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Accounting Changes Happening this Year

It’s hard to argue with the SEC’s position that off-balance- sheet treatment of leases allow companies to easily make a finance purchase appear like a rental contract. Using current accounting standards, lessees are able to legally keep over 85 percent of an estimated $3.3 trillion of leasing commitments off their balance sheets, according to LeaseAccelerator. While most public companies for IFRS and FASB (GAAP) deadlines are in 2019 or 2020 depending upon the fiscal year calendar for a particular company, the SEC requires comparative parallel income statements for transactions, which for many will have to begin reporting in 2017 (depending on year-end).

So, how much of the leasing industry would be affected by these accounting rule changes? Since the SEC estimates that 63% of public companies use operating leases, and the estimated total cash flows related to non-cancelable operating leases outweighs the cash flows related to capital leases by more than 25 to 1, a significant percentage of the equipment leasing industry will be affected by the changes.

What will lessors and leasing sales professionals do if off-balance- sheet financing disappears and leasing products must be justified solely on economic terms? Without the advantages of off-balance-sheet leases, lessors will somehow have to position themselves as viable alternatives to basic interest-rate- spread lenders.

For those involved in structured transactions, if you don’t have a game plan in place for the new accounting environment, you may be left behind. The value propositions of lessors will need to emphasize creative financing products that address their customers’ pressing business problems, expertise in asset and risk management, and other operational benefits of leasing.

Whether or not the client requests a Capital Lease to take advantage of depreciation programs or not, the sizzle of leasing in the sales presentation will change. Perhaps there will be more Equipment Finance Agreement contracts introduced. Perhaps Alternate Financing will be replacing many leasing companies.

The end of true leases for the small and middle marketplace will surely present true challenges for the industry. Leasing industry boosters will no doubt argue that just as the industry survived and prospered after the repeal of the Investment Tax Credit, ways will be found to survive future changes in accounting rules. Having met a great many smart, creative leasing industry veterans, I would bet on this argument.

Steve Chriest is the CEO of Open Advance and author of “Selling to the E-Suite, The Proven System for Reaching and Selling Senior Executives and Business Acumen 101.” He produces video and radio blogs, as well as continuing as a columnist for Leasing News since 2005.

Get Approved for Equipment Financing with Lease Genie

If you are a new business that is strapped for cash, there is a good chance that your lack of funding imposes certain limitations that can compromise your daily workflow. From unsuitable equipment to no equipment at all, there are many reasons why startup companies struggle to get their feet on the ground during their first few years of operation. However, with equipment financing, you can quickly and easily begin to operate how a professional business should. That’s why, in today’s article about getting approved for equipment financing, we will be discussing a few of the industries that Lease Genie commonly serves!

If you are looking for the top equipment financing company that offers quick and easy approval times, look no further than Lease Genie. We know that it can be difficult to receive funding for your business, especially if you are unable to receive funding from banks, which is why Lease Genie says “yes,” even when banks say, “no.” If you are interested in learning how Lease Genie can help your business grow, continue reading more on the subject below.

Restaurants

As a restaurateur, you may find it difficult to keep up with the many demands of your customers. To make matters worse, old or broken down kitchen equipment can leave your food service slow or completely inoperable at times. This can leave much to be desired for guests, who may be inclined to visit another restaurant the next time they decide to eat out. Why lose potential returning customers when you could be turning a profit as soon as you open your doors for business? With Lease Genie, you can receive equipment financing for kitchen appliances, dining furniture, and so much more.

Construction

Using old construction equipment can be dangerous and can lead to workplace injuries. However, with the right tools at your disposal, you can reduce the risk of injury while improving work efficiencies. This is why construction companies choose Lease Genie when they are searching for the best construction equipment that can be financed at an incredibly affordable price.

Commercial

If you work in the commercial sector, and are required to make frequent deliveries, you may become overwhelmed without the right fleet of vehicles at your disposal. At Lease Genie, we offer professionals in the commercial sector the best selection of commercial vehicles currently available. Streamline your workload capabilities today with equipment financing from Lease Genie!

New Businesses

Are you a new business owner that is having difficulty receiving funding? Getting up and running is hard enough, why complicate your endeavors further by not having the proper equipment at your disposal? With Lease Genie, you can furnish your office building with the latest and greatest equipment designed to improve your business’s workflow and reduce operating costs.

