9 Benefits of Equipment Rental Software and How to Choose One

When managing operations, keeping track of equipment is a huge challenge for many businesses.

The problem becomes compounded when a piece of equipment is moved from one original job site to another job site or to several other job sites. Figuring out which assets are assigned to your staff can also be a business pain point.

We, at Asset.Guru, offer companies a reliable asset management solution that is modern, intuitive, and versatile to meet the company’s objectives.

Our equipment rental software is used as a back-office tool that helps business owners, chief financial officers (CFOs), bookkeepers, and accountants track and manage valuable assets.

Find out how our equipment rental management software can help you save time and money from streamlining tasks like accounting, tracking, inventory, scheduling, maintenance, and reporting.

What is Equipment Rental Software?

Equipment rental software provides companies with tools to streamline processes, organize operations, manage assets, and calculate depreciation.

Using this software solution, you can also assign equipment to employees, schedule maintenance, and perform back-office operations, like accounting and bookkeeping.

From an operational perspective, you need to track and record all the assets you own. You can assign a barcode or serial number to categorize the equipment in your inventory, so you’ll know what is available and what is being used.

Having a record of an asset’s history also lets you plan regular maintenance for valuable equipment.

Invoices, certificates and how-to guides can be stored under each asset’s file to make documentation easier.

Cloud-Based Equipment Rental Software Features

We, at Asset.Guru, understand your need for a solution that increases flexibility and efficiency at every level of operations.

Our cloud-based platform is developed to streamline and improve the processes of your business.

With our equipment rental software, you can manage your back-end operations with these key features:

Accounting

Track expenses and revenue with a general ledger, accounts payable, and accounts receivable.

Asset Tracking Keep track of your assets, their location, and who is using the asset.

Store valuable information on your assets, like pricing, payment processing, billing, and invoicing.

Asset Tagging and GPS Tracking Scan your assets with tagging tools, such as barcodes, QR codes, or RFID tags. They provide information on their condition, cost, who is using them, and when they require maintenance.

You can also use GPS tracking to find the current location of the equipment.

Tracking your equipment usage ensures that the asset is returned on time.

Availability Schedule Providing availability information for a particular piece of equipment helps businesses allocate tasks and schedule equipment use accordingly.
Check-in and Check-out Improve the speed and flexibility of equipment check-in and check out while reducing errors.
Employee Management Easily assign valuable assets to your staff and increase employee accountability.

You can issue fees to employees if the asset is returned late or lost.

Manage your employee’s performance and productivity by determining equipment usage.

Fixed Asset Management Track your assets’ valuation, cost, depreciation, and gain or loss.
Inventory Management Store asset information and monitor their usage to anticipate future needs.

You can determine if you need to purchase more equipment by analyzing a specific asset’s availability rate and depreciation.

Lease Management Input and access signed leases to review their terms.
Maintenance Management Track your maintenance history and create schedules for upcoming preventive or predictive maintenance.
Record any equipment issues you or your staff may have for further inspection and repair.
Order Management and Tracking Input and access information on the equipment order process.
Reporting and Analytics Improve your business operations by recording and analyzing critical performance data.

Generate reports based on various factors, including asset values, utilization, and depreciation.

Determine the downtime of equipment to ensure their quantity is sufficient.

Equipment Rental Software Benefits

Our equipment rental software can help the middle market and fast-growing small businesses achieve their company goals and grow through 9 key benefits:

  1. Streamline Your Operations

    You need to manage several aspects of an equipment operation, such as the inventory of assets, their location, staff, servicing, and maintenance.

    Whether you need fleet management or you just want to maintain construction equipment, you can streamline your operations using an all-in-one software solution.

    Our rental software helps you manage your equipment by storing valuable information on asset maintenance, invoicing, and certificates.

  2. Reduce Equipment Downtime

    Equipment rental software offers different ways of reducing equipment downtime.

    Our rental software solution has maintenance management features that can monitor metrics, like overall usage, depreciation, repair schedules, and maintenance dates.

    These maintenance history data determine whether to prescribe predictive or preventive maintenance.

    Predictive maintenance can be performed during machine operation to identify and address potential issues. Meanwhile, preventative maintenance is regularly performed on the equipment to prevent problems before they occur.

    By ensuring that assets are adequately repaired and maintained, your equipment will have a longer lifespan, allowing you to keep earning from rentals.

  3. Organize Schedules

    Knowing whether your assets are in use or just sitting around is critical for reducing downtime and increasing your return on investment (ROI).

    Equipment management software provides organization and increased transparency into scheduling. This way, you can focus on maximizing the equipment you have on hand and increase overall productivity.

    Using an organized calendar makes it easier to see which assets are in use and are not in use. You can also allocate tasks by viewing the calendar and identifying the employee assigned to a particular piece of equipment.

  4. Increase Transparency

    A centralized software solution increases transparency and gives you insight into your business by offering a unified data overview of your assets.

    This transparency helps you anticipate needs within your business and ensures better coordination between members of your team.

    For example, in rental operations, the finance department needs visibility on how the assets are performing and depreciating over time.

    Equipment rental software can provide the information they need to make smarter financial decisions.

  5. Generate Reports and Insights

    Equipment rental software with a centralized and updated information base enables you to generate reports to manage your operations and key performance indicators.

    You can track inventory, equipment availability, employee productivity, the life cycle of equipment, asset maintenance, and revenue in real-time.

