By Barry Steel, Sr. VP of Sales and Marketing, CoreTech LeasingCoreTech Leasing is a proud, long-time partner of Thomson Reuters with decades of experience in successfully supporting our clients launching vital Elite solutions. If you have already made the decision to invest in your people and the tools that they have access to, it is important that your investment is properly funded and managed by all of the partners involved as a key component of a smooth implementation team.
Cash Management and 3E Procurement
Firms can manage the cost of a 3E® upgrade in several ways, but the fundamental decision is purchasing versus financing. In that process, there are the following important factors to consider:
- Monthly expense vs. total cost—monthly payments may secure a more cost-effective solution over the life of a lease
- Spreading costs over a 36-to-60-month lease is less taxing on cash reserves, allowing partner distributions to proceed regularly
- Software costs also carry associated soft costs that may not be factored into an outright purchase price
- Financing terms may offer more flexibility and incorporate upgrades that would otherwise pose additional after-purchase costs
While compatibility with existing systems is central to the 3E transition, large firms support complex information technology infrastructures and may discover that additional hardware and software upgrades are required. To learn more, read Barry Steels’ latest article in Elite ForeFront, click here. To download a PDF of the full article, click here.