Bob Richardson

Our Clients Stay on LIFO Far Longer than Non-clients

An internally developed study of publicly traded companies found that LIFOPro clients are far more likely to remain on LIFO than non-clients. More specifically, as of the 2011 year-end, there were 318 publicly traded companies on LIFO. Of the 318 companies were on LIFO as of 2011, 281 were non-clients and 37 were LIFOPro clients. Between 2012 – 2022, 120 publicly traded companies terminated their LIFO elections (went off LIFO). Of the 120 publicly traded companies who went off LIFO between 2012 – 2022, 116 were non-clients and 4 were non-clients. The bottom line was as follows: less than 11% of our publicly traded clients went off LIFO over a 10-year period, while over 41% of publicly traded non-clients went off LIFO. See the table below:

Table 1. Publicly traded Companies on LIFO: Comparing LIFO Termination Rates Amongst Clients & Non-Clients

Why Do Our Clients Stay on LIFO Far Longer than Non-Clients Do?

  • Our outsourcing solutions makes being on LIFO as simple as possible
  • Our software minimizes the time spent on LIFO in-house, is user-friendly and provides the most comprehensive and understandable report formats
  • The tax benefits of LIFO far outweigh the software license or outsourcing costs
  • Our solutions eliminate the problems that most frequently cause companies to go off LIFO, including:
      • Excessive administrative burden
      • Volatile and unpredictable results
      • Complexity and lack of transparency
      • Excessive outsourcing costs

Our Clients are Far More Loyal than the Industry Average for Accounting Firms

For accounting firms as a whole, the industry average annual client retention rate is 95%, whereas LIFOPro’s annual client retention rate is over 99%.

Why Are Our Clients More Loyal than the Industry Average?

  • We’re the only firm exclusively dedicated to providing LIFO solutions
  • We’re the only firm who develops, licenses and internally uses non-auto dealer software
  • Our responsiveness and turnaround time is second to none
  • The value of our offerings is unmatched
  • Our outsourcing fee structure is a fraction of the cost of a Big Four firm because our software largely automates the LIFO calculation process and minimizes billable hours

Get a free fee quote, software trial or schedule a call to learn more!
Request a Quote or Free Software Trial
Schedule Intro Call or Software Demo
Request a Quote or Free Software Trial
Top 2023 LIFO Election Locks