Asset Management

The Top 7 Equipment Rental Software

Discover the best Equipment Rental Software to help you manage your asset portfolio and keep track of leased or rented equipment. Explore features like inventory management, maintenance management, contract management, portfolio optimization, accounting, and compliance.

Last updated on Nov 04, 2024

Written by Caitlin Harris

Technical review by Laura Iannini

The Top Equipment Rental Software includes:

1. Booqable
2. EZO EZRentOut
3. Flex Rental Solutions Inventory Management Software
4. HireHop
5. Point of Rental
6. Quipli
7. Rentman

Equipment Rental Software, also known as asset lease software, helps rental organizations manage the complex process of leasing assets—including machinery, vehicles, real estate, and technology. These solutions provide a single, unified view of all rental processes and assets, helping organizations keep track of their leased assets, asset maintenance, rental terms, and corresponding payments in a more efficient manner.

Equipment Rental Software can help rental companies drastically reduce administrative workload, accurately monitor expenses, ensure compliance, and potentially save considerable amounts of money by avoiding late payment penalties. It is also a useful tool when it comes to renegotiating contracts based on the data gathered. To achieve this, Equipment Rental Software usually offers features such as inventory management, maintenance scheduling, booking and reservation tools, contract management, and billing capabilities. Equipment rental software can also assist businesses in ensuring compliance with accounting standards such as ASC 842, IFRS 16, and GASB 87, which require organizations to include lease assets and liabilities in their financial statements.

In this article, we’ll explore the top equipment rental software designed to help you keep track of equipment that’s being rented or leased out in a business context. We’ll highlight the key use cases and features of each solution, including third-party integrations, contract and asset management capabilities, reporting and analytics, and accounting standards compliance.

Booqable

Booqable is a comprehensive, cloud-based rental software that offers services spanning order creation, inventory management, and payment facilitation. With Booqable, users can create and fulfill orders, manage rental and store inventory, and automate payments. The software also supports the creation and management of quotes, contracts, and invoices. All these functions converge in a unified system that simplifies operational management while reducing manual tasks.

Booqable’s efficient dashboard allows users to plan their orders swiftly and effectively. All communication needs can be handled directly from the platform for streamlined rental workflows. Booqable also eases email and document workflows, thanks to its auto-generated and pre-filled invoices, quotes, or contracts for every order. The software keeps an organized overview of stock levels and availability to prevent shortages and double bookings, and the built-in barcode scanner enables accurate and error-free handout of items. Booqable also integrates with payment platforms like Stripe and PayPal, thereby accepting major credit cards and local payment methods either online or in-store.

Finally, in order to ensure accessibility and seamless usability, Booqable includes a mobile app compatible with iOS and Android. Whether users are in-store, on-site, or in the warehouse, Booqable provides the essential tools needed to effectively manage rental businesses.

EZO EZRentOut

EZO’s EZRentOut tool is a comprehensive platform that provides tools for streamlined rental management operations. With EZRentOut, users can manage customer interactions and track orders, both online and offline, for individual and B2B accounts.

EZRentOut offers robust inventory management capabilities, allowing for tracking of rental equipment location, maintenance status, and availability, with the added convenience of setting alerts to prevent stockouts. The platform includes in-built analytic capabilities, providing insights into customer preferences, staff performance, and equipment usage predictions. This aids in making informed decisions and developing effective business strategies. EZRentOut also features a simple invoicing system that can auto-generate and track monthly payments easily, ensuring conflict-free bookings.

EZO prioritizes easy accessibility and convenience. The product is designed with a customer portal that empowers customers to view order details, browse rental equipment catalog, and complete online payments securely. The webstore plugin supports brand consistency by linking items with your online store and enabling online payments via Credit Card or PayPal, ensuring a fluid, customer-friendly experience. EZRentOut also permits the operation of multiple stores and departments under a single account, promoting consolidated reporting and consistent settings across the board.

