When choosing how to acquire office equipment, you should assess your business’ needs. There are two common ways of acquiring office equipment, buying and leasing. Both have their own pros and cons and you should carefully evaluate which option will be a better solution for your organisation.
Some things to consider when deciding whether to buy or lease are:
– Cash flow
– Total expenditure
– The need to keep technologically up-to-date
Leasing is an attractive option for several reasons:
– Leasing companies generally do not require a down payment
– It is easier to upgrade the office equipment as technology evolves and as your business needs change
– Leasing companies only require 6 months to a year of credit history
– You may be able to afford a higher quality product
Purchasing office equipment such as photocopiers, scanners and printers can be quite costly, especially if the equipment becomes obsolete during ownership. While your organisation will own the equipment, office equipment depreciates quickly and you may find it difficult to resell the equipment in a couple years’ time.
As purchasing equipment can be expensive, organisations may take out a loan from the bank. However, the bank will usually require a down payment.
“Borrowing money may also tie up lines of credit, and lenders may place restrictions on your future financial operations to ensure that you are able to repay your loan.”
As you can see there are several factors to consider before making a decision with regards to acquiring office equipment for your company.
Consult with your account manager at Capital Document Solutions to determine which option will best serve your business needs.