What is Asset Loaning?
Asset management means tracking your purchased assets. But it can also include the tracking of equipment you have loaned to others. This includes departments, visitors, contractors, and employees. Monitor assets and equipment that are on temporary loan. Record who borrowed them and when they should be returned. An asset management system is a tool for your business to record and track all assets needed to run everyday operations. Providing information such as an asset’s location, availability status, and owner.
Issue Assets to Visitors, Contractors, and Employees
- Check-Out (issue): The asset has been loaned to either a department and/or person.
- Due Date: The date (and time if required) asset is due back.
- Check-In (Return): When the asset has been returned.
- Overdue: The asset is past the due date.
Are your Loaned Items being Returned?
Managing the loaning out of assets streamlines equipment sharing, enabling quick allocation of borrowed items for temporary use. This reduces the need for additional purchases and saves your organisation both time and money. The organisation should have a clear overview of asset allocation, showing who has which items and their return dates, alerting you to overdue returns. Effective loan management prevents double bookings, minimising asset losses and administrative errors.
Monitor individual assets and their movements via a building, department, or individual, giving you a tidy audit trail of who has what and where it is being used. This is incredibly helpful in streamlining operations, as you’ll be able to indicate to your team that assets are either available or unavailable to loan for a period of time.
What is Asset Leasing?
Instead of buying a piece of equipment or asset upfront, sometimes it is financially prudent for an organisation to lease. Which means they pay a set amount for the right to use it, usually in instalments over the life of the lease agreement (and do not bear the cost of maintenance). By the end of the lease, the lessee has paid the lessor either all or part of the asset’s market value. Assets leased under operating leases usually include real estate, aircraft, vehicles, office equipment, and industry-specific machines. Essentially, an operating lease is a contract for a company to use an asset and return it in a similar condition to the lessor.
Track your lease commitments and manage them in an easy-to-use work flow. Lease management provides your organisation with insights into all lease data in one accessible platform that is easy to find and update, enhancing overall efficiency. Maintaining a record of safety checks and maintenance activities carried out by the lessor is paramount for ensuring compliance and safety.
Benefits of Tracking Loaned and Leased Assets
- Identify every leased asset
- Manage lease contracts
- Track who has the item
- Create and track every lease schedule
- Stay in compliance
- Share visibility across your organisation
- Manage loaned assets at scale
- Reduce operating costs by sharing assets
- Track duration and return dates
- Efficient tracking to prevent loss or misplacement
- Issue and return (check-out and check-in) equipment via mobile apps
- Book loans of equipment in advance
- Ensure no double bookings of loaned assets
Manage Personnel Qualifications, Certifications, Training and Expiration Dates
Our enterprise asset management utilises personnel certifications, accreditations, courses and impairments for controlling asset restrictions. Our system can be integrated into your existing HR application to easily issue and return equipment through Barcode/RFID scanning. Identifying personnel qualifications and impairments during the issuing process saves time and creates diligence around the responsible check-out of assets. Meeting safety and compliance requirements and ensuring only personnel with the correct certification can have access to certain assets.
Reduce Resource Consumption
By identifying underutilised equipment and allowing colleagues to utilise them (optimising usage), businesses can eliminate unnecessary purchases and reduce resource consumption, thereby lowering their environmental footprint. Achievement of Environmental, Social and Governance (ESG) objectives is imperative to the success of any organisation.
Hardcat’s software solutions keeps track of items that are temporarily on loan or leased. Track all of your lease commitments and manage them in an easy-to-use work-flow. Lease management provides your organisation with insights into all lease data in one accessible platform that is easy to find and update, enhancing overall efficiency. Maintaining a comprehensive record of safety checks and maintenance activities is paramount for ensuring the reliability and safety of assets you loan or lease using asset leasing software. Our enterprise asset management solutions enables organisations to document and track safety inspections, maintenance schedules, and service history, providing crucial insights into the condition of all assets needed to run everyday operations.