If you are interested in receiving equipment financing quickly and easily for your business in Omaha, get in contact with the financing professionals today at Lease Genie. We have helped a variety of businesses receive funding in a timely manner, and we’re ready to help you too! Visit our website or call our team of professionals at 402-281-9830 to learn more!

Social Media Solicitation

Advertising and promotions to obtain leads are expensive! And yet it is hard to get new business without it. The trend has been toward smaller companies hiring advertising, promotion, and public relations staff for not only mailers and print journalism, but online media with the most popular social media which is basically very low cost. The emphasis has turned not just to direct advertising and press releases, but to direct solicitation.

Among the many things to learn about social media is the more often you post, the more response you will receive. You may not get an immediate comment, but the next time you log on, you will find a response. Each of the social media have their own type of followers, so choose one or two primarily, and work it as you would a call to a vendor or potential customer. There is Facebook, LinkedIn, Pinterest, Twitter, and many more. Lessors need to include more information about the use of the new media and mobile devices.

Yes, social media are the latest in tactics to reach prospects, yet many Lessors try to discourage their use. Sales personnel look forward to leads, support, and direction. The question is what kind of support and what direction are you going to give them.

Then they must be directed to approach a market that lies within your capabilities. The new “Cold Calling” is more than just being “online,” it is being of value. Not only allowing your sales staff access, they need more than ever to know what kind of tools will they have access to and how to use them.

I recommend a daily sales meeting, as the automobile dealerships have been doing for years. It is not only to go over business, but give encouragement as well as to present topics to educate them about their product.

If the sales force is disbursed, having more regular meetings at a regional location or at the home office is as important. Becoming more common today are video meetings via Skype bringing in all those involved in sales support; computer and mobile device.

In addition to being fully trained and capable of pricing a lease, the sales staff must gain the lessee’s confidence regarding capable of servicing their needs. Repeat business is the most effective way to build a strong leasing activity.

Obtaining business in this world of technology is becoming more and more difficult for direct sales. Knowledge of your product is more important than ever.

How Equipment Financing Can Help Your Small Business Grow

As an individual that is just beginning to establish a small business, you may find it challenging to furnish your office space with the proper equipment you need to operate continuously without interruption. From office desks and filing cabinets to simple furniture for guests to use while visiting your business, there are a number of expenses that you may not be able to handle on your own. Fortunately with equipment leasing through Lease Genie, it is now easier than ever to get approved for financing so that you can furnish your office’s interior without worrying about exceeding your limited budget. In today’s article, we will be taking a look at why small business financing may be suitable for your company’s needs.

If you are a small- or medium-size business that is looking for the right equipment to help you operate efficiently, Lease Genie is here to help address your various needs. We know that no two businesses are alike, which is why we cater to a wide variety of industries for your convenience. From industrial equipment financing to kitchen equipment leasing, we make it easy for business owners to find the financing options that are suitable for their day-to-day operations. If you would like to learn about how Lease Genie can help your small business grow through equipment financing, consider reading more below.

Allows You To Operate As A Normal Business

When opening a new business that is continuing to grow, some of your employees my find it difficult to perform at their best if they do not have the proper equipment to perform daily tasks. For this reason, some of your employees will be limited in their daily operations given that they only have a limited amount of resources at their disposal. For this reason, Lease Genie is here to help you receive the financing you need so that all of your employees can perform at their full potential.

Don’t Worry About A Lack of Funding

The first few years of starting up a new business are often the most difficult times for many business owners. In fact, within five years of officially opening for business, more than half of small business owners fail and are ultimately forced to dissolve their companies. While this can certainly be attributed to mismanaged day-to-day operations, many small business owners simply do not have the proper tools at their disposal to help them get their business up and running.

For this reason, Lease Genie has helped small businesses grow and succeed for more than 10 years. Our simple process for receiving financing has allowed us to work with small business owners around the country so that they can continue to operate their company without having to worry about a lack of startup capital. Visit our website today to learn how we can help your small business grow!

Vendor Relationships for The Best Prices

If you find that it is difficult to create relationships with vendors that offer the highest quality equipment for your business, you’re in luck. In fact, Lease Genie’s long-standing reputation within the financing industry has allowed us to offer the top vendors to our customers at a price that they love. With financing options ranging from $500 to more than $100,000, we know that you will be able to receive the funding that you require to get your business up and running with ease, and we urge all business owners that are interested in our equipment financing to visit our vendors page today.

Are you a small business owner looking to build your startup capital with ease? Instead of limiting your day-to-day operations, consider contacting Lease Genie today to learn more about how we can help your business grow with equipment financing. We work with a wide variety of companies and offer a number of financing options to choose from such as commercial vehicle financing and restaurant equipment financing.

