November 28, 2022

Why Equipment Rental Management Software Is Important for Your Business

Software for renting out equipment gives businesses tools to help you organize your operation, manage assets, and compute depreciation on your main revenue source - your equipment. By using this software solution, you can schedule maintenance, assign equipment to locations or workers, and carry out back-office tasks like accounting and bookkeeping.

From an operational standpoint, it’s essential to keep track of your inventory and assets. To enhance transparency and keep track of what you have, you must know when a piece of equipment is moved from the original job site to another site or to several other job sites. You must also have a record of your staff on duty so you can easily assign them tasks and create an efficient and effortless workflow.

With the aid of equipment rental software, the middle market and quickly expanding small businesses can achieve their corporate objectives by easily organizing operations, managing assets, and compute depreciation. Even as a solo owner/operator, you can find tools that fit your own work flow to get a side hustle going, or scale your business into a full time income. 

Equipment Rental Software Provides The Following Benefits:

1. Streamline Your Operations

An equipment operation requires managing several factors, including asset inventory, location, personnel, servicing, and maintenance. Using a comprehensive software solution, you can streamline your operations regardless of whether you require fleet management or simply want to maintain construction equipment.

By conserving important data on asset maintenance, billing, and certificates, our equipment rental software aids in the management of your equipment.

2. Reduce Equipment Downtime

Different strategies for minimizing equipment downtime are provided by equipment rental management software. Maintenance management features in equipment rental softwaresolutions can track metrics like: overall usage, depreciation, repair schedules, and maintenance dates.

Predictive or preventive maintenance is prescribed based on these maintenance history data. Predictive maintenance can be done while a machine is running to find and fix potential problems. Preventative maintenance is routinely carried out on the machinery to identify issues before they arise.

Your equipment will last longer if you keep it repaired and maintained, enabling you to continue making money from rentals for longer.

3. Organize Schedules

In order to decrease downtime and boost your return on investment, it is essential to know whether your assets are being used or just lying around. Software for equipment management makes scheduling more organized and transparent. In this manner, you can concentrate on maximizing the tools at your disposal and raising overall productivity.

Using an organized calendar is essential to determine which resources are being used and which are not. You can assign tasks by looking at the calendar and figuring out which employee is in charge of a specific piece of machinery.

4. Increase Transparency

A centralized software solution increases transparency and gives you insight into your business by providing a unified data overview of your assets. This openness ensures better coordination between team members and helps you anticipate needs within your company. Even if you’re a solo operator, it helps to increase visibility into where your equipment is with your customers who are renting it.

The finance department, for instance, needs to be aware of how the assets are operating and depreciating over time in rental operations. They can get the data they need to make better financial decisions from equipment rental software that automates it for them.

5. Generate Reports and Insights

You can create reports to manage your operations and key performance indicators using equipment rental software that has a centralized and updated information base. Inventory, equipment accessibility, worker output, equipment life cycle, asset upkeep, and revenue can all be tracked in real-time.

Additionally, you can comprehend more about the equipment with the highest demand and its potential for short-term (better profit but erratic income) and long-term (steady income but lower profit) rentals. With the right blend of high-demand, short-term, long-term, and rate assets, you can balance your portfolio with the aid of these insights.

6. Provide Updates and Reminders

Equipment rental software makes sure that all the data your company gathers is centralized in one location. Because you can get timely information updates, decision-making is simpler, and you don't have to worry about missing anything.

For instance, you can easily streamline your reminders to save time and money on asset servicing. Additionally, the equipment rental management software reduces the need for paperwork and spreadsheets, which can relieve some of the burdens on your staff.

7. Manage Invoices and Documents

Your business will remain more organized and secure if all of your crucial documents, including rental agreements, billing, and invoices, are kept in one location which can be easily accessed by the right people at your company, from multuple devices (especially your phone).

With a rental software solution, you can quickly access details about your assets, such as purchase dates or locations. You can also get information on your equipment's warranty and insurance. Any asset-related documentation is stored in equipment rental software for easy reporting and access when needed.

8. Improve Business Processes

Back-office software is also necessary for more effective asset management, tracking, and upkeep.

Finance, IT, sales, and human resources are just a few of the departments that can benefit from centralized rental management software (HR). To save time and decrease errors, you can coordinate with other teams. Software for equipment rentals can help your business operations become simpler, quicker, and more effective.

9. Fewer Vulnerabilities

The ability of the rental management system to completely lessen the burden on organizations is probably its most favored feature. The system makes it crucial to make sure that every piece of equipment is thoroughly examined and cared for before it is given to the clients. There are also standalone maintenance modules to provide the systems with appropriate adjustments. Because the lease management system reduces financial burdens, it eliminates risks and provides security.

Conclusion

No matter if you manage a middle-market company or a small business that is growing quickly, our asset management system offers a more intelligent way to track equipment.

Asset documentation is stored and recorded on Frenter's strong cloud-based platform for simple access from any wifi connected device. Determine and manage your equipment's availability, location, and maintenance needs using a computer, tablet, or mobile app.

Spreadsheet clutter can be removed, and data accuracy can be improved. Our system provides a single source of asset information to support compliance and audit readiness.

You can calculate the true net worth of the assets in your company by keeping track of maintenance records, certifications, and maintenance records.

Click here to get a 14-day free trial and discover if Frenter is right for you. Inside you will find a powerful all-in-one tool that’s capable of seamlessly tracking your equipment and offering you better data and deeper insights into the rentals journey.
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