Companies the world over rely on many different types of office equipment, including multifunction printers. Without them, it’d be more difficult, if not impossible, to maintain workflows, finish common business processes and remain productive overall. For many companies, the big question is whether to purchase or lease their office equipment. But in today’s economic climate, companies can benefit from renting that equipment on a short-term basis. Let’s take a closer look at office equipment rentals and how renting can fit your business needs.
Rentals vs. Leasing
One significant advantage of renting is that, unlike leasing, you’ll have more options at your disposal:
- Renting gives you more flexibility in case your needs change. If you’re starting a new business, you might not have a clear picture of your equipment needs a year or two from now. Massive growth can call for equipment upgrades sooner than expected. Office equipment rentals let you make the right moves as your business grows.
- Renting also makes it easier to switch or consolidate equipment. Instead of being bound by a lease as to when you can change devices, you have the option to end your rental agreement early and start anew with different equipment. You won’t have to spend excess money on a buyout or deal with other penalties for terminating a lease agreement early.
- Renting lets you test out new equipment. If you want to try out a new multifunction printer, an office equipment rental is a perfect way of doing just that.
- Renting makes sense for one-off projects with temporary equipment needs. Instead of leasing or buying a piece of equipment and letting it languish after a single use, you can rent that same equipment and turn it in when you’re done. This frees up office space, equipment inventories and associated costs.
- Like leasing, you’re also eligible for tax deductions when renting equipment. Of course, this all depends on your company’s tax status, equipment usage, and other details. You’ll want to consult with a tax professional to understand your options and discover the best approach for your business.
A potential caveat of office equipment rentals versus leasing is that payments for the former are slightly higher than the latter. Nevertheless, many of the same cost factors that govern office equipment leasing also apply to rentals.
As mentioned earlier, there’s no buyout option for office equipment rentals. So, if you want to keep your device for the long run, you’ll need to keep renewing your rental agreement or consider a long-term lease or purchasing.
To wrap things up, office equipment rentals make sense for businesses that want more flexibility than leasing agreements offer, especially for start-ups looking to gain a foothold in their respective markets. Contact Golden Gate Office Solutions today to learn more about office equipment rentals and which MFP best fits your San Francisco Bay Area business.
