How We Can Help

Accounting for Hire; to Maximise your Profit

With a professional heritage, of over 20 years, in business accountancy for the Hire Industry, Sollertia provides innovative and cost effective accountancy solutions that will help you reach your business goals and objectives, whilst improving your business efficiencies and increase your profit and bottom-line.

From our extensive experience, we understand the demands and constraints of the hire industry and work with our customers to develop tailored financial accountancy systems and management reporting, to suit changing needs and industry demands. Our effective processes and IT systems provide clear and concise reports that provide invaluable financial information about your business, whenever you need it, so you are always equipped to make critical strategic decisions; so decisions are based upon facts not assumptions.

Working closely with our customers, we become an essential extension of the business and address a wide range of operational issues such as….

• Integrating clients’ accounts with all major brands of hire contract software
• Equipment hire fleet asset and inventory management
• Delivering tight credit control and maximise cash-flow
• Creation of bespoke operational control and management reports for hire accounts
• Acquiring capital finance to help the business grow

How we help you:

We provide our clients with a pool of resource that include a highly skilled, experienced and friendly team to support your day-to-day accountancy requirements, as well as professionally qualified experts, to offer strategic financial and business planning techniques and guidance, to benefit your business, as you expand and grow.

Out-sourcing your accounting services to Sollertia takes the headache and stress from you and delivers beneficial and strategic accounting for your business growth and improved profitability.

Sollertia – Your Virtual Hire Accounts Department

Our team are on hand to help you, with resources that include:

Hire Contracts: A hire business offers credit to its prospective customers and generates revenue from hire contracts that are managed via a dedicated hire contract software system.

Purchases: Obtaining credit from suppliers and managing purchase invoices using Sollertia’s cloud Purchase Invoice System.

Bookkeeper: Your dedicated Sollertia bookkeeper keeps a record of all expenses by inputting them into the cloud expense records module. When sales representatives and site engineers have expense claims to make, they submit them to your Sollertia bookkeeper who in turn submit the expenses to the authorising manager for approval. Payments are then released to your staff as appropriate. Your dedicated bookkeeper might also have responsibility for preparing VAT returns before forwarding them to your dedicated management accountant for checking and submission.

Accounts Payable: You will have a dedicated purchase ledger clerk responsible for receiving purchase invoices, cross referencing them to records in the cloud Purchase Order System and obtaining payment approval from the person responsible for raising the order. Once payment approval is received, the purchase ledger clerk will allocate invoices for payment in line with the payment due date and credit terms agreed with suppliers. The payment run would then be vetted and approved by a nominated authorised person following which the accounts payable clerk makes supplier payments in a timely manner to ensure that agreed credit arrangements are not compromised.

Payroll Clerk: For this example, we will assume that a business has 30 full time employees who are each paid monthly with some staff on bonuses. Your dedicated payroll clerk will be sent a report download every month which provides staff details salary and bonus information. They will then calculate the required income tax and National Insurance contributions, which are to be met by the employee and employer. Then secure payslips are produced and distributed to each employee every month.

Accounts Receivable:  In hire businesses, the accounts receivable function performs a critical role because it has responsibility for offering credit limits and payment periods to a large base of customers. Conseqently, your dedicated Sollertia accounts receivable clerk will maintain the vitally important close liaison with the hire firm’s credit controller in order to ensure that trading accounts are managed effectively.

Credit Controller:  Your hire business could have an in-house credit controller or use one of Sollertia’s dedicated credit controllers depending on the needs of the particular business. In either case, the person managing credit control would use our cloud credit control management module, Creditknight. Creditknight is a world class application which ensures best practice credit management processes and procedures are employed to reduce the client money chase and improve working capital in the business.

Management Accountant: A hire business can also have a dedicated Sollertia management accountant too. This individual would oversee all accounting activities in a hire firm, prepare management reports, such as profit and loss accounts, balance sheets or various other types of accounting and finance reports that directors may require, to enable them to understand the current financial situation of the business at any time.

On a day to day basis, the management accountant would also monitor the bank account and cash flow in order to ensure that the Accounts Payable Clerk has enough funds to cover outgoing payments.

Full Time Finance Director:  A full time Finance Director provided by Sollertia could perform all or a selection of the duties normally carried out by this job role to provide the Managing Director of the business with meaningful management information. Typically this could include analysis and interpretation of management accounts, cash flow forecasts, business forecasts and other statistics and reports to enable well informed management decision making that are based upon facts and not assumptions.

Success Stories

Success stories from our clients in the independent hire sector can be found via the links below:

Astley Hire, a leading independent hire company
Rigging Services, a specialist in rigging and associated equipment.
LGH Europe, a company that hires and sells lifting equipment.
Rotrex Group, a specialist in winching and façade maintenance solutions