part 1: RENTAL

In this blog cycle about our vertical solution, we will have a closer look at customizations created for our clients in specific industries.

We will start with a RENTAL solution, and then move forward to describing FOOD & FMCG and WOOD & FURNITURE solutions.

Companies operating in rental industry rent equipment owned by them to other firms. The range of equipment is vast: from simple tools to large industrial machines.
Before signing the Lease Contract rental company has to answer many questions raised by customers as well as internal ones:

  • Are we able to meet customer requirements?
  • Do we have required equipment?
  • When are we able to give the equipment to customer?
  • How much money will customer pay?
  • Is the Lease Contract profitable for us?

After signing the Lease Contract company rents the equipment for a limited period. During the period of the lease there may be a lot of changes. Customer can decide to change lease period, select new equipment or replace the existing one. They can also order additional services (installation, transport, service). The dynamics of changes during the period of the lease may be very high, which could cause a lot of problems to people involved in the settlement of the Lease Contract. Process of the settlement of the lease is often very time consuming and expensive.
Another challenge for the rental company is ongoing control of the costs and revenues from the Lease Contract. Without software which is used to register Lease Contract and keep track of equipment which is currently rented by customers, the company isn’t able to answer potential customer’s questions quickly and efficiently and can’t estimate the profitability of the business.
Our company has developed solution for rental industry. The solution is prepared as an add-on in Microsoft Dynamics NAV.
In Microsoft Dynamics NAV Rental Add-on you can:

  • Register the Lease Contract;
  • Print the Lease Contract in custom layout directly from Microsoft Dynamics NAV;
  • Settle the Lease Contract according to any criteria and rates (one-time payment, daily, weekly, monthly, at any period);
  • Invoice the Lease Contract at any time (manually, automatically according to invoicing schedule);
  • Keep track of the equipment during rent;
  • Register the depreciation in Fixed Assets module based on  the length of equipment rent;
  • Multi-departments: equipment may be transferred to another rental company department to rent the equipment to customer;
  • Rental Add-On is fully integrated with other Dynamics NAV modules like Financials and Accounting, Warehouse, Sales and Receivables, Purchases and Payables.