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Put yourself to the test, and ask yourself this simple question: Are you 100% comfortable with what you understand about business computer leasing and PC financing? From laptop to desktop to notebook to tablet, let's ensure you have some of the basics under your belt... so to speak!
When you are purchasing, and then financing technology assets such as those that we have described, certain economics come into play. Financing those economics can be the make and break between a good decision and a bad decision... and trust us we're not talking about your choice of hardware or software manufacturer.
Let's explain. The reality is that there are some special decisions you need to make when financing a tech asset. Naturally, you want to receive the benefits of the technology, keep your firm competitive, etc., but at the same time, smart financing and acquisition strategies wouldn’t be bad either, right?
So let’s dig in. One major difference we can cover off quite quickly is simply that software, as well as hardware, can be financed. We're talking about application software though, not development software, which is a different kettle of fish and a more complex discussion for a later date. A significant amount of Canadian businesses don’t seem to realize that software can be financed.
Traditionally software you finance along with business computer leasing is done on a 2-5 year term - we would never recommend a longer-term for tech assets - quite frankly with changing technologies 2 years makes sense.
One great trick we have picked up over the years (can we call it a trick?!) is to structure a combination hardware and software business computer leasing and PC financing transaction on a 3 year operating lease, with the software being priced on a capital lease to own basis within that same transaction.
Whether you are financing a business computer laptop or a huge server farm you essentially have two choices of lease types in Canada - Capital and operating. Operating leases, you should know, play a huge part in the tech industry in Canada. If you have owned any computing in your home you quickly have probably become an expert in operating lease financing and didn’t know it.
How is that, ask our clients. Simply that you quickly realize technology changes, and anticipating that a laptop, PC, notebook, etc. will last you a number of years is an incorrect assumption. It still might work; it’s just that it will be slower and not being able to handle new apps, programs, features, etc.!
That’s why we tell clients they can adopt the same tech financing strategies as the largest corporations in Canada - utilizing operating leases. Why? Simply because an operating lease, which is a 'lease to use' gives you triple flexibility during the usage of your product. Why triple? Simply because you can upgrade, return, or purchase the asset at any time during the term of the lease! That's true flexibility.
Smart choices can also be made around all the soft costs associated with a business computer laptop and pc financing strategy. Why? Simply because items such as delivery, installation, warranty, etc. can be financed. Remember simply that your deal is with the hardware of software maker re terms of use, etc. - Your tech leasing partner simply facilitates that with some complementary financing to lower your cash outflows.
So what's our bottom line? Simply that tech financing is a little different and requires some specialized info on best structures and optimal advantages that accrue to you the user. Just the choice of lease type alone can save you thousands of dollars on any one transaction.
Want some extra help? Speak to a trusted, credible and experienced Canadian business financing advisor on business computer leasing - from laptop to PC. Make those smart choices in technology finance.
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