Industry trends, insights from experts, resources for growing your business: all the things you've come to expect from GreatAmerica
GreatAmerica is the largest independent, family-owned national commercial equipment finance company in the U.S. and is dedicated to helping manufacturers, vendors, and dealers be more successful and keep their customers for a lifetime. GreatAmerica was established in Cedar Rapids, Iowa in 1992 and now has offices in Iowa, Georgia, Minnesota, and Illinois. In addition to financing, GreatAmerica offers innovative non-financial services to help our customers grow.
UPDATE as of June 2020: The FASB made the decision to defer the effective date of the new lease accounting rules for private companies by another year due to companies having to put resources towards impacts of COVID-19 and not being able to focus on their adoption. Therefore, a private company using calendar year financial statements will need to follow the new lease accounting standard for calendar year 2022, rather than by the previously stated calendar year 2021. The Financial Accounting Standard Board (“FASB”) issued a new lease accounting standard in February 2016 in an effort to improve transparency of “off-balance sheet” obligations. The new lease accounting standard is also commonly known as “Topic 842.” Just recently, FASB has issued updated guidance delaying the effective date of the new lease accounting standard for private companies.
What started out as a dream to fly led to one of today’s most common forms of travel: the airplane. While overcoming business obstacles can often feel like defying gravity, Wilbur and Orville Wright actually did – quite literally - as they made the first successful airplane flight in history in 1903. But this was not without adversity. Their persistence and faith in the “impossible” can teach us a lot about meeting our goals, even in the face of stiff competition, naysayers, and doubters.
Why Upgrade? Do It for the Joe, Office Equipment Dealers! Oh, the upgrade. A special kind of sell. It can be a tricky one considering you’re not technically selling a new solution. You’re selling the same product in a new model, and in your case, the product is a printer or copier. A new model may have new bells and whistles and improved features, but at a high level, it meets the same need. This presents a challenge, because why would your customers buy the same thing twice, especially when the second sell involves change? Change is hard!
When we asked tech buyers how they pay for their equipment they told us they prefer to lease or rent their technology. As more of your clients ask for a monthly payment option, you have decisions to make on which method to provide. A GreatAmerica financial solution is one option.