9. How do we want to budget for this?
How does your organization typically pay for these types of investments? You will find a number of options available, including leasing, renting, an upfront purchase, or some combination of these.
It may be helpful to think of purchasing a house. An upfront purchase is almost always the least expensive option. However, that’s not always feasible, and often the buyer will apply for a mortgage so they can pay monthly payments instead. The buyer can put down a percentage of the cost as a down payment, and as a result, have lower monthly payments on the loan.
Finally, an individual could elect to rent a house or apartment for a number of reasons. This option is sometimes available for timekeeping systems, and as with houses, the rental payment is often the same or greater than a mortgage payment would be, and requires a higher down payment. The advantage is in the ability to leave the system if you determine for some reason that timesheet automation does not work for the organization.
