Buying vs Renting - Advantages of Renting Office Equipment
Trying to decide between buying or renting an office copier. Well, depending on your business and copying needs, you might find more advantages to leasing your office equipment. Has your copier or printer seen better days? Is it time for an upgrade when your business is faced with a big decision like this? It can be challenging to decide if you should purchase or rent your office equipment if you've been teetering on the edge of whether to rent or buy then have definitely come to the right place. We are going in depth on the benefits of renting an office copier and how your business can benefit the most by doing so. Less money upfront is required. One of the most significant advantages of renting a copy machine is that there's less upfront capital required. Typically, when leasing, there is no payment needed. This means you really don't need to put any money down when signing a new lease agreement or service level agreement
Also, instead of paying for the entire photocopier machine upfront, as you would if you were to purchase it. Renting allows you to make monthly payments. As you probably already know, monthly payments help manage cash flow while ensuring your business is operating within a set budget. Number two, staying up to date with the new technology. Another advantage of renting your office copier is the potential technology upgrades.
Technology is evolving at a pace we simply can't keep up with. And it might not always be financially wise to upgrade your office copiers. If you have purchased them outright, continuously, in most cases, you'll end up losing a substantial amount of money. Renting Office Copier's allows your company the ability to upgrade more often without losing money because you won't have a large sum of capital tied up in that machine. Better yet, your office copier leasing company might allow you to upgrade your devices if you're eligible or if your contractual obligations are met.
Number three leave the hassle of repairs to the experts. If I had to guess, neither you or your employees are experts in copier repair or troubleshooting. But you aren't supposed to be anyways when you rent the copier. There's no need to worry about maintenance. All you have to do is contact the leasing company and an experienced technician should take care of the rest. When it comes to maintenance, most copier companies set up a routine maintenance schedule with your business to ensure all your office copiers are in proper working order.
A great office copier leasing company will work with you and setting up times that work best for your business and interrupts productivity the least number for eliminating financial responsibility. One final and important advantage of leasing your office copier has to do with financial responsibility or lack thereof when purchasing a copier machine. The large significant investment is just the beginning of the potential financial burden. What's the warranty ends all needed. Repairs and maintenance are your financial responsibility.
This can quickly become costly if something major happens to your machine. Since you are leasing, you don't own the machine. So any regular maintenance, troubleshooting, wear and tear isn't your responsibility. Now, if an employee takes a baseball bat to the glass of your copier, that, of course, is a different story. And more than likely results in your business footing the bill for those damages. However, routine servicing also tends to be part of the price negotiation when leasing the machine.
- Conserve Your Cash Flow
When you place your essential commercial equipment on a rental, there is no deposit required and no significant cash outlay from your organisation’s flow, allowing you to save the money or spend it elsewhere
- Total Cost of Ownership
Total Cost of Ownership should be calculated by all institutions. Ongoing service costs, loss in productivity and maintenance of old equipment often means that replacement via rental upgrade is cheaper than maintaining legacy purchased goods.
- Easier Budgeting
Having the expenses amortized over a fixed time period allows you to effectively budget over a full rental period. This means that you always know exactly how much cash you have available each month and can better plan your finances.
- Asset Lifecycle Management
Like any other assets, hardware assets are acquired and eventually retired. A rental solution manages the lifecycle of the asset through Procurement, Deployment, Upgrades, Maintenance and finally Retirement.
- Access to New Technology
When newer and improved technology becomes available or if the needs of your organisation change, rental allow for upgrades of equipment giving you the flexibility you need.
- Save on Tax
Rentals are fully tax deductible thereby minimising income tax obligations. Another benefit is that VAT is not capitalised upfront but rather paid monthly with each rental instalment.