Loaning out your equipment is a great way to generate extra revenue for your business. But, inevitably, loaning out a piece of your business comes with its risks as well as its complexities when done at scale. Equipment loan software can help alleviate many of the challenges and risks involved in renting out your kit so you can enjoy all the benefits.
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.
How Equipment Loan Software Can Help You
Equipment loan software can benefit many different industries such as transportation, construction, manufacturing, rental, healthcare, pharmaceuticals, entertainment and more. Any business that is involved in renting out their assets, from bikes to camera gear, can use equipment loan software to minimise the risks and challenges associated with it. itemit provides a complete solution that can transform your current equipment loaning process. With a suite of features that you can use to track, locate, manage and book equipment you can completely streamline your operations and maximise your kit’s return on investment.
itemit’s Equipment Loan Software
itemit gives you a centralised platform to track all your loaned and available equipment. Our state-of-the-art equipment tracking solution is an automated, transparent and effective tracking system that reduces the gaps in your asset management and lets you lend your equipment without a worry. With an intuitive interface, excellent support, and an extensive feature set, you can easily grow your business. itemit also offers other asset management purposes like fixed asset management, inventory management and IT asset management.
To find out more about itemit’s equipment loan software and how it will help you, you can contact our team at team@itemit.com that’s always happy to answer your queries. You can also fill in the form below to start your 14-day free trial.
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Article by
Dr. Alex Wong is the CEO & Co-Founder of RedBite Solutions, a spin-out from the University of Cambridge and creators of itemit. For more than 2 decades, Alex’s innovations have disrupted industries and reimagined traditional solutions, delivering breakthrough results. A pioneer of the RFID EPC Network and IoT, Alex has shaped modern tracking technologies. RedBite powers the world’s largest RFID deployment across 60+ countries and launched itemit, a leading barcode, QR code, GPS & RFID SaaS tracking platform. Dr. Wong holds a PhD in Engineering from Cambridge and remains an embedded researcher, leading EU & Innovate UK projects to bridge research with real-world applications.
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