Your organization needs office equipment to help handle its daily workload. However, when it comes to adding devices to help with your workload, you’re faced with a choice: to buy or lease? There are pros and cons to both options, and since every company is unique, there is no hard and fast rule for whether buying or leasing office technology makes more sense. To that end, in this blog post we’ll go over these two options to help you make the right decision for your situation.
Buying
Pros: For starters, buying office equipment is simpler than leasing. A one-time, up-front payment in exchange for a device and there are no terms, agreements, conditions, contracts, or anything else to be concerned about. Purchasing equipment also offers tax incentives under Section 179 of the IRS Tax Code. Buying a device provides you with access to a wider variety of choices, as you are not limited by a leasing company’s stock. And when you own a device, you can do with it as you please, including calling the shots on maintenance.
Cons: Purchasing a device requires a large initial cost that requires a significant amount of capital, making it unreasonable for many smaller organizations. Technology is always evolving, and when you own a machine it could become quickly outdated, leaving you stuck with old tech. A purchased machine belongs to you, so you’re responsible for all maintenance.
Leasing
Pros: By leasing office equipment, you don’t pay anything up front and benefit from predictable monthly expenses. Leased devices are often 100 percent tax deductible under Section 179. You’re not stuck without outdated technology when you lease, as you can upgrade to the latest cutting-edge device on an annual basis. You’re also not responsible for maintenance on leased equipment, as that falls on the leasing company.
Cons: Leasing usually costs more over the life of the lease than buying, since you don’t own the equipment and have no equity in it. You can’t sell a device when you’re done using it to recoup some of your costs. You typically have fewer models to choose from when leasing as opposed to buying.
So, when it comes to office equipment, is buying or leasing the better option for your Atlanta-based business? That depends on whether you have the capital to invest up front, are looking to save money in the long run, will always want the latest, greatest technology, etc. Give Document Strategies a call today and one of our sales professionals will help you decide which option is in your organization’s best interest.
