Whether you’re a small start-up, a corporation, or anywhere in between, deciding how to go about your office automation can be a tough process. It can be a simple process of weighing the overall costs to buy or lease your office equipment, however, other factors such as maintenance, tax reductions, flexibility and more shouldn’t be overlooked. Looking at the pros and cons of both buying and leasing your office equipment can help provide some clarity on the route that seems most reasonable for your business.
Lease your office equipment
- Leasing tends to be a more flexible option when it comes to the equipment you get. High up-front costs won’t restrict you from trying something new for your business. Leasing is also tax-deductible as an operational expense.
- If your equipment needs to be updated frequently leasing tends to be the better option as you can acquire updated technology easier and quicker.
- If you lease your office equipment you don’t have to pay for maintenance as the leasing company is usually responsible for fixing broken equipment.
- Due to most leasing options requiring interest, you usually end up paying more in the long run as opposed to buying up front.
- The available length of the lease terms may be longer than you need. Strict agreements may force you to pay for and keep a piece of the equipment for a longer time frame resulting in wasted funds and space.
- Availability of products may be limited depending on the stock of the leasing company. Specific brands or models may be out of stock or not carried at all resulting in you having to settle for something else.
Buy your office equipment
- Since you own the equipment, you can make alterations as necessary. Maintenance is in your hands so your problems can be fixed on your schedule.
- You have the option to sell the equipment when you’re finished with it which gives you the chance to recover some of the cost.
- You aren’t limited by the leasing company’s stock so you’re able to buy what you want and you avoid the difficulty of agreements and contracts.
- Technology becomes outdated very quickly, and since you own it, you’re stuck with it once it does. Then comes the decision process of selling, repairing, or storing it.
- The initial cost will be higher than lower monthly costs that are probably easier to budget for. Higher initial costs may result in you forcing yourself to settle for a cheaper option
- All maintenance becomes your responsibility, including costs. Depending on what issues you encounter this can be a pricey situation.
Overall, there’s both plenty of pros and cons that come from choosing to either buy or lease your office equipment. With the many benefits that come from both options, it really depends on your personal needs and your business’ circumstances. The ball is in your court. Come to Brock Office Automation to see how we can help you manage that ball to ensure your office automation is a slam dunk.