Benefits Of Equipment Rental Software & How to Choose One For Your Business?
Companies can use equipment rental software to improve procedures, coordinate operations, manage assets, and calculate depreciation. You can also assign equipment to personnel, arrange maintenance, and execute back-office functions like accounting and bookkeeping with this software package.
Many organizations find it difficult to maintain track of their equipment when managing operations. When a piece of equipment is transported from one job site to another or numerous additional job sites, the situation becomes even worse. Identifying which assets are assigned to your employees can be a time-consuming task.
At RentTools, we provide businesses with a dependable asset management system that is modern, straightforward, and adaptable to their needs. Our equipment rental software is a back-office solution that assists business owners, CFOs, bookkeepers, and accountants in tracking and managing precious assets. In this exclusive blog, RentTools brings you the benefits of equipment rental software and how to choose the best equipment rental software for your business.
· Streamlined Operations:
You must oversee numerous areas of an equipment operation, including asset inventory, location, personnel, service, and maintenance. You may use an all-in-one software solution to streamline your operations, whether you need fleet management or merely want to maintain construction equipment. Our rental software aids in the management of your equipment by recording important data such as asset maintenance, invoicing, and certificates.
· Reduced Downtime:
Different methods of reducing equipment downtime are available with equipment rental software. Maintenance management tools in our rental software system may track parameters like overall usage, depreciation, repair plans, and maintenance dates.
These maintenance history data are used to decide if predictive or preventive maintenance should be prescribed. To identify and address any concerns, predictive maintenance can be performed while the unit is running. Meanwhile, preventative maintenance is performed on the equipment regularly to avoid problems before they arise.
It is imperative to know whether your assets are in use or not for decreasing downtime and maximizing return on investment (ROI). Equipment management software allows for better organization and scheduling transparency. This way, you can concentrate on getting the most out of the tools you already have and increasing overall production.
It’s easy to determine which assets are in use and which aren’t when you use an ordered calendar. You can also assign chores by looking at the schedule and finding the person who is responsible for a specific piece of equipment.
· Increased Transparency:
By providing a consolidated data picture of your assets, a centralized software solution promotes transparency and gives insight to your organization. This openness allows you to foresee demands in your company and enables better cooperation among team members. The finance department, for example, in rental operations, requires visibility into how the assets are functioning and depreciating over time.
· Report and Insight Generation:
You may develop reports to manage your operations and key performance indicators with equipment rental software that has a consolidated and up-to-date information base. Inventory, equipment availability, personnel productivity, equipment life cycle, asset maintenance, and revenue can all be tracked in real-time.
You can also learn which equipment has the biggest demand and which has the best short-term (higher profit but irregular income) and long-term (lower profit but consistent revenue) rental potential.
How to Choose the Best One for Your Business?
· Identify Goals and Performs Indicators:
Every company has a set of objectives and key performance indicators (KPIs). Heavy equipment rental firms, for example, may regard maintenance and long-term billing as crucial to their operations. What do you want to accomplish with your company? Do you wish to raise your profits, increase your utilization and sales, or lower your maintenance costs?
· Consolidate Business Requirements:
Choosing the best rental management system for your company is more than just picking a software program. Take a look at your administrative, technical, and integration needs. Check to see if you have any other technologies that require management. Make sure you’re buying the right software for your present and future demands.
· Ease of Use:
It’s vital to get your personnel up to speed on the software’s features in order to improve overall operations and your bottom line. You may save time on important business operations by using a rental system with simple features. Pay close attention to certain functions during a software demonstration, such as asset tagging, equipment usage accountability, and repair or service order.
Our asset management system provides a smarter approach to track equipment, whether you have a middle-market or a fast-growing small business. RentTool’s robust cloud-based platform stores and records asset paperwork for convenient access.
Using a computer or a mobile app, determine the availability, location, and maintenance requirements of your equipment. You can put an end to cluttered spreadsheets and increase data accuracy. To enhance compliance and audit readiness, our system delivers a single source of asset information.