An equipment rental invoice is a document that accompanies the issuing of an industrial or tool-related rental product. The invoice states the total billed amount for the duration of the rental, the item(s) rented, the payment due date, and any notes regarding the rental such as the drop-off location or instructions on the rental.
Types of Equipment Rentals
Essentially any product that is large, motorized, or industrial in nature can be classified as an equipment rental. They are often used for construction, manufacturing, yard work, and farming. Common types of equipment that are rented out include:
- Scissor lifts
- Skid steers
- Hand & electric tools
Essentially, any large, moveable piece of machinery that is found in an industrial setting can be rented. In addition to rental-only companies, equipment dealers and construction businesses whose inventory is going unused will rent out vehicles and machinery to earn revenue during off-seasons or time between jobs.
Benefits of Renting Equipment
Renting equipment is not only for those looking to do one-time projects or the occasional painting job – it’s frequently used by professional contracting companies as well. According to Holt of California, a company should only purchase a piece of equipment instead of renting it if the equipment will be used sixty to seventy percent (60-70%) of the time. Additional factors for renting instead of purchasing include:
- Reduces costs
- Depreciation does not need to be considered
- No need to store and maintain equipment
- Can provide a near-instantaneous boost to inventory
- Allows a means of obtaining rarely-used, specialty equipment