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 ...
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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.
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
Billing/invoicing
Cloud deployment options
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).
There are many great equipment rental software products. Some of the more popular ones include: