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TrackAbout's Rental Calculation Module

July 27, 2023 by Angela Toland

Manual rental calculation can be a daunting and error-prone task, particularly if you’re using various calculation methods with your customers.

TrackAbout’s Rental Calculation Module has all the features you need to simplify and increase the efficiency of this process. From managing pre-paid leases to reviewing audit trails, our module will help you maximize your profits and make smarter business decisions.


Why Use Our Rental Calculation?

TrackAbout’s Rental Calculation Module allows you to automate your business's entire rental process, hence saving you precious time and avoiding costly rental bill mistakes.

It creates a complete system of record for your rental balances that easily integrates with other business systems, such as Datacor ERP (Enterprise Resource Planning). 

This offers multiple benefits for your business, such as complete transparency of your rental-related financials and automated calculations of all your rental bills.


Some of our Rental Calculation Module’s key features include:

  • Flexible rental bill calculations, such as daily, weekly, monthly, and peak.

  • Customized calculation methods designed to increase rental revenue.

  • Calculation of non-rental charges with customizable flat fees.

  • Pre-paid leases and agreements management.

  • Full audit trail reviews for any rental charges.

  • Invoice generation that integrates with your customers' Accounts Receivable system.


Gas Cylinder Rental

You are likely to need most, if not all, of the features listed above if you are renting out packaged gas cylinders. The rental process for these assets tends to be more complex, meaning many ERP systems may not be able to support it.

For example, a standard ERP would only offer set rental rates in their calculating modules. While this could work for most other business sectors, gas cylinder suppliers use a variety of methods to set their rates.


Those include:

  • Daily: The customer rental charges are calculated based on how many days the cylinder is held.

  • Monthly: The customer is charged for the cylinders it holds on the last day of the month.

  • Peak: The customer is charged rent based on the highest cylinder balance at any point during the month, regardless of month-end balance.

  • Lease: The customer agrees to prepaid cylinder rent for an extended time. Typically, 1 to 5-year agreements.

  • Deposit: The customer pays a deposit that is refundable upon the return of the cylinder.


TrackAbout has customized its cylinder rental service specifically to the packaged gas industry, so it can support all of those mechanisms and allow you to adjust them per asset.

Not only that, but our customizable calculation methods can help you maximize your profit. Managing these calculations could increase your rental revenue by up to 5%.

Once you have completed your calculation management strategy and it’s time to charge your customer, our module will automatically generate an invoice delivered straight into their accounting system.

Along with packaged gas cylinders, you can count on us with all your other rentable assets, such as specialized equipment or accessories.


Rental and Tracking

At TrackAbout, we like to be flexible. Therefore, you can choose to only subscribe to our Rental Calculation Module and integrate it with your existing software service. This would, however, mean opting out of our tracking services and all the benefits that they can bring to your business.

Serializing and tracking each of your assets would give you a complete overview of your rentable inventory and further simplify the renting calculation process. In a situation where cylinders are owned by your customers, for instance, our tracking technology will help you avoid accidentally charging them rent on their own assets.

A combination of our rental and tracking services would give you complete visibility of each of your assets and make sure they are never left idle.


Ready to take the next step? Request a free TrackAbout demo.



Topics: The Rental Calculation Module, Asset Management

Written by Angela Toland