An event rental business’ inventory is the single most significant investment of any rental company and the primary source to profit from their investment, which is why rental companies need to focus on how to maximize the amount of revenue their inventory generates.
Inventory management of an event rental is quite intricate, involving handling large quantities of event-related items ranging from tableware, furniture, stages, flooring, and party speakers to more delicate floral arrangements and decor. Managing all these tasks is not easy; that’s where the event rental software comes in, providing a seamless flow of your entire operations.
Event rental company owners know how taking care of every nook and corner of inventory is tedious, consuming an exponential amount of their valuable time. Before you stepped into the event rental industry, you probably weren’t expecting so much of your time to go to the tedious tasks. Even with the help of a team to delegate to, meeting with event rental clients, setting up and picking up from venues, and on top of all, performing maintenance on your event rental inventory steals most of your valuable time. Although tools are available to help you perform your manual tasks quickly, the end goal is to automate your processes as much as possible.
Rentopian event rental software simplifies and streamlines the process. It eliminates the headaches that come with creating a quote or order, making sure contracts are assigned on time, ensuring order balances are paid in full, and communicating with the client regarding all of their event and order details.
Let’s have a look at how Rentopian can help you automate and streamline your operations with our all-in-one event rental software.
Always keep a record of your inventory
Let’s think of a scenario where you have no idea when your event rental inventory will be available for the next booking and how many of each inventory item you currently have. It would be a complete mess if you start doing it manually or even use outdated methods such as Excel spreadsheets, creating a higher chance of double-bookings and missed details.
Rentopian allows you to keep a record of every detail with a simplified product catalog, well-defined pricing structures, and easy availability. You can save your time by spending less on sorting out data and more time focusing on your customers.
The best thing about Rentopian is that it manages your inventory and orders in a way that creates less work for you. Just have a glimpse of order statuses and sort out the bookings that need your attention without having to check every single one constantly. Moreover, our event rental software shows all inventory items with their status- whether it’s a rental, or sale inventory item.
Rentopian makes sure that you can instantly view all of your inventory items in one place, regardless if they are already out for rent or in quotes you have already sent. Even if you have your inventory spread among multiple warehouses, this powerful event rental software shows individual counts with each product’s variations and attributes at each separate location. Moreover, it automatically syncs your available inventory with your website, and you can control whether to show or hide inventory items from appearing on your website.
Another user-friendly feature includes the ability to group inventory items using color-coded sections and labels. This makes it easy for customers to see precisely what their proposal includes, where all of their rental items will be set up and creates a virtual mood board.
Furthermore, rental companies constantly invest in their inventory, add new items to avoid monotony in their events, and bring innovations with new items and ideas that sound appealing. Inventory management is super easy with Rentopian because you can instantly view and add all of your inventory items with all the variations quickly, including new versus old items and accessories.
This event rental software has made it possible for rental companies to adjust inventory prices and labor costs for each order and quotes separately, making it more feasible to adjust prices in the long run. With this rental software’s help, you can easily categorize your inventory items depending upon their tentative availability. You can add a buffer time for items during which the item is taken back from an event and is cleaned, washed, and prepped for the next order.
Status: Rented Out
After creating a quote, you can convert it into an order or create an order off the bat. Once that order is out for rent, its status needs a change to “Rented out.” However, it’s up to rental companies to change the status accordingly. For example, some event rental companies show the status of “Rented Out” once their order is picked, packed, and ready to deliver to the client’s event location. In contrast, others show the same status when the order has left the warehouse or inventory store. Still, some other rental companies consider an order rented out once it reaches its destination, venue, or event location.
In the same way, once the order is back at the warehouse, whether dropped by the client or picked up by you, then its status is “Returned.” After checking those inventory items are back, you can put all items in the order on the “Returning items” page. Suppose the client returns some of the things earlier than others. In that case, Rentopian makes certain previously returned items to be displayed as a “Previous returns” block at the bottom of the page to make everything clear.
All you need to click on the “Receive” button if all inventory items are returned in good condition, free from any damage. Rentopian will automatically mark your order as “Returned,” and depending upon your settings, it will be archived.
In case any rental items are returned with damage and need repair, you can send a repair request to the vendor responsible for repairing that item’s damage by attaching all the required information. While the vendor is repairing the item, it is temporarily removed from your inventory availability list till it returns. There is a column of “Needs Repair” where you can document the number of damaged things. Once it’s filled, additional fields will appear where you can give the damage description with any fees and an option to create a work order. After selecting that option, Rentopian transfers those items to the “Work Orders” section.
In the case where you find items are returned with some damages but cannot be repaired, you can document these items in the “Irreparable” column. You’re also able to add the product’s replacement price to the client’s invoice.
The usual cycle of any order moves from a quote, order, rented out, and returned in most cases. Sometimes, damaged and unrepairable items break the cycle. However, it’s not uncommon for an event rental company to cancel an order under some special circumstances. In those cases, mark that order as “Cancelled”.
In some other cases, if an order is not picked up by the rental company on time from the venue or not returned by a client on time, Rentopian will automatically show that order as “Delinquent”.
Instead of spending energy on tedious, time-consuming tasks, Rentopian event rental software allows you to spend that energy to take care of any special orders or further scale and grow your business. The automation that Rentopian provides will give you error-free, correct statuses, thus preventing any quotes or orders from getting overlooked or slipping through the cracks.
For a personalized demo and 2-week trial, please contact us at [email protected], or book a demo.