EZRentOut is compatible with both iOS and Android mobile platforms for seamless operation on-the-go. Overall, we recommend this as a robust, comprehensive tool for rental businesses looking to streamline their operations and deliver a seamless, intuitive customer experience.

Flex Rental Solutions Inventory Management Software

Flex Rental Solutions offers a cloud-based inventory management software designed to streamline operations, reduce inventory loss, and enhance business productivity.

Flex Rental Solutions’ Inventory Management Software provides vital inventory information such as availability, item location, quantity on hand, barcodes, and serial numbers. It helps improve warehouse operations with features like support for virtual items, barcode scanning, maintenance tracking, and efficient return of gear. The maintenance tracking features log and record repairs, providing a full view of an item’s status and history. Additionally, Flex’s software includes a customer management feature for managing contacts, scheduling follow-up calls, and setting default discounts and payment terms.

In terms of sales and service delivery, the software offers simple and intuitive methods for building quotes and invoices; this includes functions for adding inventory and services. It integrates seamlessly with Quickbooks, and also simplifies warehouse operations by enabling the creation of pullsheets for necessary equipment. To cap this all off, the software incorporates competent task management features to avoid missed deadlines or critical follow-up calls.

Finally, Flex Rental Solutions’ software also includes labor and staffing management tools. It provides search functionality and scheduling of crew members for crew calls, facilitates crew email communication, and allows for a quick view of each crew member’s full schedule. The statuses, workflows, and jobs can all be tailored to suit individual business needs. Overall, this is a very comprehensive equipment rental platform that makes it easy for rental companies to manage the entire lifecycle of their rental assets.

HireHop

HireHop is a comprehensive, cloud-based equipment rental software, suitable for use on any operating system that supports an internet browser, including computers, tablets, and smartphones.

HireHop’s equipment rental software offers a plethora of features designed to streamline and enhance equipment rental operations. On initial installation, users can import their rental data from spreadsheets or other software—this data is then aggregated and presented in HireHop’s user-friendly, cental interface. From here, users can access in-depth, interactive reports to keep track of key performance indicators and make more informed business decisions. These features include accounting reports, which help analyze invoice and purchase order data, and stock reports, with valuation, utilization, and maintenance metrics. Reports can be exported to CVS or Excel for easier collaboration and sharing. Users can also implement role-based access controls to ensure only authorized users can access reports containing sensitive data. The platform also offers all the standard features you’d expect of a rental equipment software, including automated billing and invoicing, asset reservation, maintenance scheduling, and labor management.

HireHop is an all-encompassing solution for rental businesses, delivering a simplified, quick, and effortless workflow. The software is user-friendly, enabling users to get it up and running within hours. Overall, HireHop provides an economical solution that’s straightforward to install and manage, while still offering feature-rich rental management, making it suitable for smaller rental businesses. And for single users, HireHop also offers a free version of their platform (note: this version offers limited features).

Point of Rental

Point of Rental is a robust rental software designed to handle the dynamic needs of a rental business. This comprehensive software streamlines the process of rental contract management through real-time contract processing. This feature updates filled orders instantly, enabling counter staff to swiftly identify when they’re complete. The integration of RFID technology also enables swift check-in/check-out of items, eliminating the need for hand-counting.

Addressing the importance of customer relationships, Point of Rental tracks the most frequently rented items by a customer, their preferred rental time, delivery locations, and contact details. This allows the business to send out targeted messages to customers, enhancing their customer relationship management efforts. Point of Rental also facilitates the efficient planning and tracking of deliveries, from estimating load weights and planning routes to managing work teams. Realtime truck tracking and historical data provide valuable insights for delivery optimization. Aside from these core functionalities, Point of Rental also incorporates mobile apps and functionalities for inspection management, digital signature capture, and dispatching.

Finally, Point of Rental offers detailed business analytics delivered via thorough statistical reports. These reports make it easy for users to keep track of key performance indicators such as profitability, maintenance costs, and return on investment, enabling them to make data-driven decisions and plan for future growth.

