Businesses of every size rely on their office equipment to handle their everyday needs in an efficient manner. From computers to copiers, there are certain types of equipment that every business must have in order to operate successfully. Often times the struggle comes with the decision to lease or buy equipment.
Leasing and buying both have their qualities; however, leasing has numerous features which many businesses rely on when it comes to the value of their equipment. Here are some of the primary benefits that have led to the popularity of leasing equipment:
1. No Money Down: Most leasing companies do not require down payments. This feature is especially favorable to those businesses with low cash levels. When planning to buy equipment, vendors usually require a minimum of 10% down on the cost of the equipment.
2. Maintenance Agreements: Most leases come with maintenance agreements to deal with repairs or any issues occurring with the equipment, which is likely to save money in the long run.
3. Equipment Upgrades: There are lease agreements which include upgrades where an obsolete machine can be replaced throughout the life of the lease. This option prevents businesses from being stuck with costly equipment that can no longer be used.
4. Fully Tax Deductable: The leasing of office equipment can be fully tax deductible if you use the leased asset in your business.
Specifically, leasing puts the responsibilities of maintaining the quality of the equipment in the hands of the vendors. Purchasing equipment has the potential to bring with it the high costs of maintenance over time. The superior services that come along with leasing often make it a no-brainer decision for most businesses that don’t have the time or money to deal with unwanted repairs and upgrades.
For more information on the benefits of leasing your office equipment, contact us today!