There is a price to pay for progress.

In business, the cost of growth depends on a company’s financial situation. Some have the means to pay for the technology they need upfront. Others need to stretch out their added expenditures over time.

Leasing makes it easier for the latter to meet their needs now at an affordable price and stay competitive.

Leasing technology equipment allows businesses to rent what they need for a specific period instead of buying. Though leasing is generally more expensive in the long run than buying office equipment outright, it makes it possible for companies to have the most current technology and the regular maintenance that goes along with it.

If you’re on the fence about whether to buy office equipment, here are six benefits of leasing technology and why it may be a smart move for your business.

How Does Leasing Affect My Taxes?

You may be able to deduct your leasing payments as business expenses on your tax return, even if you haven’t paid in full.

Am I Able to Get 100% Financing?

A lease does not usually require a down payment, so it is equivalent to getting 100% financing. You can conserve the money you would have used for the down payment on technology equipment and reinvest it in a more urgent area of your business. In addition, “soft costs” like training, support, installation, and other services can be lumped into your payment.

How Flexible Is Leasing vs. Buying?

Leases tend to have more flexible terms and are easier to obtain than loans. This helps if you don’t have good credit or if you need a longer payment plan to lower costs.

Will Leasing Improve My Cash Forecasting?

It’s not always possible to factor in a major purchase into your budget. Leasing lets you plan how much your technology equipment will cost over time and what you can do with the money you’re saving from not buying it. There are no floating fees with a lease, and the initial expenses are low. You’ll know the exact amount of payments and how much each payment will be.

Does Leasing Help Me Keep Up With Technology?

If you need to stay on the cutting edge and can’t risk your office equipment becoming obsolete, leasing is your best choice. It lets you respond quickly to new opportunities as they arise and change out your technology equipment regularly. You may even be able to upgrade your office equipment before the end of the term; that’s when it’s time to return it, buy it, or extend your lease. Flexibility is key as the economy and your industry go through changes.

Why Should I Lease My IT Equipment?

It’s essential for businesses that want to progress and succeed to have the best tools at their disposal. Leasing technology equipment allows companies to preserve capital and have flexibility when it comes to the latest offerings.

Leasing lets businesses acquire new assets with little cost upfront. With constant access to upgrades and ongoing tax incentives, the benefits of leasing may outweigh its overall cost. If you don’t plan to have the equipment very long or you’re not sure whether it’s right for your company, a lease makes sense.

Leasing office equipment is great for businesses without the capital to stay competitive and grow their companies. It’s a smart option that gets rid of the burden of obsoleteness while keeping all of the advantages of current technology.