If you would like to see if your business qualifies for our equipment financing program, reach out to our friendly representatives today. With more than 30 years of experience in leasing and financing, we are confident that we can help you become approved within a matter of minutes. Get funded now by visiting our website or calling us today at 402-281-9830!

Setting Up Your Restaurant with Equipment Financing

If you are considering opening a restaurant in your area for the first time, you may not know how much work must be completed up front before opening for business. From finding an ideal location that is suitable for your restaurant’s needs to furnishing your restaurant’s interior with tables, chairs, and kitchen appliances, there are a number of steps that must first be taken before welcoming new guests to your establishment. That’s why, in today’s article on equipment financing, we will talk a little more about how leasing your kitchen’s equipment can help save you money upfront so that you can start becoming profitable during your first few months of business.

At Lease Genie, we are your top online resource for equipment financing, construction equipment leasing, new business equipment, and so much more. With more than 30 years of experience in the financing industry, and having helped countless small and large businesses grow, we know that you will be pleased with what we are able to offer you. To learn more about how Lease Genie can help to ensure that your restaurant is ready on opening day, continue reading more on the subject below.

Get the Right Equipment

Many new restaurant owners may be strapped for cash, and for good reason. Not only do restaurants require a full offering of furnishings in the form of tables, chairs, and booths, they also need a fully functional kitchen to ensure that the business runs smoothly and efficiently. When combining these two substantial costs with the cost of renting or purchasing property, you can begin to see why opening a restaurant can put a significant strain on an individual’s wallet.

Receiving the proper restaurant equipment can also help you save on costs later down the road. Since it can be so costly to open a restaurant, many new business owners will opt for less than ideal equipment that may break down or fail altogether. If funding for your restaurant is lacking, it may be a good idea to invest in restaurant equipment leasing with Lease Genie. Not only will you receive the best restaurant equipment currently available, you will also receive peace of mind knowing that your financed equipment is built to last for countless years to come. This can help to maintain your business operations without having to worry about making costly repairs or replacements.

Accommodating All Guests

When opening a restaurant for the first time, it is not uncommon for new restaurant owners to work with limited equipment that ultimately restricts the amount of guests that they can effectively serve. Not only does this slow down your kitchen’s operations, it also creates unhappy guests that are required to wait extended periods of time before receiving their food. Instead of hamstringing your restaurant’s ability to service guests, consider equipment financing through Lease Genie.

With the right kitchen appliances, not only will you be able to get food out quicker to your guests, you will also be able to keep up with lunch and dinner rushes. By streamlining your kitchen operations, you will be able to rotate guests in and out of your restaurant much quicker, leading to an increased bottom line, positive reviews by guests, and a growth in your customer base that will continue to pay dividends in the form of repeat customers. For this reason, Lease Genie continues to be the best solution for new business owners that are looking to give their guests the most in service.

These are just a few of the many ways that Lease Genie is able to help small businesses continue to grow throughout the country. If you would like to learn more about our financing options that we offer to business owners, visit our website today! From commercial vehicle leasing and industrial equipment financing to financing for new business equipment, we know that you will be able to find what you are looking for on our website. To get a fast quote on how much financing you are eligible to receive, call our friendly team of lending professionals at 402-281-9830 today! Alternatively, you can simply visit our website, provide your name and email, and one of our team members will be in touch with you shortly regarding your leasing options. We look forward to speaking with you!

Learn How Easy It Is To Get Funded By Lease Genie

 

Whether you are a small construction company interested in leasing heavy machinery for your business, or a new restaurant that is in need of quality kitchen appliances that won’t let you down, there is a good chance that you will need to apply for some type of financing to help your business get its feet off the ground. Fortunately, when working with Lease Genie, it has never been easier for your business to apply for financing. During today’s article, we will be discussing the process of applying for a lease so that you can easily receive funding from one of our professional team members.

At Lease Genie, we have helped small and medium businesses grow for more than 10 years, and we continue to do so today. Our financing professionals are veterans in the equipment financing industry and they possess more than three decades of applicable experience to help you receive funding with ease. So whether you have bad credit or simply don’t want to go through the hassle of being funded by a bank, Lease Genie is here to help. If you are interested in learning about how easy our application process truly is, continue reading more on the topic below.

