What Is Equipment Loan Software?
Equipment loan software is a tool for capturing all the necessary information for any equipment loan agreement. Using this software you can record the name of the asset being loaned, the borrower’s details, the duration of the loan, and the rental price. Recording all these details in a centralised system provides you with an overview of all your loan agreements in one place. But the true MVP of equipment loan software is that you can keep track of the asset’s location once the borrower has checked it out.
The Benefits of Equipment Loan Software
1. A centralised system
itemit provides a dashboard that enables businesses to generate administrative reports and gain an overview of potential issues or asset utilisation via actionable analytics. This capability unlocks new levels of organisation and visibility for you and your team, allowing for better planning, asset management and scheduling.
2. Smoother invoicing
The software allows you to record the rent or charges for loaning out a piece of equipment easily. It also records the date it was checked out by the borrower and when it was brought back in. This means calculating loan charges and creating invoices is as easy as it gets. On top of that, all members of your team can see which items are loaned out at any point in time.
3. Straightforward bookings
Our equipment loan software has an in-built booking system making it straightforward and simple for someone to borrow your equipment. The system records all the necessary details of the borrower and you can even use it to reserve a piece of equipment for a particular borrower. The scheduling capabilities of equipment loan software means you can easily manage when equipment is out of action for maintenance and repairs.
4. Unique asset identity
A risk of loaning out equipment is not knowing whether you get the same piece back. This can be on purpose or accidentally when dealing with multiple, identical-looking assets. This issue can easily be solved with asset tags. Using asset tags can supercharge the benefits of using equipment loan software. Tagging gives each of your assets a unique identity so you can never mistake what equipment is yours.
5. Quicker loan agreements
As equipment loan software provides a centralised, all-inclusive system you can track, update and manage equipment loans and lenders swiftly. Our easy-to-use online database can be accessed from multiple devices by multiple users, meaning managers and employees can both be responsible for equipment loaning. Users can quickly see how many items are available with a given timeframe and book equipment in a few clicks, taking the burden off one person.
