The Rent vs. Buy Scenario for Office Furniture
Cars are leased, and in many cases, makes more sense than purchasing, so why not lease other items too—like furniture? There are inherent advantages in renting furniture versus buying it, and in the world of accounting, it very much may make sense to consider the rental alternative.
Many practices are seasonal in nature—and the arrival of tax season often brings temporary staff. As a result, renting office furniture enables a practice to preserve capital by minimizing upfront expenses. In addition, the rental usually can be used as a write-off.
Of course, any “in writing” arrangement should be carefully inspected before signing. Watch for items like an early termination waiver for a specific leasing period, as well as how flexible the rental agreement is with respect to adding, taking away or changing pieces during the term of the contract. In addition, decline the damage waiver; a firm’s own insurance policy may very well cover the rentals while they are on-site.
Additional concerns should be taken when the furniture is delivered to ensure the pieces are quality and not scratched or dented, and that the pieces are, indeed, what the firm ordered.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.