Applying

Applying for an equipment lease can sound daunting, but with the help of financing veterans at Lease Genie, it doesn’t have to be. When you begin applying for financing for your business, you will work directly with one of our financing professionals that will help you find the equipment you need to help your company grow. During this time, we will evaluate your credit history to determine if you are a good fit for receiving financing for your business. Once you have determined the equipment that is most suitable for your company’s needs, you will then be required to submit a financial package that will be carefully reviewed by a lender.

Submitting

After gathering the financial records necessary for review, your information will be sent to several lenders so that we may ensure that you receive the best rates and terms from multiple lending competitors. We know that it can be difficult to find a lending company that has your best interests in mind, which is why we work hard to connect you with several of the top lending companies in your area. During this time, you will be presented with a number of financing options that are free of hidden fees and obligations so that you can choose your lender without having to worry about additional strings attached.

Funding

Once we have determined that you are a good fit for receiving funding, you will be able to receive full funding within 24 hours of signing your funding paperwork. We know that time is of the essence when building a new business, which is why almost all of our applicants can receive funding the same day that they receive their lending documentation. If, for some reason, you are unsure about some of the paperwork that you are signing, our in-house legal team is more than happy to help you with any difficulties that you may be experiencing. This is just one of the ways that we are able to provide you with the most value possible.

Post-Funding

After you have received funding for your new business, you will be able to keep in contact with our team of professionals that can help you with services ranging from refinancing to reapplying for a new equipment lease. We know that you are looking for the best that there is to offer when it comes to financing your business, which is why Lease Genie always strives to offer our customers unmatched service and attention to detail.

At Lease Genie, we are always available to answer any questions or concerns that you may have about receiving startup capital in as little time as possible. We work with both small and medium businesses daily, and have helped countless companies receive funding for their company needs. If you would like to learn more about our full offering of services, or would simply like to begin applying for your equipment financing, reach out to our team of professionals today. We look forward to hearing from you!

Leases Vs. Loans

If you are planning on starting a small- or medium-sized business and are lacking the funding to properly operate your business without any hangups, you could benefit significantly from equipment leasing through a professional lender. If you are not familiar with leases and what they entail, you may think that leases are similar to loans. However, this couldn’t be further from the truth. In fact, there are many differences between leases and loans, which we will speak more in depth about today.

Receiving funding for new businesses can sometimes be difficult, especially if you don’t possess the credit required to be approved for your financing. We understand that you may be hesitant about applying for an equipment lease, which is why we work with all of our customers directly and help our clients receive funding in less than 24 hours after being approved. If you are interested in applying for an equipment lease, but would first like to learn about how it is different from a loan, continue reading more below.

How Are Leases Different from Loans?

Rates

When applying for an equipment lease, you may be wondering what kind of rates you will have to be mindful of during the duration of your lease. Fortunately, leases do not operate in the same way as loans and will rarely require an adjustable rate to be set in place. Alternatively, when applying for a loan, you will most likely have to agree to floating rates that fluctuate from month to month.

Financing Amounts

Those that are looking for complete financing for their business’s equipment will be relieved to learn that leasing is drastically different from loans. Many times, when applying for a loan, you will be required to have a down payment that is equal to a portion of the item’s total value. However, when leasing equipment for your business, you can finance up to 100-percent of the item’s total value. This is especially helpful for small business owners that have limited capital to allocate towards equipment costs.

Approval

One of the biggest differences between leases and loans is the time it takes to receive funding after filing your application and getting approved for financing. Typically, it is not uncommon for loans to take weeks before they are approved. With leases, however, you are able to receive full funding in less than 24 hours after your application is approved. For this reason, leasing is a great way for small business owners to receive the funding they need without having to wait for weeks to become approved.

These are just a few of the reasons why leasing is typically more suitable for small business owners that are looking to get funded quickly. If you would like to learn how you can receive funding for your business, or would like to view every industry that we serve, simply visit our website today and click the “Apply” button! To speak with one of our friendly team members today about submitting your equipment lease application with Lease Genie, simply call 402-281-9830 to get started.

THE BENEFITS OF EQUIPMENT FINANCING IN THE MIDWEST

The Benefits of Equipment Financing in the Midwest

Whether you are brand new in business or have been around for many years, figuring out how to buy or upgrade the equipment to keep your business growing can present a significant challenge. In many cases, equipment leasing can provide the solution you’re been looking for. If you have not considered the possibility of equipment financing for your Midwest small to large business, consider the following benefits:

Increases Your Cash Flow

Cash flow is the lifeblood of your business. If you do not have enough cash, you run the risk of not being able to make payroll, not being able to pay rent, or not being able to take care of your vendors or suppliers. With this in mind, it makes sense that you don’t want to have thousands of dollars tied up in your equipment. When you lease your equipment as opposed to buying it outright, you are able to make affordable monthly payments that fit into your budget, instead of coming up with a huge down payment that could be used in other areas.

