Equipment Rental Receipts & Invoices: Best Practices & What to Include (With Free Template)

Equipment rental receipts and invoices are two key documents for your customers. Receipts are usually provided when your customer pays for their rental, while invoices are used when you agree to bill them for a rental, allowing them to pay later. 

Both include key information, however, such as details of the equipment rented, the length of the rental, itemized rental rates, and the total cost.

Need a rental invoice template? click here to get yours for free!

What to Include in Your Rental Invoices & Receipts

As mentioned, each rental invoice or receipt you create should contain essential information, including your company name and contact information, as well as the customer name and contact information. In addition, you’ll want to include a thorough analysis of the rented supplies, detailing the make and model of the equipment and a breakdown of the amount due.

If multiple pieces of equipment are rented, or if there are other items purchased, such as consumables like water or cleaning fluid, each will have its own line in the invoice or receipt. 

For an equipment rental receipt, you’ll include the amount paid and the payment method used (credit card or check). For invoices, you’ll include a due date for the amount owed and how the customer can pay. You can provide a link for credit card checkout or a mailing address if they choose to remit a paper check. 

You’ll also want to provide any other relevant information for the order, such as the purchase order number. Make sure to print the due date on the invoice as well to clear up any confusion and prevent issues. For example, an invoice created on Jan. 1, 2023, with “due in 30 days” terms means you’d arrange a due date of Jan. 31, 2023. 

Should You Offer Invoicing for Your Rentals?  

Generally speaking, equipment rental invoices or receipts are provided to a customer renting your equipment. 

Equipment rental receipts are typically provided once a customer pays for the rental service. You can provide an equipment rental invoice at the time of rental, but they are commonly provided (either mailed or emailed) after the rental is completed. However, invoices may be sent intermittently (such as weekly) for long-term rentals.

Say you have an excavator that’s been rented out for six months, and your customer is a state agency that has asked to be billed instead of having to pay upfront. You agree to invoice them weekly, and so every Monday, you’ll send them an invoice for the previous week’s rental period costs. 

Send Out Invoices in a Timely Manner

Invoicing is a great way to get a leg up on the competition, extending credit to your customers. Though your cash inflows might be delayed, offering invoicing options signifies that you’ll open your business to more potential customers.

If your equipment rental company does decide to offer invoicing services, you’ll want to ensure you get them out promptly. Set a precise schedule for invoicing, such as the same day each week, as delays in getting invoices out correlate with payment delays.

On the other end, make sure the payment process is as easy as possible. Include information about how your customers can pay their invoices, such as a direct link to making credit card payments if you’re emailing invoices.

Getting invoices out on time is integral to managing the accounts-receivable process. Invoices are often reconciled with purchase orders and need authorization from various department heads, which can take time — another reason to get invoices out as soon as possible.

Additional reasons to be timely with invoicing include keeping your invoice amount smaller — which is more likely to be paid quickly. Multiple approvals might be needed for larger invoices, which can delay payment. 

As well, some larger customers may batch their payments, meaning you might miss a payment cycle if the invoice comes in later than expected. 

Consider Using an Automated Invoicing System

A good rule of thumb is to invoice your customer as soon as possible. In order to remain transparent and clear about your expectations, keep the time between when the rental was completed and when the invoice is sent to a minimum. 

Providing rental receipts or invoices for each transaction or customer can be cumbersome — not to mention time-consuming. Thankfully, there’s software that can streamline the process and generate customer invoices and statements automatically. This software can speed up the billing process and remove the need for physical paperwork.

Utilizing invoicing software also means you’ll get your invoice in the hands of your customers sooner, and the quicker you get your invoices out, the faster you’ll get paid. Payment delays mean less cash inflow for you, leading to missed opportunities or additional interest spent on financed equipment. 

Free Equipment Rental Invoice Template

See below for a free equipment rental invoice template that you can use for any type of rental, such as farming, construction, or cleaning equipment. 

A suitable equipment rental invoice like the one below will contain details about the customer’s rental and an itemized breakdown of the costs. It’ll benefit both parties even further if it’s delivered automatically. 

Download Our Equipment Rental Invoice Template

Simplify Payments, Invoicing and Accounting With Quipli

Quipli is the all-in-one solution for rental businesses. Integrate your website builder, inventory management, scheduling, pricing, customer pick-up and invoicing all with Quipli. 

If you’re interested in finding out what Quipli can do for your rental business, book a 15-minute demo with our team today.

Learn About Quipli’s rental Software

10 Construction Equipment Rental Business Ideas

Searching for tips to increase revenue for your heavy equipment rental business? Want to grow your business but aren’t sure where to begin? Need to reinvigorate your marketing efforts using proven tactics?

If any of these questions describe your situation, our list of construction equipment rental business ideas can give you some direction.

Here are ten surefire ways to help your rental business flourish.

