Business owners who require certain equipment to be in operation for their business have a lot to consider. You have to consider whether leasing or purchasing office equipment would suit your needs better, as well as factoring in maintenance, tax deductions, flexibility, and a whole host of other considerations. To learn more about the pros and cons of purchasing vs leasing office equipment, read on.
The Pros And Cons of Leasing Office Equipment
This method is ideal for equipment which needs to be updated regularly. It allows you to update office equipment regularly without the hassles and costs of staying up to date and potentially being stuck with outdated equipment every few months. There is also less expense at the outset when you lease, as you have predictable monthly payments rather than large lump sum payments whenever a piece needs to be replaced. This makes budgeting for equipment easier. Leasing is also often tax deductible and as well as limiting large up front costs, you are not responsible for the costs of maintenance and repair. Leasing, however, can be more expensive over time, does not give you the benefit of equity, and strict agreements may force you to keep and pay for something for longer than you need. Maintenance will also be done to the company’s specifications, which you may not agree with.
The Pros And Cons Of Purchasing Office Equipment
When purchasing office equipment, it’s repair and care are at your discretion. You can make any changes or updates you need as fast as you want without waiting for permission. You can also sell the equipment when you’re finished with it to recover some of the cost. When you buy you don’t have to worry about contracts or agreements. This is great for small easy to store equipment and office equipment with a long life. You are also not limited by the stock of a leasing company. However, the higher upfront cost may be hard to manage and force you to choose a lower cost option. If you bought equipment that becomes outdated quickly, deciding what to do with it after it becomes obsolete is your responsibility. You are also wholly responsible for maintenance, which can be incredibly expensive.
Enoch Office Can Help!
Enoch Office has both the business process acumen to navigate you through creating an electronic capture environment that will drive profitability and the technical understanding to handle even the most complicated applications. Contact Enoch Office by writing us or calling us at 800-452-8560 or 410-561-7600.