Equipment Rental Management System
Renting equipment for different situations can help your business run smoother and more efficiently. However, there are many companies that offer a variety of services. Equipment rental software free and equipment rental software paid are both available, so you can choose what fits your budget and the goals of your business best.
Renting out services or equipments are surely profitable, but it isn’t as simple as that. Sometimes, it’s hard to calculate the most profitable price for your clients and yourself. In order to minimize the loss in profit and maximize the gain, you need an effective equipment rental management system. It’s also going to help you when it comes to managing your business — from how much you charged to what equipment should you purchase?
Equipment Rental Management System is rental equipment management software for the construction industry. The software application provides a comprehensive equipment rental solution that tracks the location, cost, maintenance and usage of equipment rented by customers. Equipment Rental Management System can manage single or multiple store locations, with unlimited sub-locations, assets, equipment and tools.
Are you wondering why you should use equipment rental software or equipment rental management system? Well, if you have been in this business for quite some time, then you probably understand the potential benefits of using this software – both locally and globally. Some people are still wondering if they can go without such technology. But usually, they find it difficult to manage their rentals without such a system. Read on to know what it is all about and how it can help your business.
The cost of equipment rental software
Most products in the market are priced on a “per user, per month” basis and can be divided into three pricing tiers based on their starting price.
- $29 – $45
- $45 – $88
*The pricing included is for the entry-level/lowest-priced offering found on vendor websites on Sep. 29, 2021. These ranges correspond to the 25th, 75th, and 100th percentiles of pricing information gathered from vendor websites of sample products.
The above list summarizes pricing for the base plans of most products. An enterprise or premium product that is priced higher may include additional features such as mobile access, shipping labels, and inventory management.
Impact of Equipment Rentals on Business Processes and Operations
Equipment rentals for one decrease the overall investment required in business operations.The lesser the investment, the more excellent the opportunity to develop the services wing of the organization. Increasing the width and depth of services result in greater operational profitability of the business, owing to lower equipment rental fees.
Modelling equipment renting based on business forecast allows companies to swiftly tackle uncertainty and lower overheads on maintenance and storage of the equipment. Companies can also easily avoid associated costs (like insurance and interest payments). The utilization of land and associated resources traditionally used for storing the equipment is now feasible for revenue-generating purposes and positive company growth.
Equipment rentals also help companies reduce their taxed amount. The corporate tax, basis IRS guidelines on whether the equipment is an expense or an asset, varies per equipment. Therefore, representing equipment rentals as operational expenses can help organizations.
Equipment Rentals and the Gig Economy
The ‘Gig Economy’ came into vocabulary a few years ago and stayed the course. With individuals entirely devoted to the cause of ‘freelance’ work, especially in times of uncertainty, it makes sense for companies to look at equipment rentals and human resources through the lens of this latest trend. The ‘Gig economy’ allows companies to hire professional equipment operators on a loosely tethered hourly rate, or ‘pay-as-you-work’ contract, to handle their rented equipment operation needs. It is a process that results in lower workforce operational costs and higher flexibility in services.
A bevvy of professionals in entertainment, construction, etc., all benefit from this model. Neither the firm nor the contracted freelancer needs to own the equipment, while the symbiotic environment ensures all parties’ prosperity. Whatsmore, companies do not need to invest in the training or skill-building of individuals participating in the contract, ensuring their total expense with the equipment rentals is limited to the resources borrowed.
The gig economy also throws up a multitude of business models. Equipment rentals do not always need to be conducted through a verified company. Even individuals can act as equipment owners offering to loan their goods to needy loanees, thereby creating a new income for owners. Equipment rentals are literally around the corner in the new economy, creating a new market place, and income line for individuals and small scale organizations alike.
Challenges associated with Equipment Rentals
Equipment rentals are easy on the eye (and wallet), yet companies servicing these equipment rentals face a host of challenges to the concept and business model when handled manually. Some of the challenges associated with equipment rentals include:
What is Equipment Rental Software?
Equipment rental software is a suite of digital solutions that help companies effectively manage, and expand their equipment rental business. Equipment rental solutions provide exceptional resource tracking, accurate contract management, effective customer service capabilities, and detailed trend analytics, to name a few advantages. All these combined, ensure business continually increase their profitability while keeping their consumers happy. Equipment rental management systems often give companies the ability to track, schedule, and modernize inventory based on trends, thereby increasing the organization’s profitability.
Factors That Makes Equipment Rental Software a Must-Have for Businesses
Some of the most important factors contributing to the rise of equipment rental software are as follows:
Essential Features of Equipment Rental Software
The most essential, time-saving features of Equipment rental software are as follows –
Key Benefits of Investing in Free and Open Source Equipment Rental Software
Software systems are essential to push business productivity up a gear or two. Some critical benefits of equipment rental solutions are as follows –
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.
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.
Yo!Rent – Best Heavy Construction Equipment Rental Software
Yo!Rent is an equipment rental software developed by FATbit Technologies. It was launched in the year 2015 and supports several rental niches. Although Yo!Rent is fully customizable; it already has essential features to conduct and manage effortless online rental operations in equipment rental, vehicle rental, and fashion rental industries.
The functionality of Yo!Rent can be extended by custom scripts and third-party integrations, speaking of which, Yo!Rent comes with many pre-integrated APIs and business tools, including PayPal, Taxjar, MailChimp, QuickBooks, etc. The solution also comes with one year of free technical support and a lifetime usage license.
Type: Readymade license-based solution
Case study: Available on website
Top clients: Gearflow, Kouture Studios, Find Rent Wear
Key Features of Yo!Rent:
- Advanced booking calendar
- Document verification
- Late return charges
- Selling + renting
- Multilingual and multicurrency
- Product comparison
- Map view
- Inventory management
- SEO and PPC
- One year free technical support
Sharetribe – Construction Equipment Rental Software
Sharetribe is a SaaS-based eCommerce solution launched in the year 2011. It is best suited for developing marketplaces and also has features to support online rental operations. The team behind Sharetribe claims the solution to be a fast way to create an advanced online marketplace.
Sharetribe is also fully scalable in response to your business growth. Sharetribe Flex is a version of Sharetribe that is fully customizable but will require you to hire a team of software development experts.
Type: SaaS, Open Source
Demo: Not available
Case study: Not available
Top clients: Equimax, Kheng Sun
Key Features of Sharetribe:
- Booking calendar
- Inventory management
- Listing management
- Chat messenger
Typical features of equipment rental software
- Billing and invoicing: Provide flexibility with auto-calculation of invoice amounts. Also, helps keep the business organized by providing all essential documents at one place.
- Inventory management: Store all equipment-related information and monitor their usage based on present and future needs.
- Order management: Provide information with respect to the availability of an asset and help schedule equipment order accordingly.
- Reporting and analytics: Analyze critical information and generate reports based on various parameters, including asset value, depreciation, and utilization over a period of time.
- Maintenance management: Keep track of metrics, such as maintenance dates and repair details to keep the assets up-to-date and address potential issues.
In a competitive world where every organization aims to achieve an outstanding position in the market, using effectively most effective software has become very important. One can achieve this position by using right types of software’s. Online tools have changed the scenario drastically. Equipment rental software is one such application that makes your work more effective and efficient.
One of the most inconvenient parts of being a construction worker is having to constantly update your equipment rental management log. By using construction equipment rental software, this issue is eliminated and you can record your monthly expenses, rental dates, equipment specifications and any other notes in a quick and easy manner.