Not every business uses a printer or photocopier every day. For some, it isn’t necessary to own one, whereas other companies couldn’t function without it. When it comes to purchasing a printer or photocopier machine versus renting one, it’s essential to keep your business in mind before you settle on a decision that you could regret. Because this kind of office equipment is an investment in your business, weigh up the pros and cons to gauge whether hiring or buying is the best option for you.
Hiring A Multifunction Printer Or Photocopier: Pros
- Getting A Rental Is More Economical
On a short-term basis, leasing office equipment such as a printer or a photocopier is the more affordable and cost-effective option, especially if you won’t need to use it every day. They’re expensive to buy, which is why they’re considered an investment – because you’re using the finances to invest in your business. However, to avoid making a dent in your finances, buying something you might not need, you can rent this office equipment whenever you need it, and at a vastly reduced rate.
You can generally hire items like this for an extended period, instead of on an hourly basis. Sometimes, you’ll be provided with package deals, where you pay a certain amount of money to leave the printer or photocopier, for example, three weeks, or three months. For example, if you have an influx of new employees in your business, you’ll need a printer and photocopier hire, copy and print their documentation for your own record keeping, as well as to print multiple employee contracts. That situation would require up to a month of use of a printer and a photocopy machine.
In these instances, you should keep the equipment for the entire period that you have hired it. You could be influenced to upgrade to a new, more modern or expensive device before your lease is over, which will cost you more money. Remember, when you’re hiring expensive office equipment such as a printer or photocopier, make sure that you don’t agree to an annual escalation clause because this will increase the cost of hire every month the longer you have it.
- Photocopier Or Printer Rental Is More Flexible
When you rent office equipment, there should be a few payment plans that are more flexible for you, according to your capabilities. If you need unique parameters, or if your business has unordinary requirements for the office equipment, you can enquire about more flexible repayment options, to lessen the burden of paying for it.
- Renting Means Long-Term Value
Eventually, the rental agreement you take out with your supplier will come to an end, and if you still require the equipment after your rental period, you can upgrade to a newer model or something better suited to your needs. That means that that your options are scalable, and you can count on enjoying the long-term value of renting a printer or photocopier machine.
Hiring A Multifunction Printer Or Photocopier: Cons
- Terminating Early Will Cost You
There might come a time when you realise that you might not need the printer or photocopier for as long as you’ve rented it for. You can terminate the rental agreement early; however, that would lead to penalties. Before you end the contract early, it’s recommended that you read the terms and conditions carefully, because keeping to the lease agreement might be more cost-effective for you in the long run.
If your lease automatically renews itself after the rental period has ended, make sure that you are aware of how long the period is for, and if you can change the terms without it costing too much.
- Hiring Can Get Expensive
Are you aware of how often you will need this office equipment? Renting can get expensive if you’re hiring these items continuously. If you find yourself renting photocopy machines or printers more often in the year than not, it might save money to purchase it instead. Remember, renting this office equipment is meant to be a short-term solution. If it becomes a long-term solution, then you’re wasting your money on monthly rental payments.
Buying A Multifunction Printer Or Photocopier: Pros
- It Could Cost Less In The Long Term
Although purchasing a printer or photocopy machine is an expensive purchase to make all in one move, it might pay you more to go with that option, instead of renting it. As mentioned, if you rent these items during the majority of every year, you’ll find that you’re paying more in rental fees. The purchase will be costly; however, you should look at it as an investment into your business that will pay itself off in time, instead of as an expense.
- It Also Offers Long-Term Value
If you buy this equipment, you can list it as a business expense that will be written off in terms of taxation. Therefore, even with the allowances for wear and tear as the years go by and you won’t be able to recuperate from the cost of the damages, it will be listed as a company asset, and therefore, may have tax advantages.
Buying A Multifunction Printer Or Photocopier: Cons
- The Purchase Will Drain Your Finances
If you buy a printer or a photocopy machine for your business, you must keep in mind that this is a significant purchase. You’ll need the financing available to make the payment, which might mean that your cash flow will take a knock. You might even find that other operations within your business could suffer due to a lack of funding available.
- You Might Not Get A Good Resale Value
As technology progresses, printers and photocopy machines are not excluded. One disadvantage to purchasing this equipment is that you might struggle to upgrade to a newer model, and you won’t be able to get your money’s worth in a sale, because its technology might be dated.
There are both advantages and disadvantages to hiring and buying a printer or a photocopier machine. You have to do your research, read the printer rental agreement carefully, and make a decision that is best for your business and your wallet. Make sure that you make the right choice. If your business in Sydney requires this office equipment, your first priority should be whether the device will improve the workflow in your office, and how often you’ll need the equipment. For printer and photocopier hire in Sydney, call MicroRentals today.