Category: Audit and Assurance

LIFO Method: What is LIFO?

The LIFO method, Last-In, First-Out, is used by U.S. companies with IRS approval to value inventory and has been a part of U.S. tax law for over 80 years.

Lean Inventory Management Basics for Manufacturing Companies

Lean manufacturing is a continuous improvement process that relies on everyone in the organization to identify opportunities to enhance efficiency. This article covers five smart ways to keep your inventory lean without compromising revenue and customer service.

2022 Business Outlook Trends for Manufacturing

Business Outlook Trends for Manufacturing

What does 2019 look like for the manufacturing industry? LBMC conducted a national survey covering business unit leaders in eight industries, including manufacturing. The survey collected responses to determine a baseline of optimism and strategy preferences over the past 12 months and the coming 12 months.

Cycle Counting Benefits and Implementation

Cycle counting is a process that replaces comprehensive annual inventories with smaller counts conducted on a continuous basis. In this article learn how investing in a cycle counting inventory system now can create savings for your business in the long run.