LIFO Software and Consulting Services
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
LIFO-PRO Company History:
Lee Richardson started working with LIFO in 1977 while at Touche Ross when most LIFO calculations were made manually before PCs and electronic spreadsheets existed. Once PCs and spreadsheets were used for LIFO calculations, Lee saw there was a need for LIFO software because of the frequency of errors in manual and PC spreadsheet LIFO schedules.
The programming for LIFO-PRO software was completed and first sold in 1991. Department and discount store chains were the primary software users in the early years because their LIFO calculations were more complicated because of their use of retail LIFO and numerous pools. By 1995, the use of the IPIC LIFO method was common for most industries and we saw this as an application well suited for automation because of the frequency of manual and spreadsheet IPIC pool index calculation errors so we added this capability to the software.
In 2005, reports were added to the software that improve the quality of documentation to help companies more easily document their internal controls relating to their LIFO calculations. The greatest interest in our software recently has been from companies desiring to improve their LIFO internal controls because of Sarbanes-Oxley requirements. There have been several cases of material or significant weaknesses in internal control for companies using LIFO spreadsheets and an increasing number of companies realize that it is not prudent to use spreadsheets for an application for which software exists at a nominal price.
In years past, other companies including Ernst & Young and LIFO Systems developed and marketed IPIC LIFO method software but they no longer do so. While there are several auto dealer LIFO software providers in the U.S., our LIFO-PRO software is the only non-auto dealer software sold. We occasionally hear references to IPIC calculation software developed and used by CPA firms but these are only spreadsheet templates which are used as a tool for making manual calculations.
After having concentrated solely on non-auto dealer LIFO for many years, we are the “go to” firm to help companies solve their LIFO problems not only because of our extensive experience but also because of the efficiency we provide our clients in addressing their LIFO needs.
We have always provided LIFO services to CPA firms but the demand for these services has increased significantly in the past couple of years as inflation has increased and these firms realize the services and software we provide is the most efficient way to best serve the LIFO needs of their clients.
In earlier years, the name of our company was Legend Software, Inc. but the name was changed several years ago to LIFO-PRO, Inc. Our company has no association with a company named Lifo Systems located in Ft. Worth. The successor to this business is a division of a large company named SourceCorp headquartered in Dallas which is owned by a private equity company.
LIFO-PRO Performance Record:
Although, we are the only company in the U.S. providing the software and services we do, we are proud of our record of providing high quality, timely services to clients large and small for the past 15 years at a very high value to cost ratio. The reasons we have been able to do this include:
- Use of software rather than spreadsheets - Our substantial investment in our unique fully automated LIFO-PRO software enables us to make pro forma and actual LIFO calculations and produce numerous reports very quickly.
- Extensive real world LIFO experience - Our clients benefit from our unmatched experience which means they are never billed for training or marketing time. Research time is minimal because non-auto dealer LIFO is and always will be our only business.
- LIFO Resource For CPA Firms - We are an especially good LIFO resource for CPA firms because we specialize solely in non-auto dealer LIFO. We do not provide non-LIFO inventory consulting services such as Sec. 263A methods reviews, cash and/or trade discounts and allowances method changes. We do not provide fixed asset consulting services such as cost segregation studies.
Non-auto dealer LIFO has always been and will always be our sole practice so CPA firms do not need to worry about us competing with them to provide non-LIFO services to their clients.
- Company structure - Being a small privately owned company allows us to concentrate on long-term goals rather than ever increasing quarterly revenue goals. This allows us to place our primary focus on quality service and software and much less on marketing. This philosophy may have hindered our growth in earlier years but has served us well in the long run and has resulted in us being the leading provider of non-auto dealer LIFO services and the only software provider.
Our company’s goals are to:
- Provide high quality LIFO services to corporations and CPAs quickly and to pass along the benefits of our efficiency resulting from of our extensive experience and automated software in the form of the lowest possible fees.
- Provide high quality LIFO software in terms of features, ease of use and software support.
LIFO-PRO, Inc.
920 S. 107th Ave, Suite 301
Omaha, NE 68114
Further information about LIFO-PRO software or services can be requested
by calling 402-330-8573
via toll free fax 877-848-6583
or by email message to lifopro@lifopro.com.
For detailed information about our software please visit the Software section.
Our corporate brochure which describes our company, software and services as well as LIFO-PRO sample reports can be downloaded here.
