The six most important reports for your rental business are Accounts Payable, Balance Sheet, Off rent analysis, and Sales and Operations. Learn about each in this article and get the most out of them! You’ll also learn how to create a custom dashboard widget to help you stay on top of your rental business’s performance. And, you’ll be amazed at the insights that these reports can provide! Whether you’re trying to run a successful rental business or just looking to improve your bottom line, this list of essential reports will help you build a solid foundation for your rental business.
Accounts Payable Report
One of the most useful reports to keep an eye on is your accounts payable report. This report details all your payments and obligations for a given period. This report helps you pay the right vendors on time and avoid delinquent accounts – those that haven’t been paid by the due date. Accounts payable also gives you a snapshot of your delinquent tenants. With this report, you can stay ahead of your rental business and keep it running smoothly.
This report lists the total balance due for each vendor, their name, the amount owed, and the duration that their invoices are past due. Once you have paid off the invoice, you can remove it from the report. For example, if you paid off a vendor who is 60 days past due, you won’t see that amount any longer because the AP software automatically removes the balance when you record the payment.
Balance Sheet
The accounts payable report shows your short-term debts and financial obligations. This report also helps you avoid delinquent accounts – payments that go unpaid even after the due date. This report also allows you to track your tenants’ receivables. It lists all rent, late fees, pet deposits, and security deposits that are due. In addition, you can also see how many items are out of commission.
Off Rent Analysis
A fleet report shows you the worth of idle equipment and allows you to remove this waste, thereby opening up opportunities for additional rentals. A widget on your Elite Dashboard shows off-rent data, using your rental rates to calculate lost revenues. This report helps you track equipment availability and rental rates to ensure that your fleet is always available for rental. In addition, it also shows when equipment has been off-rented, helping you to reduce off-rent expenses.
The cost of rent history reporting varies. Depending on your budget, you can choose to pay for a single year’s worth for $90 or for twelve months’ worth for $5.95 per month. If you sign up for an annual subscription, you can waive the signup fee. Alternatively, you can choose to pay for 24 months’ worth of reporting and one year’s subscription for $105 ($90 for one year’s past reporting plus the first year).
Off Rent Analysis Dashboard Widget
The fleet report helps you understand your equipment’s value by calculating off-rent revenue. By eliminating fleet waste, you’ll gain access to new opportunities. You can also use the Elite Dashboard widget to calculate off-rent data. The Elite Dashboard shows the availability of equipment and rental rates, along with actually lost revenues. It also helps you track the sales process and determine which rental rates will get you the most revenue.
