What Is Equipment Loan Software?

But handing over a business asset to someone else, even if just for a short period of time, has its risks. You never know if the borrower will use your tools or equipment carefully, keep it safe or even return it all. What’s more, when you’re loaning out multiple pieces of equipment, it becomes difficult to keep track of the loaned out items.

While loaning out equipment has its benefits, you should always minimise the risk it involves. There are a few steps you can take for this. The first is to always sign an equipment loan agreement with the borrower so the lending process is protected by law. 

Secondly, you should use equipment loan software to help you keep track of all your loaned assets. It enables you to loan out your stuff with peace of mind.

Equipment loan software lets you record and track all of these details digitally. Moreover, it enables you to keep track of an asset’s location after it has been checked out by the borrower. This software solution gives you a clear overview of all your lent out assets on one centralised platform. 

But these are only the most basic functions this software offers. You’ll read about its different features and find out more about how it streamlines the equipment lending process in the sections below.

After the borrower has returned the equipment, you might not realise that a few pieces of equipment are missing until the moment you need them. This could be easily avoided if you were tracking the props with equipment loan software. 

But that is not the only risk. Sometimes when you lend an asset, you never know you’re going to get the same one back. This is pretty common when you’re 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 never mistake your equipment with someone else’s.

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.