Jamie Pentagulio

Recently, our Vice President Bob Richardson joined EisnerAmper’s podcast to discuss LIFO. Along with Richard Colloca (Audit Partner + National Food and Beverage Practice Leader, member of the firm’s Manufacturing and Distribution Group as well as a member of the firm’s Profession Practice Group providing audit, accounting, tax and business consulting services to clients) and Kevin Nardone (Director in the Private Client Services Group), Bob covered the basics of LIFO and the real-world benefits and tax implications food + beverage business leaders need to know about this method. Check out the podcast, Understanding LIFO Accounting for the Food and Beverage Industry, here.

Grocers + those in the food industry are ideal LIFO candidates that see consistent inflation. LIFOPro offers complimentary LIFO Election Benefit Analysis for companies not already using LIFO and complimentary Best LIFO Practices + Review Report‘s for companies utilizing LIFO, where we almost always find room for improvement and often more generous LIFO benefits. As the LIFO experts, our clientele has combined annual sales in excess of $2 trillion. The total inventory balances calculated by the LIFO-PRO software exceeds $200 billion & our client’s combined LIFO reserve exceeds $30 billion. 7 of the top 10 food and grocery retailers & wholesalers on LIFO outsource their calculation to LIFOPro and/or license the LIFOPro software. LIFOPro software or turnkey outsourcing services are used by 60% (by sales volume) of supermarkets in the U.S. To learn more, you can schedule a call with our team here.