All good equipment salespeople become experts on the products that they sell. They take the time to understand how their product works and what it can do. They know the specifications, applications, capabilities, speed, integration and every other facet of the solution. They can rattle off the key points of the solution from memory, and take pride in understanding how it can benefit their customers. When a potential sale is identified, sales professionals invest significant time in moving to the next step. From initial call, to needs analysis, and on to a demonstration and possibly a trial in the customer’s environment, a very precious commodity, sales time, is used.
Nearly a decade since work began on the lease accounting update, the Financial Standards Accounting Board (FASB) has issued the final standard on lease accounting, ASU 2016-02. The objective was to address the off balance sheet concerns of the lessee. Do the accounting changes have an impact on the financial benefits of leasing versus paying cash? Read on to ensure your customer uses the best financial vehicle for their new acquisition.