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Many UK businesses are deciding to rent photocopiers for the office rather than buy them, there are several reasons behind this decision ranging from financial advantages to flexibility and ease of maintenance. Photocopiers are an essential tool in any office and have been for quite some time, but times have changed and business owners no longer have to dig deep and count pennies in order to invest in a machine of their own. Renting is now a viable and widely available option that is becoming more and more popular (for very good reason).
Avoid missing out on a great deal by taking a look at the top 5 reasons businesses may choose to rent instead of buy:
1) More affordable option
When a business chooses to rent a copier, they will pay a relatively small monthly fee for each month that they require the equipment. The length of a rental contract is often quite flexible and largely dependent on the amount of time the equipment is needed, meaning if a business only requires a copier for a short period e.g. a promotional drive or a time of increased paperwork they can rent and pay for the copier for that specific period.
When buying a copier, the business will need to pay the full cost of the copier upfront which can potentially leave them with cash flow problems. The removal of the high upfront fee is very beneficial for many companies and allows them to put finances into areas they need it most while still experiencing the benefits of a top of the range photocopier. Keep in mind, copiers can cost anywhere from £100 to over £10,000 to buy depending on the type and volume of copier needed. Prices for photocopier leases start from around £20 per month up to over £150 depending on the model in question. This is a substantial difference and such cost savings can help businesses bloom, especially in their early stages when finances tend to be tight.
2) Reduced risk
A rental agreement is a low risk way of utilizing this important piece of office equipment. Rental contracts tend to be flexible, easy to cancel with little notice and make upgrading or downgrading copier models quick and easy. When renting, none of the business’s money is locked into the photocopier or the rental contract. All of these factors aid in reducing the risks associated with buying photocopiers. Many businesses worry that their requirements will outgrow the copier model purchased, a worry that is non-existent with renting.
3) Included servicing and maintenance
Maintenance and regular services are essential to ensure the copier is working as efficiently as possible, this is something that comes at an extra cost when you own the machine. However, if you rent you should have this included and if the copier you are using breaks or needs to be fixed in some way it will be dealt with immediately.
4) Tax benefits
Renting a copier is considered a regular business cost which means fees can be up to 100% tax deductible. Renting gives businesses an opportunity to reduce their tax bill while also saving money on photocopier fees. The tax benefits experienced when renting a copier are actually greater than the capital allowances (claiming for purchased assets bought, kept and used for business use).
5) Utilize the best models for lowest prices
When renting, the cost is considerably reduced which gives even small start-up businesses the freedom to decide between models. This often means that the chosen copier when rented is more efficient, up to date and contains more features than the model that would’ve been chosen if the business were going to buy a model. Businesses can ensure they have a copier that contains all the necessary features at a fraction of the cost when renting.
Rental is an ideal short-term route for businesses looking to benefit from having and using a photocopier in the office. For businesses who require a long-term solution leasing or buying may sway the vote. Leasing is very similar to renting but involves more complex, rigid and committed contracts and many lease contracts offer the option to buy the copier at the end of the agreement – this is why it’s a great option for businesses who are looking to buy a copier but maybe cannot afford the high initial investment costs to start with