When you’re running an equipment rental business, inventory management is a central aspect. Having a good system in place is crucial to keeping everything running smoothly.
There are a number of different options for rental inventory tracking, from old fashioned paper records, to dedicated rental business software solutions like Quipli.
If you don’t have an inventory tracking system in place yet, using Excel or Google Sheets can be a great low-cost, yet effective, solution.
We’ve created a free rental inventory tracker template for Excel and Google Sheets, which you can use to keep track of the status of your rental equipment.
Download Our Free Equipment Rental Spreadsheet Template
We’ve put together a free downloadable Excel and Google Sheets template for inventory tracking. Just hit the link below to download it, so you can start using it today!
Why Inventory Management is Crucial to Your Business
If you’re renting out equipment, you absolutely need to keep track of the status of each item in your inventory – whether it’s currently being rented out, whether it’s been inspected or undergone maintenance prior to being rented out again, and ongoing trends in rental patterns over time.
Using digital spreadsheets via Excel or Google Sheets makes it simply to update an item’s status, keeping everything up to date and accurate.
How to Track Your Rental Equipment Inventory with Google Sheets or Excel
Here’s how you can use our free equipment rental tracking spreadsheet template to keep tabs on rentals and equipment status.
Our spreadsheet contains five pages for tracking:
- Top Customers
- Inventory Calendar
- Revenue Trend
1. Enter the equipment and its stock number into the Equipment sheet.
This sheet is for listing all of the assets from your equipment inventory. At the top, you can list the total number of items, the number rented, and the number left in stock.
For each item, you can specify:
- Daily Rental Rate
- Asset Name
- Asset Description
- Number of that item in the total inventory
- Number of items currently being rented out
- Number of items left in stock
This tab is for tracking your current inventory – what’s rented out and what’s available to be rented.
2. Input your contract rental orders into the Input Orders sheet.
For each rental contract, enter the details into the Input Orders tab in the spreadsheet. You’ll need to specify the following information:
- Order Number
- Order Total
- Order Date
- Asset Information
- Quantity Rented
- Date of Rental
- Return Date
- Customer Name
- Customer Address
- Customer Phone Number
- Customer Email
There’s also a Notes column for additional information about each rental.
3. Add each customer’s information into the Top Customers sheet to track and sort by total revenue.
The Top Customers sheet lets you keep tabs on which customers are generating the highest amounts of revenue.
4. Use the Inventory Calendar tab to track revenue over time for the various products you have available to rent.
In this tab, you can track price, inventory, and total revenue for your products, over monthly periods of time. You can view how many of an item are rented out, versus still in stock, for each day of a month, helping you pinpoint trends over time in rentals and revenue.
5. The Revenue Trends tab lets you plot and graph revenue over time, based on return dates.
You can enter the order totals for the day for each return date, generating a graph of daily revenues.
Quipli Makes Rental Inventory Tracking Easier Than Ever
If you’re looking for more robust inventory tracking functionality and features, check out Quipli. Our inventory management software lets you view product categories, inventory calendars, product availability, and more, all in one centralized and user-friendly interface. You can also integrate your inventory tracking with your rental Point of Sale systems, data and analytics tracking, and customer-facing website.
Ready to get started? Reach out any time to book your demo with Quipli!