Almost nothing is more important to a business owner than making sure your money is expandable. You scrutinise every expenditure, assess investments, and look for ways to streamline and save.
Your office copier is essential to your day-to-day operations. Copiers with multiple functions, such as copying, printing, scanning, and faxing, are called multi-function copiers. You may try to save money by purchasing a low-quality copier, but you will quickly discover that you get what you pay for when it comes to office machines! Here are some key benefits of leasing a copier.
Technology advances at such a breakneck pace that it is nearly impossible to keep up. Purchasing an office copier implies that you will need to purchase newer models on a regular basis in order to keep your equipment current. When your lease expires, you have the option to upgrade.
Purchasing an office copier is slightly less expensive in the long run, but requires a much larger initial investment. There is no upfront fee when leasing, but the ongoing monthly expense does accumulate over time. The initial cost of purchasing a machine is frequently prohibitively expensive for many small businesses. Leasing’s more manageable, ongoing monthly cost is much easier to budget.
When you purchase new office equipment, the entire cost is tax deductible. However, because you own the machine, it must be classified as an asset and depreciated over time. Because you don’t own the machine you’re leasing, your monthly payments are tax deductible, and depreciation isn’t an issue.
A maintenance agreement is commonly included in lease agreements. When something goes wrong or breaks, you can have your copier serviced at no extra charge. When you purchase a copier or printer, you are responsible for the cost of maintenance and repairs. Lower monthly costs may be easier to absorb than larger repair and maintenance costs. One is predictable and easy to budget for, whereas the other is unexpected and may result in financial hardship.
MAKE THE BEST CHOICE
At the end of the day, you must make the best decision possible given your circumstances. Consider your company’s needs as well as the advantages and disadvantages of buying and leasing. Take into account your long-term objectives, available capital, and potential maintenance costs. Use this guide to help you decide which is best for you.