Your business still relies on office products such as copiers, printers, and scanners to get work done. However, maybe your current device is older and lacking the latest, greatest technology and features. Perhaps your company has grown, and your existing device can no longer handle your workload. Or maybe you’d just like to add another machine to your print fleet. Whatever the reason, if you’re in the market for new office products, you’re facing an important decision: to buy them outright or sign a lease. Both options come with their own unique benefits, so read on, and we’ll help prepare you to make an informed decision that’s best for your business.
The Case for Buying Office Products
The most significant reason why many business owners purchase their office products is the total overall cost. If you lease your copiers or printers, you’re likely going to spend more money in the long run. Purchasing a printer allows you to stay in control of more of your cash, as you’re eliminating finance charges from the equation if you pay for it outright.
When you buy your office equipment, you also get to choose where you buy your consumables. Most office technology providers require lessees to purchase their ink, toner, drums, etc. through their service at a set price. However, when you own the office products, you have the freedom to shop anywhere, allowing you to take advantage of sale prices and stock up when you have the available cash flow.
Purchasing your office products also provides you with more freedom when it comes to maintenance. When you lease a device, you’re contractually obligated to rely on the lessor any time your machine requires service. This forces you to rely on their schedule. However, when you own your office products, you’re free to have your staff work on the device or hire anyone else you see fit to do so.
Finally, your lease will lock you into a contract. If your needs change or you no longer need the device, you’ll still be tied to those terms for the duration of the lease. On the other hand, by purchasing a device, you’re not locked into a contract.
Buying office products means freedom and maintaining control of your cash and your office equipment. To sum up, you will:
- Save money over the lifetime of the piece of equipment
- Stay in control of supply costs and where you purchase them
- Set your own standards for maintenance
- Be free of contracts
Why Leasing Might Be Your Best Option
If your business is like most, it is careful with its capital and might not want to pay big upfront costs to add new office products. Leasing a device allows you to do just that. You avoid a significant down payment that will impact your cash flow. Additionally, a lease won’t affect your credit, as these arrangements are different than your standard credit lines.
Leasing will also help to even out your monthly expenditures by charging you a set amount for the lease, service, and supplies. There is no guessing game involved. Your account balances stay steady, even if the device suffers a serious malfunction and requires a major repair or even replacement. With a lease, you benefit from predictability.
Saying goodbye to outdated or obsolete office products is another benefit of leasing these devices. Buying a copier or printer means that it is yours for its entire lifecycle unless you’re able to sell it to another business. Technology advances at such a rapid rate, making obsolescence a real concern when purchasing these devices. However, if you lease your office products, you can upgrade them when your agreement is up; at that point, the copier or printer goes back to the lessor, and you can replace it with a new machine that features the latest, greatest technology. You don’t have to be worried about being stuck with a device that lacks certain features or can’t handle your growing needs.
Buying new office products allows businesses to take advantage of certain tax deductions, but leasing the same equipment offers tax benefits as well. Section 179 of the IRS tax code allows companies to deduct the full price of purchased or leased office equipment from their gross income that same year.
So how will your company benefit from leasing its office products? You’ll be able to:
- Avoid a hefty upfront capital investment, keeping your cash in your hands
- Maintain steady, predictable monthly expenses
- Avoid obsolescence and have access to the latest upgraded equipment
- Enjoy the same tax benefits as buying a device
Should You Buy or Lease Your Office Products?
So now that we’ve covered all of the perks associated with buying and leasing office products, which option is right for your business? To help you make the most educated decision, take the time to review your business and its options carefully. Do you have plenty of cash available to put down upfront for a device to save you money in the long run, or would you prefer to keep a steady balance in your accounts? Will you be using your office products for simple, no-frills copying and printing, or will you want access to state-of-the-art technology will all of the bells and whistles? Do you want to be responsible for servicing and maintaining the device, or would you rather leave that to your office technology partner?
No matter which decision you make, Modern Office Methods has been providing Ohio businesses with office solutions for more than 60 years. Contact us today to learn more.