What Should COOs and CFOs Consider at End of Year? A Conversation with Candace Reinhart
Candace Reinhart is a certified CLFP, a highly regarded Board Member of the ELFA (Equipment Leasing and Finance Association) where she sat on the Technology Committee, and the Sr. Vice President of Operations and Syndications for CoreTech Leasing. We sat down with Candace to talk about industry trends and opportunities for law firms.
Q: What should COOs and CFOs be looking at as we come to the end of year and round the corner to 2020?
A: There is no time like now as there is a “triple-threat” opportunity: 1. The Section 179 Tax incentives that all organizations should be aware, 2. Vendors looking to make deals at the end of year and book business, putting firms in favorable negotiating positions and, 3. Some lessors – like CoreTech—enable firms to acquire the equipment before the end of 2019 and delay payments until 2020.
Combined, these opportunities put firms in a great position as we come to the close of the year. The most important part, as always, is understanding your lease agreements, understanding the time frame and knowing how your lessor can help you maximize these opportunities. This is a great example where the communication and relationship with the lessor really plays an important role.
Q: We heard CoreTech is launching a new asset tracking technology, CORE C.A.R.E. What is CORE C.A.R.E. and how does CORE C.A.R.E. fit into end of the year opportunities?
First, we are thrilled to be launching CORE C.A.R.E. as a modern asset tracking solution. We built CORE C.A.R.E. in partnership with some of our best, long term customers and have had a series of extensive and detailed conversations with them to drill into their asset and asset tracking pain points. We really wanted to know their greatest challenges so that we could provide a customer-focused solution.
In its simplest form, CORE C.A.R.E. is an asset tracking data warehouse that gives clients the ability to comprehensively capture the information they want across all the organization’s assets. This is not the standard, status quo asset management system that only tracks equipment that were leased or financed from the lessor in question – in CoreTech’s CORE CARE, we allow law firms and organizations to input all assets, no matter the lessor, and we are providing a mobile app to add a layer of unmatched efficiency.
We are in a market where the compliance and security of an organization’s assets are critical, and once you put customer information into or on an asset, these requirements are even more critical. Being able to manage assets in real time, at the touch of a finger is what we like to think of as a modern approach to asset tracking. So in this sense, CORE C.A.R.E. and asset tracking isn’t an end of the year issue, it is an “all year” issue.
We are the only lessor that has provided a comprehensive end to end platform like this and we have done this because that is what clients are asking for. It’s the first asset tracking system built from the ground-up as a customer-centric platform.
Most asset tracking systems built on and designed to focus on housing the information that is needed by the lessor: what the lessor has to do with equipment, etc. CORE C.A.R.E. is designed to house all the information that the customer—and how they need it. Housing only information for assets that were leased or financed through CoreTech is not a customer-centric approach. We take the position that what is best for the customer and helps them streamline operations, ensuring cost and time efficiencies is what is best for our relationship in the long run.
Q: How does CORE C.A.R.E. specifically help COOs and CFOs?
A: Because CORE C.A.R.E. is a comprehensive, universal data warehouse for all an organization’s assets, it provides the visibility and flexibility needed to gain role-based insights and make better business decisions for the firm. With CORE C.A.R.E., this quickly translates into tangible efficiencies and tangible dollars saved.
For the COO, CORE C.A.R.E. is an end to end database no matter the supplier. COOs and operations professionals can now use their mobile phones to instantly scan a device and know in real time not only the location and lease language tied to a piece of equipment, but even the chain of ownership associated with any asset. This is unprecedented.
For CFOs, finance officers can now manage the use of the equipment to optimize per their own firm’s unique needs as they have direct access to cost of the terms and conditions. While CoreTech has always been very transparent about end of terms, we have really taken transparency to an all new level for the industry and for us. The customer now has the tool in their hand to manage all their equipment and contract expirations and puts them in a position to be proactive and make better business decisions rather than reactive, waiting around for a lessor to notify them.
Q: Congratulations on your 1 Year Anniversary with CoreTech. Any thoughts?
A: CoreTech has always taken a deeply customer-centric approach to our relationships and provided the highest levels of transparency to our terms and conditions to fortify those relationships. CORE C.A.R.E. takes this to the next level. We believe strongly that customer service is a market differentiator. Someone who takes the time to call and understand your firm’s challenges and then provides a value-add, no cost solution is a great partner.
With CoreTech, I feel like I am part of the family. It’s critical to our core mission to have trust, respect and empathy for one another as a team, and this translates to how we connect with our customers. Those are values that are not everywhere—and I’m so pleased to have been a part of it and look forward to many years to come.