Controlling Your Project Assets Rentals

Often a complex project will require the rental of project assets. When this is the case, those project assets need to be easily identified and properly tracked, traced and, invoiced. Automating the transfer of asset control allows costs to be reduced, productivity to increase and asset reporting for management happens.

 

ProScope for NetSuite supports two modes of asset rental – intercompany or intracompany and third party.  

 

Inter and Intra Company Project Assets Activity Flow: 

 

An example scenario would be, a piece of machinery, vehicle or, tool is required for a project. Using the companies global tool pool, the item in question can be rented internally or externally. If you own the asset, it is simply a case of creating an asset transfer. If you don’t own it, ProScope will auto-create an intercompany purchase order.

 

In this scenario, a standard NetSuite quote would be generated and then decorated with the rental type, for example, the asset required, the duration of the rental and, the associated rental rate. Depending on the actual item requested and how the item will be rented, some license coverage checks can be carried out. What’s more, if the item is export controlled a ‘red flag’ questionnaire or ‘bad actor’ check can also be undertaken at this stage.

 

Once these steps are complete and you are satisfied that the rental should go ahead, it is simply a case of going through the sales order process. Here, the asset can be soft assigned, based on the current availability of the particular asset requested. For instance, let’s say the asset required is a vehicle, specifically a Ford Focus. Any vehicles of that type, available during the specified time can be soft allocated. Once this has been achieved, a customer rental line can be set up within the quote and a preparation service order will be created.

 

Next, you move on to the item fulfilment stage. Here, the exact item you will be sending out will be specified, i.e. the exact Ford Focus, as determined by registration pate, which will previously have been serviced and declared fit for rental. The exact item is then put on hire and sent out. When the specified rental period ends, the asset will be returned, brought back off-hire and, invoiced.

All this is automated, based on the details specified within the project. The asset, along with the rental record is tracked throughout the project.

 

Third Party Asset Activity Flow

 

As we know, assets are not always available either inter or intra-company. The second flow supported by ProScope is when an item has to be requested from a third party. In the case of our Ford Focus, from a car rental company.

 

It is this flow that allows a service requisition to be requested and sent to the third party. They will approve the requisition and you will receive the PO line. It is at this point that ProScope differs from standard NetSuite. A service may have been requested, but an asset has to be sent. To achieve this, we have an ‘in-fleeting’ process. A dummy asset is created based on the item required, which is flagged as 3rd party by ProScope. The created asset can then be selected and a rental record is created with start and end dates, this will then be available for the project to use. All of this is tied to a project and fully traceable.

 

ProScope makes the rental of project assets a simple and streamlined process. Less time is wasted trying to source and track assets and more time is spent driving efficiency and profitability. For businesses who rent equipment as part of their projects, ProScope allows them to completely manage their inventory, contracts and rental tracking and invoicing in one place, which integrates with the rest of the business operations.

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