1. Make Sure Your Product and Category Pages Have Good On-Page SEO

One of the first and most crucial steps to growing your business is ensuring your category and product pages are easy to find. You can accomplish this by reviewing the on-page search engine optimization (SEO) of both page types. 

On-page SEO refers to the process of optimizing elements like keyword usage, content length, and location targeting (name-dropping the areas you serve). By leveraging on-page SEO, you can make your category and product pages more visible on the first few pages of top search engines like Google.

2. Keep Your Brand Top of Mind with Regular Email Campaigns

Most customers that rent heavy equipment do so on a recurring basis. With that in mind, how do you guarantee that past and prospective clients think of your brand first when they need to rent construction machinery?

While there are many ways to keep your business top of mind, launching regular email campaigns is one of the most effective approaches. You should be keeping up monthly email campaigns to remind clients about your services and notify them of potential deals, inventory changes, and other useful info.

For your campaigns to be effective, you’ll first need to build a mailing list. You can gather email leads by publishing a monthly newsletter and encouraging users to sign up when they visit your site.

Once you’ve compiled a list, create separate audience segments and target each group based on their rental needs and equipment preferences.

3. Analyze Poorly Performing Products and Look for Possible Solutions

Do you have a particular product that rarely gets rented? If so, you should begin exploring why. Is the equipment priced too high? Explore how to determine your equipment rental costs or is there simply not enough demand for a certain type of machinery in your area?

Once you’ve determined why a product is underperforming, you can explore possible solutions. If the rental cost for a piece of machinery is excessive, consider running a special for a few months to see if it remedies the issue. Conversely, if demand is too low, consider reducing your inventory of that particular type of machinery.

4. Automate Your Booking and Inventory Management

You can easily automate inventory management and booking processes by investing in a technology solution like Quipli. Doing so will make it easier for your clients to find, reserve, and pay for the equipment they need, leading to increased sales and higher total revenue for your business.

You can integrate Quipli into your existing website, which makes it easy to start using. Alternatively, you can build a whole new website powered by Quipli’s inventory management technology.

Regardless of which route you take, Quipli’s powerful platform is guaranteed to remove friction from the rental process and help you sell more.

5. Invest in a Dedicated Rental Business Management Software Solution

While Quipli’s core functionality is to automate booking and inventory management, it’s a dedicated rental business management software solution, meaning it merges with your point-of-sale technology, makes renting easy, and provides detailed insights into renting trends and available inventory.

Quipli includes POS tools, rental business software, inventory management capabilities, and e-commerce storefront features among its many outstanding features. Put simply, it’s the ideal software for managing your rental business.

6. Get Creative with Your Social Media and Content Marketing

Construction equipment can be tough to market. Consequently, you may struggle to come up with ideas to highlight your machinery rental options. But with a little creativity, you can stand out from your competitors and attract new clients. 

Check out these seven equipment rental marketing ideas to get more inspiration and valuable food for thought.

7. Invest in PPC Campaigns

Pay-per-click (PPC) campaigns are a great way to generate leads and rapidly boost sales. Strategically investing in PPC campaigns will enable you to supplement your SEO efforts and grow your business.

While there are several ways to launch and manage PPC campaigns, Google Ads is the most popular method. With Google Ads, you can create several different types of campaigns and precisely target potential clients in your area. You can set customized per-bid clicks and have total control over your marketing budget.

8. Offer Training on How to Operate Machinery to Users

Sometimes, potential clients will fall by the wayside because they’re not confident in their ability to operate machinery. You can recapture these potential leads by offering on-site machinery training.

Providing operational and safety training courses will create an additional revenue stream for your business, and it’s also a great way to provide your clients with exceptional customer service.

9. Don’t Write Off Traditional Marketing Channels Like Broadcast Advertising

Digital marketing is undoubtedly the best way to get the word out about your business, but that doesn’t mean you should neglect other time-honored marketing channels.

If you’re looking for cost-effective ways to extend your reach, consider investing in billboards or radio advertisements. These media will help you connect with old-fashioned and less tech-savvy customers looking to rent heavy machinery.

10. Rent Seasonal Equipment in the Off-Season

Rounding out our list of construction equipment rental business ideas is a practical tip for expanding your inventory.

If you’re interested in adding new machinery to your lineup of rental options, consider purchasing seasonal equipment in the off-season. For instance, you might buy a snow plow in mid-July rather than waiting until the dead of winter. By thinking ahead, you stand to save thousands and free up revenue to pursue other growth opportunities.

Creating a Thriving Rental Business

There are tons of great construction equipment rental business ideas you can use to expand your reach and generate more revenue. To maximize the effectiveness of your efforts, however, you need a great equipment rental business plan and the right technology in place. You need a solution like Quipli.

Quipli’s equipment rental software lets you streamline the rental process by providing equipment rental website templates, collecting payments online, and offering a frictionless experience to your clients.

Learn About Quipli’s Construction Equipment rental Software