    You can also get insights on the equipment with the highest demand, which one has short-term (better profit but irregular income) and long-term (steady income but less profit) renting potential.

    These insights will help you balance your portfolio with the right mix of high-demand, short-term, long-term, and high-rate assets.

  6. Provide Updates and Reminders

    Equipment rental software ensures that all the information your business collects is consolidated in a single place.

    It is easier to make decisions, and you don’t have to worry about missing anything because you can receive information updates on time.

    For instance, you can easily streamline your reminders to save time and money on asset servicing.

    The rental software solution also decreases reliance on paperwork and spreadsheets, which can ease the pressure on your employees.

  7. Manage Invoices and Documents

    Having all your essential documents, such as rental contracts, billing, and invoices, in one place keeps your business more organized and secured.

    With a rental software solution, you can easily access information on your assets, such as purchase dates or locations. You can also retrieve insurance and warranty information on your equipment.

    Equipment rental software stores any documentation on your assets for easy reporting and reference when you need it.

  8. Schedule Maintenance

    Keep your equipment running optimally by staying on top of required maintenance. Using the assigned information on your assets, you can schedule repair or maintenance to maximize their usage and productivity.

    You can also review detailed maintenance history logs to capture the cost of labor and parts. These information help bookkeepers and accountants complete their job quickly.

  9. Improve Business Processes

    Back-office software is also essential in managing, tracking, and maintaining a company’s assets more efficiently.

    Centralized rental management software improves processes within various departments, including finance, information technology (IT), sales, or human resources (HR). You can coordinate with other teams to save time and reduce errors.

    Equipment rental software helps make your operations easier, faster, and more efficient.

What to Look for in Equipment Rental Software

When looking for equipment rental software to use, it’s important to choose one that specifically fits your business needs.

Here are some of the things you should consider when buying equipment rental software.

Identify Goals and Performance Indicators

Every business has a set of goals and key performance indicators. For instance, heavy equipment rental companies may consider maintenance and long-term billing critical to their workflow.

What are you looking to achieve in your business? Do you want to boost your profitability, increase utilization and sales, or reduce maintenance costs?

Perhaps you’d like to improve your inventory management, decrease reliance on paper, or make operations more efficient.

At Asset.Guru, we help you align your goals with our modern asset management solution. Our system provides features that can accommodate your business needs and empower your workforce.

Consolidate Business Requirements

Using the right rental management system for your business goes beyond choosing a software solution. You also need to identify the following:

  • Review your administrative, technical, and integration requirements.
    Find out if you have other technologies that need a management system.
  • Ensure that you are getting the software functionality for your current and future needs.
  • Determine if you need to integrate your existing accounting software, like QuickBooks, or adopt an enterprise resource planning (ERP) rental software.
  • Identify other requirements aside from technology. Consider the employees who will use the system, and if they need additional support or training.
  • Use real scenarios you’ve encountered before to know what you need to accommodate.

Whether you need to manage your asset value or depreciation, Asset.Guru allows integration with other software systems, like Xero and Netsuite, to help streamline your operations.

Adoption & Ease of Use

Getting your employees up-to-speed on the software’s functionalities is critical to overall operations and your bottom line. A rental system with easy-to-use features helps you save time on key business tasks.

When receiving software demonstration, pay attention to specific functions, including asset tagging, equipment usage accountability, and repair or work order.

Does the system use logical and straightforward methods? Is the software Microsoft Windows-based? Or does it use a lesser-known or outdated platform?

With our easy-to-use features, Asset.Guru ensures the overall productivity of your business in the long run. Our asset management platform comes with general how-tos and guides to help you make the most out of our system.

Reporting Capabilities

Find a management system with the capability of generating reports based on specific data. The system analyzes essential details to help you make sound business decisions.

You should be able to harvest information on asset depreciation, income reports, utilization, staff reports, ROI, and inventory analysis reports.

Our system offers reporting on essential data, such as asset locations, values, history, and depreciation. We also support your business’ compliance and audit-readiness.

High Quality Support

No matter how reliable the system is, technical issues cannot be avoided. When you encounter trouble dealing with the system, make sure that help is available when you need it.

A support team is an integral part of your rental management system experience. Software vendors should be able to handle problems and issues as they arise.

A good support system offers advice through toll-free phone calls, free software updates, monthly support subscriptions, additional training, or seminars.

The system should also give you insights from user forums and communities in the rental industry.

We, at Asset.Guru, value our customers. Our support team is always ready to assist you with your questions and concerns via phone or email.

We also provide training via documentation, webinars, live online, and in-person sessions.

Why Choose Asset Guru for Tracking Equipment Rental

Whether you have a middle-market or a fast-growing small business, our asset management system provides a smarter way to track equipment.

Asset.Guru’s powerful cloud-based platform stores asset documentation and records it for easy reference. Identify and manage your equipment’s availability, location, and maintenance needs with a computer or mobile app.

You can say goodbye to messy spreadsheets and improve data accuracy. Our system provides a single source of information for assets to support compliance and audit-readiness.

Get the real net worth of your company’s assets by tracking maintenance records, certifications, and maintenance records.

If you’re a NetSuite, Xero, QuickBooks Online (QBO), or SAP user, you can automate your depreciation calculations and get reporting options from us.

With Asset.Guru, you can track your equipment, work as a team, and make smarter business decisions.

Register for a free trial or book a demo to learn more about tracking and managing your rental equipment with Asset.Guru.

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