Making the decision to lease or buy office equipment for your new business can be taxing. Most companies are turning to leasing equipment because of the convenience of being able to upgrade to the most modern technological equipment available. When your company has the latest equipment, your employees can do their jobs easier and therefore can increase productivity. Leasing office equipment can also save you money in the short-term and the long-term. But there are some other benefits to leasing your office equipment that many small to mid-size business are overlooking.
Financial Situation
What a lot of business owners fail to realize is that when you lease your office equipment it can be deducted as a business expense on your taxes. It also has the ability to save you time when it comes to looking for someone who can give you credit to purchase new equipment. In turn, this helps you maintain your monthly budgets and keep consistency in your cash flow. You simply do not have to worry about opening lines of credit that you just don’t need.
Short-term vs. Long-term
Another perk to leasing office equipment is that you can test out a product before you extend your lease on it. This will help you take the time to determine if this is the right piece of equipment for your company. If it is, then you can always extend your lease into a long-term deal. This makes it very easy on the office equipment decision-maker.
Maintenance
One of the biggest pitfalls of owning equipment outright is that you are responsible for the repairs. Anything that happens to the equipment you either have to fix or replace. That can become financially overwhelming. When you lease equipment, the company that you lease your equipment from is responsible for all of the repairs. This takes the burden off of you and your team and even gives you the opportunity to upgrade to a new model. You typically do not have to pay any extra monthly payments to have this kind of service added to your lease agreement.
Overall, leasing your office equipment can save you a lot of time and money. It will help to streamline your business and make it easy for you to maintain your current budget. Even though there are more pros to leasing your office equipment, it will depend on your current financial and business situations. Click here for more information.
