Equipment Rental Invoice Template
An equipment rental invoice is a bill that collects payment for the leasing of equipment. 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.
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Types of Equipment Rentals
Essentially, any large, motorized, or industrial product can be classified as a rentable piece of equipment. They are often used for construction, manufacturing, yard work, and farming. 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. Common types of equipment that are rented out include:
- Forklifts
- Scissor lifts
- Skid steers
- Bulldozers
- Excavators
- Generators
- Hand & electric tools
Benefits of Renting Equipment
Renting equipment is not only for those looking to do one-time projects or the occasional painting job; it’s also frequently used by professional contracting companies. A company should only purchase a piece of equipment instead of renting it if the equipment will be used roughly 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