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Rental Utilization
Utilization is the primary method by which tool rental companies measure asset performance. In its most basic form it measures the actual revenue earned by assets against the potential revenue they could have earned. Calculations Rental utilization is divided into a number of different calculations, and not all companies work precisely the same way. In general terms however there are two key calculations: the physical utilization on the asset, which is measured based on the number of available days for rental against the number of days actually rented. (This may also be measured in hours for certain types of equipment), and the financial utilization on the asset (referred to in North America as $ Utilization) which is measured as the rental revenue achieved over a period of time against the potential revenue that could have been achieved based on a target or standard, non-discounted rate. Physical utilization is also sometimes referred to as spot utilization, where a rental company ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tool Rental
Equipment rental, also called plant hire in some countries (in the UK for instance), is a service industry providing machinery, equipment and tools of all kinds and sizes (from earthmoving to Aerial work platform, powered access, from power generation to Power tool, hand-held tools, etc.) for a limited period of time to final users, mainly to construction contractors but also to industry and individual consumers. Renting can be defined as getting equipment for a temporary purpose to help the people who are not willing to buy the equipment. History Equipment rental is a relatively new industry, first developed in Anglo-Saxon countries. It emerged in the UK after the First World War and has now become a multi-billion euro business providing a wide range of construction and industrial equipment for customers globally.The American Rental Association was founded as early as 1955, and the first waves of Consolidation (business), consolidation took place in the 1970s in North America, l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rental Management Software
The rental industry spans many different types of equipment from tools to heavy construction equipment, aerial to vehicles, party and event to computers and test and measurement equipment and highly specialized areas such as Crane and Temporary Accommodation rental. In the UK and some parts of Europe it is referred to as the Hire Industry. History Like most software development, initial rental software systems were developed in the 1970s and 1980s as custom or bespoke solutions provided for individual rental companies and occurred in parallel in locations across the globe. In the last two decades a number of leading players have emerged providing solutions for everything from one or two user systems in a single store to international, multi-company and multi-location organizations. The rental industry itself continues to adapt and re-shape, as different players enter the market and national boundaries become less significant. The introduction and expansion of increasing number ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Preventative Maintenance
The technical meaning of maintenance involves functional checks, servicing, repairing or replacing of necessary devices, equipment, machinery, building infrastructure, and supporting utilities in industrial, business, and residential installations. Over time, this has come to include multiple wordings that describe various cost-effective practices to keep equipment operational; these activities occur either before or after a failure. Definitions Maintenance functions can defined as maintenance, repair and overhaul (MRO), and MRO is also used for maintenance, repair and operations. Over time, the terminology of maintenance and MRO has begun to become standardized. The United States Department of Defense uses the following definitions:Federal Standard 1037C and from MIL-STD-188 and from the Department of Defense Dictionary of Military and Associated Terms * Any activity—such as tests, measurements, replacements, adjustments, and repairs—intended to retain or restore a func ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Invoicing
An invoice, bill or tab is a commercial document issued by a seller to a buyer relating to a sale transaction and indicating the products, quantities, and agreed-upon prices for products or services the seller had provided the buyer. Payment terms are usually stated on the invoice. These may specify that the buyer has a maximum number of days to pay and is sometimes offered a discount if paid before the due date. The buyer could have already paid for the products or services listed on the invoice. To avoid confusion and consequent unnecessary communications from buyer to seller, some sellers clearly state in large and capital letters on an invoice whether it has already been paid. From a seller's point of view, an invoice is a ''sales invoice''. From a buyer's point of view, an invoice is a ''purchase invoice''. The document indicates the buyer and seller, but the term ''invoice'' indicates money is owed ''or'' owing. Within the European Union, an invoice is primarily legally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile Asset Management
Mobile asset management is managing availability and serviceability of assets used to move, store, secure, protect and control inventory within the enterprise and along the supply chain or in conjunction with service providing. Mobile assets are e.g. of the classes of * returnable, reusable containers used to transport raw materials, work-in-progress and finished goods through the supply chain. * precious tools and apparatuses used in technical services and required for proper performing such services with fully valid certification * any other objects of a value that justifies additional tagging for the purpose of managing the object and its availability * any other objects with a certification that terminates after certain time which justifies the controlled return for next inspection * persons under special threat on site of operation. * Rental companies are increasingly turning to asset tracking for all larger pieces of equipment in order to manage theft, misuse of assets and to a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Engineering Concepts
Engineering is the use of scientific principles to design and build machines, structures, and other items, including bridges, tunnels, roads, vehicles, and buildings. The discipline of engineering encompasses a broad range of more specialized fields of engineering, each with a more specific emphasis on particular areas of applied mathematics, applied science, and types of application. See glossary of engineering. The term ''engineering'' is derived from the Latin ''ingenium'', meaning "cleverness" and ''ingeniare'', meaning "to contrive, devise". Definition The American Engineers' Council for Professional Development (ECPD, the predecessor of ABET) has defined "engineering" as: The creative application of scientific principles to design or develop structures, machines, apparatus, or manufacturing processes, or works utilizing them singly or in combination; or to construct or operate the same with full cognizance of their design; or to forecast their behavior under specific ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
