Just like leasing a car or a phone, it’s possible, and sometimes more beneficial, to lease office equipment. If your organization is thinking of upgrading an old copier or multifunction printer (MFP), have you considered leasing? While there are benefits of purchasing a new piece of office equipment, you could also be looking at higher upfront fees, costs for replacing and repairing parts, and being stuck using outdated technology with the rapidly evolving pace of innovation.
Leasing is a fantastic alternative for small and mid-sized businesses (SMBs) that are looking to operate more efficiently. As employees begin transitioning from their home office back to the workplace, it’s imperative that they have the proper tools and equipment to set them up for success in this new normal. This cost-effective option helps maximize costs and provides employees with the latest and greatest in printing technology. Here are some added benefits of leasing that your organization should consider.
- No immediate expense. The most straightforward and obvious benefit of leasing a new copier or MFP is price. For business owners, especially SMBs, this can be an attractive option as it allows for payments over a period of time rather than a large upfront fee. The fixed installments paid month-to-month can be accounted for in an organization’s budget, making this a more desirable option. The funds saved from leasing office equipment can go towards another area that may need upgrading in the workplace, such as internet speed, office supplies or that new coffee machine you’ve been eyeing.
- Repairs are included with an optional maintenance contract. A business depends on its employees to do their job, and office equipment should be held to the same standard. If a copier or printer is malfunctioning, this can weaken productivity and efficiency in the workplace, costing businesses time, money and decreased morale. When leasing a product, repair services are often bundled into leasing agreements or paid for by a cost-per-print plan, saving your company the headache of replacing parts or fixing an internal issue. This built-in tech support will be by your side throughout the contract so that your business can operate in confidence.
- Access to the latest and greatest technology. By leasing a printer or copier, your office equipment will always stay up-to-date and can be ever-changing, just like modern technology. When your lease is terminated, your organization will have the flexibility to upgrade to a newer, more advanced model to be on par with competitors. Plus, the process of recycling an old MFP can be costly and cumbersome, as opposed to simply returning your appliance back to the leasing company.
- Tax advantages. Who doesn’t love tax benefits? The Section 179 Tax Deduction states that if an organization leases a qualified piece of office equipment, that total cost can be deducted from the tax return. This was created to provide tax relief for SMBs that need certain office products in order to operate. It’s best to consult with your businesses’ accountant before making a final decision on whether leasing is the best option for your financials.
Overall, leasing or buying office equipment will vary depending on the size, profitability and needs of your organization. While many employees are working from home at the moment, it’s important for businesses to keep leasing in mind as they begin transitioning back to a hybrid work model. We bet your employees will remember just how much they missed updated office technology upon returning to newly leased office printers.