Collecting payments and dealing with invoices in any event rental business need to be automated to avoid spending too much time on manual work. Whether you’re considering implementing an event rental management software or are already using one for your event rental business, it’s important to automate your invoicing, late payment alerts, payment reminders, and any changes to your billing. Automation of your invoicing will enable stronger control of your finances, improved client relations, and a signification reduction in human errors– such as duplicate payments, overpayments, or even missed payments.
One of the greatest productivity hurdles to overcome in your event rental business may be that accounts receivable processes are far too complex and unorganized for you to have an accurate, global overview of your event rental company’s financial health. To improve your financial management across the board, consider using an event rental software with invoicing and accounting features to help you improve your cash flow and prevent any payments from being missed or lost.
The event rental software that you’re using should provide the ability to setup automated invoice reminders and payment request emails based on your defined conditions and options. For example, a bridal client places an order for her wedding. Once the quote is confirmed, the bride will receive an email asking for them to make a 50% deposit payment in order to reserve their booking. Your processes may also require you to collect the remaining balance 2 weeks before the wedding. Or, you may collect the entire order balance upfront but send them an invoice for damaged items once an order is returned and you notice damages to your inventory. Rentopian event rental management software allows you to automatically send friendly reminders and notifications to ensure clients pay their invoices in a timely fashion, based on your predefined settings.
Get Paid Faster
In any event rental business, your inventory is likely one of your biggest expenses. Whether you’ve financed it and are paying monthly installments, or made a large investment by paying for it in full outright, it may be worrisome to sit on thousands of dollars of inventory while wondering what your business bank account will look like next month. The faster a payment can be processed, the faster cash will be usable for your event rental business. Payments processed online are typically done 3x faster than the traditional and outdated methods such as check or money order. With your Rentopian account, you’re able to utilize one of our four payment gateway integrations– Stripe, Square, Authorize, or PayJunction. Clients are able to pay their deposits or order totals online with ACH or a credit card payment. You’re able to get paid faster and have the money in your bank account almost instantly. Giving your event rental clients the flexibility to pay online will increase your cash flow and improve your access to working capital- making sure you’re current on all of your expenses and obligations.
Centralized Payments and Invoices
The ability to streamline all of your invoicing information to give you and your team members an idea of who is behind on any payments will allow you to easily understand when to reach out to each client- before their unpaid invoices get out of hand. With Rentopian’s Invoicing module, you have an easy-to-use interface at your fingertips to view the past due invoices and their number of aging days. From one screen, you’re able to filter out clients with overdue invoices and email them a payment request directly from the invoicing page. Invoices can be viewed and paid with just a click of a button on the email your client will receive. You’re also able to create and use custom invoice templates and email templates to ensure the client has a clear understanding of how they’re able to pay and what the next steps are after they’ve made a payment.
The ability to integrate your invoicing and payments with other business applications is an incredibly convenient option to have. For example, Rentopian’s QuickBooks integration allows you to sync invoices, payments, and more to your online Quickbooks account. By syncing client information, payment info, addresses, and even purchase orders, you’re able to better track of your financial accounting and ensure a seamless business flow across different online tools.
Improved Team Communication
Depending on your process, you may have salespeople in charge of collecting payments on orders and keeping tabs on a client’s payments rather than dedicating an Accountant to monitor that. With multiple people working with clients, there’s bound to be a miscommunication of information or a lack of organization in keeping up with payments. Rather than asking each person to work from local notes or spreadsheets, it’s much more efficient to have a centralized database where all of the data, info, and documents are stored. Even if the sales department and accounts receivables/collections departments intermingle, the chance of any miscommunication is expected to be much lower since one team member can easily pick up where the other team member left off and continue to collect payments and manage invoices with little to no manual work since the process is automated.
Using an event rental management software that includes an extensive and flexible invoicing module provides all of the tools you’ll need to get paid faster and reduce the time you spend manually collecting payments or emailing invoices. Rentopian event rental management software helps you work smarter, not harder, to make sure your event rental business is at a healthy financial point. If you’d like to learn how you can leverage the powerful tools that Rentopian provides, please reach out to [email protected] for a free demo and 2-week trial (no credit card required).