Fixed Asset Audits for Tool & Equipment Rental Companies
Monitoring the fixed assets you rent out to other companies is crucial to running your business. Without a good process in place, you run the risk of constantly be replacing items and wasting money.
Monthly fixed assets audits can help you manage your tools and equipment better and identify the issues that plague the rental side of your business. Once you’ve got the data you need, you can then use it to improve your processes.
There are four obstacles you’re most likely to encounter when it comes to auditing your fixed assets. While these aren’t the be all end all of the obstacles you’ll encounter, being prepared to deal with them will improve efficiency and help you create a better user experience.
At any given time during the year, your equipment will be at other companies. If you don’t have a platform to track equipment usage while it’s with your clients, you can’t conduct a comprehensive audit.
Other companies may not take kindly to you showing up and saying you’re going to audit your assets on their time. Even if you put it in the contract, you’re more likely to lose business if you show up to check on your assets. Instead, work on creating a system that allows you to check on your fixed assets when they're with you and monitor who has your rented assets.
No one person can conduct an audit on their own. That means you’re going to have to rely on steady communication to make your audit go smoothly. Whether that involves people on your team or those with the companies using your assets. You want to create a clear communication precedent. Let your clients know how you want them to communicate with you, should something go wrong with your assets while they're using them.
Even fixed asset audits can be a source of stress for some people. And when people are stressed, they can fail to communicate. Do what you can to reduce stress and let others know that these audits are here to help facilitate better asset usage.
Technology can help you perform analytics on asset usage. The right software can help you identify patterns in most used assets, most requested features, and time spent with clients. When you know how your asset rentals are being used, you can provide better client support and improve the likelihood of repeat customers.
Asset Panda can help you with data collection when it comes to your fixed assets. Our configurable system can help you collect the information you need before audits arrive. That way, you can identify what’s working, and what you need to change.
While there are very real obstacles to running an audit, doing so can help you improve your tool and equipment rental in several ways.
When you audit your assets, you’ll also find other information, such as who is using them. You can find patterns over time to see which clients follow contracts, and which ones return tools and equipment late. For repeat offenders, you can determine whether you want to keep working with those clients or not.
Do you know the biggest obstacles preventing your company from having an efficient equipment rental process? Identifying these obstacles is the first step to overcoming them. If certain obstacles come up over multiple audits, that’s a sign that there’s something wrong with your process.
Once you know what your obstacles are, you can then start working on solutions. If clients aren’t remembering return dates, you can find a way to send automatic notifications. Identifying the root cause of an obstacle can also help you determine where you need to focus your attention.
Audits are an important tool in continuing to rent out your equipment to your clients. Find a way to implement them regularly, and you’ll get a host of information to help your company improve and become more efficient.
Monthly fixed assets audits can help you manage your tools and equipment better and identify the issues that plague the rental side of your business. Once you’ve got the data you need, you can then use it to improve your processes.
Fixed Assets Audits Obstacles
There are four obstacles you’re most likely to encounter when it comes to auditing your fixed assets. While these aren’t the be all end all of the obstacles you’ll encounter, being prepared to deal with them will improve efficiency and help you create a better user experience.
Your Equipment is at Other Companies
At any given time during the year, your equipment will be at other companies. If you don’t have a platform to track equipment usage while it’s with your clients, you can’t conduct a comprehensive audit.
Other companies may not take kindly to you showing up and saying you’re going to audit your assets on their time. Even if you put it in the contract, you’re more likely to lose business if you show up to check on your assets. Instead, work on creating a system that allows you to check on your fixed assets when they're with you and monitor who has your rented assets.
Lack of Communication
No one person can conduct an audit on their own. That means you’re going to have to rely on steady communication to make your audit go smoothly. Whether that involves people on your team or those with the companies using your assets. You want to create a clear communication precedent. Let your clients know how you want them to communicate with you, should something go wrong with your assets while they're using them.
Even fixed asset audits can be a source of stress for some people. And when people are stressed, they can fail to communicate. Do what you can to reduce stress and let others know that these audits are here to help facilitate better asset usage.
Utilizing Technology in Audits
Technology can help you perform analytics on asset usage. The right software can help you identify patterns in most used assets, most requested features, and time spent with clients. When you know how your asset rentals are being used, you can provide better client support and improve the likelihood of repeat customers.
Asset Panda can help you with data collection when it comes to your fixed assets. Our configurable system can help you collect the information you need before audits arrive. That way, you can identify what’s working, and what you need to change.
Fixed Asset Audit Benefits
While there are very real obstacles to running an audit, doing so can help you improve your tool and equipment rental in several ways.
Identify Problem Clients
When you audit your assets, you’ll also find other information, such as who is using them. You can find patterns over time to see which clients follow contracts, and which ones return tools and equipment late. For repeat offenders, you can determine whether you want to keep working with those clients or not.
Locate Unique Obstacles
Do you know the biggest obstacles preventing your company from having an efficient equipment rental process? Identifying these obstacles is the first step to overcoming them. If certain obstacles come up over multiple audits, that’s a sign that there’s something wrong with your process.
Outline Obstacle Solutions
Once you know what your obstacles are, you can then start working on solutions. If clients aren’t remembering return dates, you can find a way to send automatic notifications. Identifying the root cause of an obstacle can also help you determine where you need to focus your attention.
Audits are an important tool in continuing to rent out your equipment to your clients. Find a way to implement them regularly, and you’ll get a host of information to help your company improve and become more efficient.
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