Can Save You Money on Your Taxes

Section 179 of the tax code allows you to deduct the amount you spend on your equipment lease from your business taxes. The amount you deduct may even exceed the amount you spent on the lease payments throughout the year, making equipment leasing a win in every sense of the word.

Makes it Easier to Upgrade Equipment

When you shell out thousands of dollars on a piece of equipment, you can get pretty attached and end up using it far longer than you should. Old outdated equipment harms productivity and employee morale. When you lease your equipment, it’s easy to upgrade equipment without the hassle of selling old equipment or saving enough money to buy newer equipment outright.

Easier to Obtain Than Bank Loans

Having less than perfect credit can be a big hindrance for business owners who want to obtain equipment for their company. Lease Genie works with ALL credit qualities, accepting “A”, “B”, and “C-challenged” credits, offering bank rates without the bank hassle. Rest assured, Lease Genie has a lease program for any company, making it possible to have the best equipment for your business.

 

Do you have a business that is need of new equipment? If you’re experiencing credit issues or just want to make sure you have enough cash flow to keep your business running, your business should consider equipment leasing. If you have any questions about our leasing programs, please feel free to reach out!

Increase Sales by Offering a Payment Option to Your Clients

Why do business owners get frustrated with the complexity of offering finance programs to their customers?

  • Lots of paperwork
  • Bait and switch lenders
  • Customers being turned down
  • It can take a really long time to get paid

But the advantage of offering payments to customers is a key ingredient to success. With more than 90% of all small business equipment being financed, you HAVE to offer financing. But that doesn’t mean you have to be the expert in it.

OUTSOURCE!

Great finance people simply do it all for you. They handle the application, the financial and credit conversations, the documentation and paperwork, offer fast approvals and fast funding. They only win when you win, so they are ultimately motivated to make sure you and your customer are happy.

AN IDEA TO MAKE YOUR LIFE EASIER:

Consider a simple finance web landing page– yourcompany.com/finance or similar—that introduces your customers to financing. This lets them…

  • Calculate payments
  • Learn about financing and its benefits
  • Begin an application
  • Connect with your finance people

You are notified if a prospect fills out a form and your finance partner can keep you updated on the progress of the opportunity. This allows prospects to get comfortable with the concept of financing at their own pace without a hard sell. All you have to do is tell them you offer competitive financing and simply send them to the web link.

WE’RE HERE TO HELP

At Lease Genie, we believe in real partnerships and are happy to provide a secure online application branded to your company, at NO charge! We offer vendor finance programs for dealers that keep things downright uncomplicated. Contact us today to learn more.

5 Questions for Small Businesses Seeking Equipment

equipmentAre you a small business?
Are you looking to lease and finance equipment to help your business operate and grow?
Here are 5 questions to ask yourself so you can get started leasing or financing equipment to your strategic advantage:

How will you be using the equipment and how long will your company need it?

Perform a simple cost/benefit analysis by comparing the anticipated costs to the revenue you expect to generate from using the equipment.

Does your equipment finance partner understand your business?

It is beneficial to work with an equipment leasing and finance company that understands your particular market. It is also important for the company to understand your business’s tax and cash flow requirements and be able to set the residual rates. Your equipment financier can also serve as a valued consultant.

Have you calculated your total payments and costs?

Review the number of payments you will owe, the total monthly payment due and any additional costs related to insurance, taxes and other charges. Also, find out if there are costs associated with the lease or finance transaction that may occur during the course of the agreement term, including late payment fees and other surcharges.

Do you understand the terms of your agreement?

Review the provisions of the agreement with your equipment finance company representative. Make sure you understand your company’s liability and consider questions such as:

  • Who will assume the costs for the equipment’s insurance, taxes and maintenance?
  • Who is responsible for installation and maintenance cost?
  • Can you upgrade or add equipment under this agreement?
  • What are your options at the end of the lease agreement?
  • What procedures must you follow if you choose to return the equipment?
  • Are there any extra costs at the end of the agreement?

Close the deal.

Once you have answered key questions and determined that equipment leasing or finance can benefit your company, start enjoying the benefits