Implementation and operation of the best software for equipment rental business take place in a user-friendly environment. The service features a simple administration and maintenance interface which allows direct information input, reporting and analysis without additional third-party tools.
It has long been argued that equipment rental business management software is one of the most important tools for a unit to be successful. To say this is an understatement would be a wild understatement. When you shop for the right kind of accounting system, you can easily see it up close.
The most efficient way to manage your equipment rental company and their equipment is with the right software. Finding a suitable one can be difficult, so we’ve made it easy for you. We’ve compiled our list of best software for equipment rental business and compared them by price, features, and reviews from customers like you.
There are several aspects that one needs to consider before hiring a software for the equipment rental business. These include the budget, the scope of the business and also what type of automation is required. Here we take a look at four prominent methods/software that help to manage an equipment rental business….
What is Equipment Rental Software?
Equipment rental software plays an incredibly vital role in the functioning of rental-based businesses and their operations. It is mainly used to track and manage different processes throughout the business, including orders, equipment maintenance, equipment tracking, inventory, and accounting. Rental businesses rely on this software to manage their day-to-day operations.
Owning or managing a rental company requires a lot of tracking. Customers opt to rent instead of making a purchase, and the transaction is not final until the item is returned. Depending on the size of the business, there could be many different items rented at once. Tracking multiple pieces of equipment could be overwhelming, even for the hardest workers. This software assists with managing and tracking everything that needs to be returned, which takes a huge burden off the employees and managers.
This software wears many hats to ensure that rental businesses function efficiently. Aside from car rentals, most products manage different types of equipment. They help avoid a lot of unnecessary stress and are extremely useful in today’s equipment rental market.
Equipment Rental Software Features
Products share the following identifiable features:
- Asset tracking
- Inventory management
- Maintenance management
- Order management
- Reservations management
- Customer management
- Employee management
- Reporting & analytics
- Online orders
- Walk-in orders
- Quick sales
- Cloud deployment options
Equipment Rental Software Comparison
When comparing products, consider these important factors:
- Ease of Use: Potential customers should consider the usability of each product and expect to spend time becoming familiar with the user interface. A steep learning curve may result in poor time management and less efficient production.
- Business Type: It’s important to note your industry before deciding on a product. Though most products can assist a variety of industries, some are more vertical-specific. For example, Booqable is suited for event services whereas Asset Panda may be a better fit for a construction equipment rental business.
- Business Size: Company size is another key factor to consider when choosing equipment rental software. RockSolid Max, for example, works well for businesses with less than 10 people whereas Asset Panda can handle over 200 employees. Make sure the product is suitable for the size of your business.
Equipment rental software typically offers a free version with limited features. Paid subscriptions cost around $9 to $50 per month for lighter versions (ideal for small or early-stage companies), $100 to $200 per month for plus versions (suitable for medium-sized businesses), and over $200 per month for the highest premium packages (designed for large companies with many users).
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:
- 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.
- 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.
- Organize SchedulesKnowing 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
EZRentOut(20)4.6 out of 5Entry Level Price:$44.98 / month, billed annually. $49.98 billed monthlyFavorite
EZRentOut is a cloud-based equipment rental software that makes renting out equipment a breeze. Our order management and reservation features, along with our asset tracking, payment integrations, and Online Multi-Store, make this a must-have for rental companies looking to increase efficiency across all industries. Use the EZRentOut mobile app to create orders on the go, scan Barcodes and QR Codes, or to use as a POS. Our QuickBooks and Xero integrations help you stay on top of financials, the invoicing and quoting templates save you time, and custom reports provide actionable insight into your business operations at all times!
Rentman AV Rental Software
Rentman is a cloud-based resource management and planning software that helps AV & Event companies manage their daily operations and improve their workflows. Key features include Equipment Scheduling, Equipment Tracking, Crew Scheduling and Quoting & Invoicing.
With Equipment Scheduling the user can plan equipment. Visually track equipment stock levels and their location at any point in time. Always know how many items are available with the timeline view and book equipment to events. Schedule and manage equipment maintenance and repairs. Resolve shortages by creating subrental requests. The additional Equipment Tracking add-on supports QR and barcode scanning, so the user can track equipment on a serial number level. Create virtual or printed packing lists to make sure equipment goes out complete.
With Crew Scheduling the user can manage a crew. Automate time consuming tasks such as sending out job invitations. Share files, documents and job instructions to make sure that crew members are up to date at all times. With the timeline view the user can see which employees are available and always assign the best person for the job. Crew members can indicate their availabilities, so that managers can always know who is available. Register worked hours, manage holidays and have an overview of costs with the time registration module.
The Quoting & Invoicing add-on allows users to create financial documents in seconds. With the built-in template editor the user can create quotes with the company’s own branding.
Rentman can be accessed via multiple devices such as desktops, tablets and mobile phones. Access to a mobile app is included. Rentman’s pricing structure enables the user to only have to pay for the products and add-ons that are needed. The software is offered on a monthly subscription basis that includes support via phone, email, FAQs, and an online support center.
Rentman is a resource management and planning software for the AV & Event industry that helps companies manage their daily operations and improve their workflows. Manage your event productions in one place. Key features include Equipment Scheduling, Equipment Tracking, Crew Scheduling and Quoting & Invoicing. Integrated CRM and tools for customer and employee communication. Rentman offers a flexible pricing structure, so you only have to pay for the products and add-ons that you need. The software is offered on a monthly subscription basis that includes support via phone, email, FAQs, and an online support center. Access to the Rentman mobile app is included. Start your free trial today!
Rentman AV Rental Software Features
- Supported:Project Management
- Supported:Inventory Tracking
- Supported:Labor Scheduling
- Supported:Subrental Requests
- Supported:Warehouse Management
- Supported:QR-Codes and Barcodes
- Supported:Customer Relationship Management
- Supported:Statistics & Reporting
- Supported:Digital Signing of Quotes and Contracts
Booqable is all-in-one rental software that makes rental management super fast and powerful. Its intuitive interface speeds up your everyday tasks, while smart automation avoids overbooking and human error. And with a beautiful, customizable online rental store, you can bring your business online and treat your customers to a smooth online booking experience. With inventory management, orders, CRM, invoicing, payments, and so much more, Booqable has everything you need to increase workflow efficiency and bring your rental business to a new level — all within a single rental system.
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.
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.
Are you an equipment rental business owner? If yes, then you need a software to manage your entire business. Rental inventory management software is the best product to manage your equipment rental company. It will help you to become more organized and efficient in managing your business.
There are many software’s available to manage equipment rental business. If you want to choose the best software for your equipment rental business, then you need to understand what a rental software can do that other programs cannot.