Sollertia : Innovative Outsourced Accountancy
Your reasons to Outsource your Account Functions



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Independent Hire

Independent Hire

Business Types: Construction Machinery Hire, Winch Hire, Rigging Equipment Hire, Plant Hire, Skip Hire, Aquarium Hire, Transport Hire and Wedding Hire.

Accounting for the Independent Hire Sector

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Sollertia have worked successfully with independent hire sector for many years, indeed our Managing Director has over 15 years experience working for 2 of the largest names in the independent hire sector. We have worked with some of our hire company clients to help them resolve operational and financial issues such as:

  • Stock and plant management
  • Maximising cash-flow and effective credit control
  • Raising capital for the business
  • Customised financial reporting specific to the independent hire industry
  • Integration of accounts with all the major hire software providers.

An example of an Outsourced Accounts Function for a Rental or Hire Business

Sales: Use a specialist rental / hire software system and offer credit to customers.

Purchases: Use Sollertia’s Online Purchase Invoicing System and get credit with suppliers.

The Outsourced Accounts Functions:

Accounts Receivable - This is a vital function for this type of business as it offers various credit amounts and periods to a large customer base. It’s important that the accounts receivable clerk liaises closely with the credit controller to ensure the trade accounts are kept on top of and maintained correctly.

Credit Controller - The credit controller could be in-house or an outsourced function dependant on what the business wants. The credit controller would use the online Credit Control system which enables effective credit control as processes and procedures have to be followed when using the system.

Accounts Payable - The purchase ledger clerk receives the purchase invoices, cross references to the records on the online Purchase Order System and them allocates the invoice amounts on a payment run when the invoice is due for payment – this would depend on the credit terms offered by its suppliers. A payment run may then need to be passed to the person responsible for authorisation. Once the authorisation is received then the accounts payable clerk would make the necessary payments to suppliers on time ensuring its credit lines were not affected.

Payroll Clerk - The business employs 30 full-time staff are all paid monthly some with bonuses. The payroll clerk is sent a download of the staff the information each month and would ensure all the necessary NI and Tax Contributions were met by both the employees and employer. The payroll clerk would also print out a secure payslip each month for each employee and distribute accordingly.

Bookkeeper - The off-site engineers and sales reps have many expenses to claim back. The bookkeeper would keep a record of all these expenses by inputting them into the Online Expense Record System. The bookkeeper would then submit the expenses to the authoriser for expense payments to be made back to the staff. The bookkeeper may also be responsible for preparing the VAT Returns and passing them to the Management Accountant for review and submission.

Management Accountant - The management accountant would report on all the accounting activities within the business and prepare numerous reports such as the profit and loss account, the balance sheet statement for the directors and any other third party reports that may be required. On a daily basis they would check the cash flow and the bank account to ensure that the accounts payable clerk has enough funds to make week payment runs.

Full Time Finance Director
- Their role could be to analyse the management accounts reports and figures each month in conjunction with the business forecast and the cash flow forecast statement. They could then provide accurate information, statistics and advice to the Managing Director so that they can make meaningful and better informed decisions for the business in the short and long term.

Below is an illustration of what your Outsourced Accounts Structure may look like:
Accounts Structure Hire Business

Below is an illustration of how your software and our Accounts System may be integrated and work together:

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

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