Fleetio
Fleetio Lifo Fifo1 63e28b4a78b8d

Fleetio adds new options to inventory management software

Feb. 8, 2023
The company's software now allows first-in first-out inventory valuation methods. Fleetio stated this will improve parts cost tracking in a fluctuating market.

Fleet maintenance software Fleetio has added new inventory valuation methods to its offerings: LIFO / FIFO (last-in first-out, first-in first-out). LIFO / FIFO is an accounting method for customers to determine inventory costs. Companies that buy and resell units can the use method to determine when parts came in and when they left, according to a Fleetio press release.

The LIFO method assumes that the last unit to arrive in inventory is sold or used first, with the older inventory left over at the end of the accounting period. The FIFO method assumes that the first unit making its way into inventory, or the oldest inventory, is sold or used first.

With LIFO / FIFO, a fleet that keeps parts available for vehicle repair or performs in-house maintenance can attribute the cost of parts to specific vehicles to provide full view of the total cost of ownership. Technicians can now account for costs on work orders based on the price of the part at the time of purchase, which can fluctuate, according to the release.

See also: Maintenance costs up? Your fleet needs smarter parts purchasing

"The FIFO/LIFO inventory valuation feature is necessary to track the value for financial reporting purposes and internal controls over the assets. It is easy to track, and the valuation feature works well,” says Robin Patterson, deputy director of fleet services for the City of Harris County, Texas.

About the Author

FleetOwner Staff

Our Editorial Team

Kevin Jones, Editorial Director, Commercial Vehicle Group

Josh Fisher, Editor-in-Chief

Jade Brasher, Senior Editor

Jeremy Wolfe, Editor

Jenna Hume, Digital Editor

Eric Van Egeren, Art Director

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Take Control of Your Finances: A Practical Guide for Carriers in Trucking

This guide is designed to help you navigate these challenges, featuring strategies for automation, examples of effective tools, and a real-world success story from Phoenix Cargo...

Report: The 2024-2025 State Of Heavy-Duty Repair

Fullbay's fifth annual State of Heavy-Duty Repair compiles insights from almost 1,000 experts and over 3,500 shops. If you aren't leveraging these proven data points, your competition...

Guide For Managing Maintenance

The Guide for Managing Maintenance is a comprehensive resource designed to help fleet managers improve their maintenance operations, reduce downtime, and lower overall fleet costs...

The Road Ahead: 2025 Trucking and Fleet Insights

Discover how fleet operators are impacted by challenges like driver onboarding delays and complex compliance, and the critical need for technology to boost efficiency and cut ...