Quipli

Quipli is an emerging player in the equipment rental software industry, presenting a holistic approach to managing equipment rentals. Quipli caters to a wide array of hardware types, ranging from hand tools and ladders to more complex machinery like excavators, loaders, and aerial lifts.

Quipli’s equipment rental platform is built to streamline operations, providing features to manage inventory, enable e-commerce transactions, and track service and repairs. Quipli gives users a comprehensive, real-time view of their inventory, allowing better planning and improved customer service. The platform enables rental businesses to process rental contracts via a variety of payments methods including credit card, ACH, checks, or on account with cycle billing, further simplifying the rental process. With its seamless integration with Quickbooks Online, Quipli synchronizes orders, invoices, and tax data. By doing so, it provides the user with a reliable tool for tracking and analysis. Quipli also offers an efficient repair tracking system that prevents losses due to unmaintained equipment.

Finally, Quipli provides full online renting capabilities and optimizes its users’ websites for easier discovery by potential renters. Overall, we recommend Quipli for organizations looking to deliver faster, more efficient, and well-organized equipment rentals.

Rentman

Rentman is a comprehensive management platform designed to streamline the organization and workflow of crew and equipment within a business. The software operates as a central hub, offering a 360° planning perspective. It provides excellent visibility for users to see availabilities, assemble schedules, and enables smooth communication with the team.

With Rentman’s central inventory, users can efficiently track equipment availability and facilitate future planning. Rentman also assists with the comprehensive organization of business data and daily workflows, allowing management to assign tasks to teams and share necessary documents, notes, and files efficiently. The software also features QR codes and barcodes to track the precise location of equipment, facilitates the creation of digital packing lists, and allows for reporting of repairs and lost items. It offers tools for managing billing, creating custom quotes, and obtaining real-time business insights, which lead to efficient professional business management. The platform also enables the creation of schedules and efficient communication with crew members, simplifying the task of inviting personnel to shifts and tracking worked hours.

Rentman’s platform is highly scalable. It offers flexible licenses that can be customized to include only the needed products, making it suitable for organizations of all sizes. Overall, we recommend Rentman as a strong equipment rental solution for organizations looking to better manage their human assets, as well as their machines.

Everything You Need To Know About Equipment Rental Software (FAQs)

What Is Equipment Rental Software?

Equipment Rental Software—also known as asset lease software—helps rental companies to run their rental or leasing operations more efficiently and effectively. To do this, they offers features such as inventory management, maintenance tracking and scheduling, booking and reservation tools, as well as billing and invoicing. By combining these features, equipment rental software provides businesses with a single, unified view of their rental processes and assets. This enables them to streamline their operations, improve their asset utilization, ensure accurate billing and invoicing and, in turn, enhance their customers’ experience.

What Are The Benefits Of Using Equipment Rental Software?

Rental organizations can reap multiple benefits by implementing an equipment rental solution—let’s take a look at them.

Centrally Manage Your Asset Fleet

Equipment rental software provides a single interface from which you can track the financial and physical ownership of all your assets. This means that, if assets are moving across different regions or countries, you’ll know where they are, helping to prevent asset or data loss and manage equipment audits. This also makes it easier to comply with local safety or usage regulations.

Streamline Operations

Equipment rental software automates many of the repetitive, manual process involved in leasing out assets, such as equipment tracking, creating rental agreements, and inventory management. This helps mitigate human error, whilst freeing up your team’s time to work on more complex tasks.

On top of that, equipment rental solutions provide all these features—plus any contextual information on equipment maintenance, invoicing, and certificates—via a single, central system. Multiple teams involved in different stages of the equipment rental lifecycle can access this system, making it much easier for them to communicate and collaborate.

Optimize Asset Use

By monitoring the usage of your equipment, you can plan better for the future, making sure that you’ve always got enough resources to lease out where they’re needed.

