Just like any business out there, a veterinary business has to continue to keep innovating, stay up to date with technological trends of their industry, and take advantage of any market opportunity that presents itself. We know that you want your business to succeed - every business owner does. But are you taking the steps necessary to keep up with the market, your competition, and the way technology is evolving?
Whether you’re just starting out or you’ve been in business for a while, every veterinarian needs to update their equipment from time to time, and that’s where veterinarian equipment financing comes in handy.
1. Veterinarian Equipment Financing Provides Financial Flexibility
You and I know that veterinarian equipment isn’t going to be your cheapest business expense. In fact, depending on the size of your business, it can be one of the most prominent expenses that you can have, especially if you try to keep up with technology improvements as they get released.
When you choose to utilize veterinarian equipment financing, you’ll avoid using your cash reserves, which may be needed for other business emergencies as they arise. Using outside financing to cover your equipment costs, you can maintain your line of credit at your local bank.
How much veterinarian equipment should I finance?
2. Financing Can Cover 100% of Upgrade/Purchase Costs
Depending on how your veterinarian equipment financing is structured, you can have the entirety of your equipment costs covered through financing. This means that again, you don’t need to pull from cash reserves to make up for some of the equipment purchase. You won’t have to worry about finding other ways to finance a portion of your upgrade, because all of it will happen in one deal.
3. Veterinarian Equipment Financing Allows You to Use Equipment Immediately
Some payment methods require you to have made the purchase in its entirety before you can actually use your equipment. Some financing methods, like veterinarian equipment leasing will allow you to “own” and use the veterinarian equipment the moment it arrives as if it is actually yours. This allows you to take advantage of new technology before you even make your first payment.
4. Tax Write-offs Are Possible with Veterinarian Equipment Financing
Some financing options are available that allow you to make tax write-offs. You don’t have to wait until the entire lease is over to utilize this advantage: you can start writing off as you begin making payments. An amount you’ve spent paying off the lease will go towards a write-off amount.
5. Veterinarian Equipment Leasing Has a Lot of Business Flexibility
Just like in the first point, veterinarian equipment leasing has the opportunity to be very flexible and easy-going on your business financials, but it’s also tremendously flexible when it comes to a business growth standpoint.
When you choose to lease, you usually have the option to either own or return the veterinarian equipment at the end of the lease. This gives peace of mind knowing that you don’t have to feel locked into your equipment when you’re expecting to transition to newer models at the end of your lease.
Click here for a resourceful veterinarian equipment lease calculator tool to see what your equipment lease payments could be. Also includes an amortization schedule for your accountant. Use this amortization schedule to give to your accountant during business tax season to help him decide the best way for you to get the best tax write offs now and in the future to lower your taxable income.
Most applications for equipment financing are very quick, which also means that you can take advantage of deals and other opportunities much quicker than other financing methods.
Ready for a free Veterinary Equipment lease quote? Click the link below!