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 the 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.
Other companies including Ernst & Young and Lifo Systems have attempted in the past to develop non-auto dealer LIFO software but these efforts were not successful. While there are at least a couple of 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 used by CPA firms but these are just spreadsheet templates which are a far cry from fully automated LIFO software.
After having concentrated solely on non-auto dealer LIFO for many years, we are the “go to” firm helping 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 that using 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 company name was changed several years ago to LIFO-PRO, Inc. Our company is not affiliated with the company named Lifo Systems. Lifo Systems is a company located in Ft. Worth, Texas whose primary business is LIFO for the auto dealer industry and cost segregation studies. Lifo Systems sells software for auto dealer LIFO applications. They no longer sell IPIC method LIFO software although they provide IPIC method LIFO service bureau calculations. The founder of Lifo Systems sold the company to FYI, Inc. in the late 1990s. They are now owned by a company named SourceCorp which was recently acquired by an affiliate of Apollo Management LP, a private equity firm. The name of their tax services division is SourceCorp Tax Benefits Group. This company has several Web sites including these URLs: www.sourcecorptax.com, www.lifosystems.com, lifoexpert.com.
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:
Our company’s goals are to:
LIFO-PRO, Inc.
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