Easily Schedule Maintenance

With equipment rental software, you can easily track the status of your assets and schedule repairs or maintenance before any smaller issues become major disruptions. This helps extend the lifespan of your equipment and reduce potential downtime. Additionally, the software should keep a record of the maintenance history of all your assets, including the cost of labor and parts involved. This can help your finance team calculate future maintenance costs, making it easier to keep on top of spending.

Boost Revenue And Reduce Costs

Equipment rental software provides financial management features that enable you to track your rental revenue, expenses, and profitability—along with a single source of truth for documentation involved in any rental transactions you make, such as contracts, invoices, and renewals. This makes it easier for your sales team to cross-sell and upsell, as they’ll have full knowledge of what’s available, and what tools customers have rented together in the past.

As well as boosting revenue, equipment rental software can help you cut costs by eliminating errors and efficiencies by automating and centralizing your equipment rental processes and data. This, in turn, reduces downtime cost, and provides you with data to help save on maintenance costs.

Improve Customer Experience

Rental equipment software often offers a customer portal that gives customers access to your product catalogue—a list of the equipment you have available, that’s automatically updated in real-time. This enables customers to easily browse for the equipment they need, then book it easily online. Most tools then automatically invoice the customer for the equipment they’ve leased, ensuring the entire rental process runs smoothly from their perspective.

Some rental equipment software also provides AI-powered product recommendations to customers, helping them find the equipment they need more easily and further streamlining their experience.

What Features Should You Look For In Equipment Rental Software?

Choosing the right equipment rental software is critical to helping you manage your rental business effectively. To help you make that decision, here’s a list of the top features to look for when comparing equipment rental software:

Inventory Management: Your solution should offer real-time tracking to help you keep track of equipment availability, location, and status in real-time. This information should be available via a single, central database. Some equipment rental solutions also offer barcoding or QR code support, which helps streamline the check-in and check-out processes.
Reservation and Booking System: Your customers should be able to make reservations and bookings through a user-friendly online portal, and you should be able to sync rental schedules with a calendar for better planning and organization.
Maintenance Management: You should be able to monitor equipment maintenance schedules and manage service records for all your assets.
Contract Automation: Your solution should generate rental agreements and contracts automatically with standardized templates and support the use of electronic signatures for quicker contract approvals.
Customer Database: Your solution should offer a comprehensive database of customer information and rental history. Because it contains sensitive information, this database should be protected with security features such as encryption and role-based access controls. You should also be able to integrate your rental equipment software with your Customer Relationship Management (CRM) system for a holistic view of customer interactions.
Invoicing and Billing: Any rental equipment software worth its salt should automate the invoicing process and support various billing methods. It should also integrate easily with payment gateways so you can securely and conveniently process online transactions.
Reporting and Analytics: You should be able to create custom reports to help you analyze key performance indicators and make informed business decisions. These reports should be presented via an accessible, graphical dashboard.
Integration Capabilities: Your equipment rental software should integrate seamlessly with other business tools you’re using, such as accounting software, CRM, or project management tools. This will make it easier to manage the software, and eliminate human error associated with managing data across siloed, disparate software.
Scalability: Choose a software that can grow with your business and accommodate an expanding inventory and customer base.
Compliance Support: Your solution must comply with any compliance regulations and standards relevant to the industry in which you’re operating.

Caitlin Harris

Deputy Head Of Content

Caitlin Harris is Deputy Head of Content at Expert Insights. Caitlin is an experienced writer and journalist, with years of experience producing award-winning technical training materials and journalistic content. Caitlin holds a First Class BA in English Literature and German, and provides our content team with strategic editorial guidance as well as carrying out detailed research to create articles that are accurate, engaging and relevant. Caitlin co-hosts the Expert Insights Podcast, where she interviews world-leading B2B tech experts.

Laura Iannini

Cybersecurity Analyst

Laura Iannini is an Information Security Engineer. She holds a Bachelor’s degree in Cybersecurity from the University of West Florida. Laura has experience with a variety of cybersecurity platforms and leads technical reviews of leading solutions. She conducts thorough product tests to ensure that Expert Insights’ reviews are definitive and insightful.