#FeatureFriday – Equipment Costs

Calculating the profitability of rental equipment can be an exercise in futility. As the industry has matured financial people struggle with how to best determine how much profit a piece rental equipment generates. Calculating income is no big deal, and HireTrack NX includes  Usage and income facilities, but every company has a different method for calculating how much it COSTS your company to rent that equipment. To address calculating costs, HireTrack NX has the capability of including equipment rental COSTS into the profitability of your job.

The first step is to determine how much you wish to calculate the daily cost of a type of equipment. You may also decide a  “prepping cost” to your equipment for every piece selected.

Once you have your pricing set, then simply turn on how you want the costs to calculate. This is done from the Rules page of the configuration.

Equipment Costs (Period) will use the number of calendar days times the selected type quantity times the cost you entered. Equipment Costs (Hiredays) will use the number of Hire days times the selected type quantity times the cost you entered.

So you end up with this entered in your Misc Costs tab:

[subscribe]