Managing a fleet can be a daunting task, but with SOFT4Leasing’s Fleet Management module, it becomes a breeze. From managing master contracts and asset histories to setting up service packages and pricing, the module simplifies every aspect of fleet management.
Simplify Your Fleet Management
Create service orders related to leased assets, order services and items from the 3rd party suppliers, keep track of actual service cost and price, invoice services to the customer, review, and schedule Work Orders.
Manage master contract with the customer: approve credit limit, deliver new assets in multiple phases, agree on pricing and fees.
Include residual values by asset model line, or particular model, age, and mileage. The residual values can be uploaded from external sources (market data) and flexible within pre-defined tolerance on a deal-by-deal basis.
The asset master record keeps the history of an asset – cost, depreciation, maintenance expense, mileage, residual values, sales process – as each asset may be leased to a number of customers consequently.
Through the G/L records (all revenues and costs associated with an asset), you can easily analyze the P&L of each asset.
Configurable sets of services, by default are included in lease quote and lease application, with flexibility for the customer to opt-in/opt-out particular services. Set of services may differ per car category or model, per customer category (business use or consumer use); it can also be specific per promotional program.
With SOFT4Leasing you can flexibly set up service prices, at different levels – by asset category, model line, particular model; specific pricing for promotions, customer segment, and dealer segment (using “Program code”). The service price can be defined as annual amount or depending on car mileage and lease term (or asset age, for used cars). There is a possibility to use pre-defined prices or set the price on a deal-by-deal basis.
Configurable admin fees can be linked to services and defined as an annual amount, as a total amount per lease term, and as % of services amount. Fees can be included as fixed in the customer installment schedule (e.g., fee for managing tolls) or may be variable, triggered by events (e.g., fee for the handling of infringement notice).
To support agreements with the 3rd party service providers, the system can track commissions earned, defined as a percentage of service amount.
Generic framework to interface with the 3rd party servicers, fuel card issuers, toll, and parking administrators to receive incoming documents for actual services, allocate the service to customer contracts and particular assets, perform budget control, produce G/L postings for actual costs, payables and amounts to be billed to the customer. There are a number of mapping tables used to link supplier invoices to the contracted service. The asset identification is by License plate number, VIN number, Service Card number (e.g., fuel card allocated to the car), etc.
The system supports four service budget scenarios: 1) Fixed price to the customer, actual cost at lessor risk (e.g., for scheduled servicing); 2) Service provision and over budget cost re-charge to the customer (e.g., tires); 3) Fixed price and over budget, cost is blocked (e.g., fixed price agreement with the 3rd party servicer); 4) No budget, actual cost re-charge to the customer (e.g., fuel card).
Configurable General Ledger accounts for service provision, actual costs, fixed portion billed to the customer, and actual cost re-charged to the customer. The timing of actual costs and customer billing may differ (e.g., service cost is monthly, but customer billing is quarterly), the system accounts for deferred revenue.
One solution for all your leasing needs
From the Quote to Contract Termination. Lease accounting, lease management and financial accounting – all in one place.