5 Leased Tool Track Methods (And Which One Is Best for Your Company)

When you’re leasing tools from another company, you’ll lose money if you don’t take care of them. Going without a tool track method when you’re leasing tools is a bad idea. If something happens to the tools you’re leasing, you’ll either have to pay a fine or might have to replace them entirely.

However, if you track your leased tools, you’ll see where they are and what’s happening with them at any given time. But not all tracking methods are created equal. Here are five options most companies choose from when they need to track their leased tools.

Leaving It All Up to Chance

Understaffed or small businesses often don’t have time to implement new systems. They’re spending all of their available resources trying to keep up with demand and get the job done. However, this often ends up costing more money and time in the long run. When you lease tools from another company and don’t track them, you don’t know what tools you’ve requested, when you need to get them back to the provider, or what regulations apply to using each piece of equipment.

Implementing a Manual System

A manual system is better than no system, but it still comes with many issues. Systems that require you to update them by hand will almost never be accurate in real-time. You have no way of knowing what has changed since you’ve updated your records or checking to see if your information is correct.

Using a Local Tool Track System

Many companies who realize they need a tool track solution will create a file on their computer or tablet and store the information there. However, that file is bound to the local machine where it was created. Technically, once it’s updated you can send it to your employees, but this comes with many of the same issues as your manual system. This type of system is less subject to error, and since you have access to other software on your machine, you can access your database to check leased tool information. It still requires more time and effort on your part than necessary.

Picking a Cloud-Based System

Cloud-based systems are the best option when it comes to tracking your leased equipment. When your data is stored in the cloud, everyone who uses the tools can access the information and make sure it’s kept up to date. Not all cloud-based solutions are created equal, however. You can create a spreadsheet hosted on a cloud platform that everyone can access. Spreadsheets are incredibly cumbersome and can create costly mistakes.

Getting a Customizable Cloud-Based System

The best leased tool tracking solution for your business is a customizable cloud-based system. Leased tools don’t exist in a vacuum. Your company uses them because they make it possible for you to complete client jobs and provide your business’ product to your customers. When you can customize how you track your leased tools, you’ll create a system that works well for everyone at your company. No more losing tools and spending more than it would cost to buy it yourself. No more wondering if your workers understand the regulations that apply to the equipment they use. Your system can take care of it all.

Asset Panda created a customizable cloud-based system to simplify tracking leased tools. We know your business needs those tools to complete your work, but that you can’t afford to pay for them yourself. Our customizable platform will support you in whatever way you need.

Want to see exactly how easy it is to track leased tools with Asset Panda? Sign up for a free trial today!


Bree Brouwer

Bree has held plenty of media- and marketing-related jobs over the years now, like working as a PR and marketing assistant to a Hollywood screenwriting coach, and writing content for three different digital marketing agencies.

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