Digital imaging systems include items such as multifunction printers, copiers, scanners, and fax machines. Odds are your business has one or more of these machines present in the office. Times are tough for most businesses, and as such, you may be looking at your budget and trying to find ways to save money. If it is time to replace or purchase a new digital imaging system, you may find yourself wondering if buying or leasing is the right move for your business. Learning the upsides of leasing, the benefits of buying, and what factors you should consider when deciding which is right for your business can help you decide. It is also important to note that what may have been right for you in the past may no longer be ideal for you as your business has grown and evolved. Here is everything you need to know as you try to determine whether you should buy or lease your digital imaging systems.
Lots to Like About Leasing
When your business is in the market for new digital imaging systems, one of the first decisions you need to make is whether to lease or buy the equipment you need. Learning the benefits of leasing can help you what’s right for your business.
One of the major benefits of leasing office equipment, including digital imaging systems, is that you do not have to have a lot of cash on hand to lease equipment. Office equipment can cost thousands of dollars. If your business is running low on cash, you may not want to spend the money on equipment. Alternatively, not every business wants to shell out thousands at once. Leasing allows you to pay a nominal amount every month, so you have the equipment you need within your office space.
Another benefit associated with leasing office equipment and digital imaging systems is that you can upgrade your digital imaging systems once your lease is up. When you purchase equipment, you invest in that equipment and actually own it. When you lease, you are free to give the equipment back and get a newer model. This is ideal for businesses that want the most high-tech option available to them at all times.
The final benefit of leasing office equipment is that you are typically not responsible for repairing or maintaining the equipment. The leasing company typically maintains the unit or repairs the equipment when it is not functioning properly.
The Benefits of Buying
While there are many benefits associated with leasing digital imaging systems, there are just as many benefits associated with buying office equipment and digital imaging systems outright. Read on to learn more about the benefits of purchasing your office equipment instead of leasing it.
One of the biggest benefits of buying your digital imaging systems is that your money will be a tangible good. You are paying to own a piece of equipment. This gives you the option to eventually sell the item, if you want, and make money back from the sale of the equipment. Leasing is essentially paying to rent equipment, whereas buying it provides you with actual ownership of a multifunction printer, copier, fax machine, or scanner.
Another advantage of buying digital imaging systems is that you’re not tied to a leasing company contract. If you buy a printer and find that it doesn’t meet your company’s needs in a year, you can sell it and buy something else. If you decide to lease, you are locked into a contract for a period of time, and you might be stuck with something that does not particularly meet your needs or that you no longer need or use.
The final benefit to buying is that you can maintain and repair the equipment using whatever vendor you want, whenever you want. When you lease, you are stuck with using the lessor’s vendor. If they cannot come right away, the equipment may sit untouched and losing your money. If you own the equipment, you can hire the first repair vendor that can come out and fix your equipment quickly.
Should Your Business Buy or Lease?
There are pros to leasing digital imaging systems, and there are pros to buying them outright. Every business is unique, and their financial position and business needs can vary. As such, leasing may be ideal for one company, whereas buying may be the better choice for another company. Learning the benefits of buying and leasing is only the first step in determining which may be the best fit for your company. In addition to learning the benefits, you also want to ask yourself specific questions about your business to help you decide which option may be ideal for your business.
One of the questions you want to ask is whether your company can afford to buy a digital imaging system. If you are short on cash and/or have poor business credit, leasing may be the only option available to you. Another question to ask yourself is whether you are positive you will use the equipment for a long period of time. If you may want to use the equipment for a short period of time or are not even sure if the equipment is right for you, buying may be a better fit. You can buy the equipment and sell it off instead of paying for equipment you are not using, which may happen with a long-term lease. Finally, look at how long you tend to hang on to office equipment. If you tend to upgrade your office equipment every few years, leasing may make sense for you. However, if you tend to hang on to equipment for a lengthy period of time, buying may make more financial sense for your business.
As a Houston-based business owner, having the right digital imaging systems, including multifunction printers, copiers, fax machines, and scanners, can increase employee efficiency and improve productivity within your office. Deciding whether to buy or lease these electronic items is one of the biggest decisions that you have to make. Weighing the benefits of leasing and the benefits of buying and then comparing those benefits to your business’s overall operation and what your specific needs are can help you determine whether leasing or buying is the right fit for your company. When you’re in the market to buy or lease a new digital imaging system, contact On Demand today to get started.