A Computer Knows FIFO and LIFO. Only You Can Do NIFO

Just when you thought you had inventory accounting under control, here comes NIFO.

Where LIFO and FIFO are at least sort of intuitive, standing for Last In First Out and First In First Out, NIFO stands for Nose In, Fingers Out.

Huh?

Don’t worry, no accountancy board has adopted NIFO as any sort of standard, and none will since it’s a leadership guide to remind managers to, as Accounting Today explains, “lean in and be helpful (nose in); be a mentor, not a micromanager (fingers out).”

Wondering just what this has to do with accounting?

“NIFO is about providing guidance so a client (or member of your team) can make their own decisions about how to solve a problem or get things done,” writes Kyle Walters, author of The Personal CFO and partner at L&H CPAs and Advisors.

Addressing accounting firm managers and executives, Walters says, “Your job as a leader is to lean in and help people work through a problem without sticking your fingers all over their business.” In other words, accountants should consider themselves a member of the board of advisors for their clients.

It’s the responsibility of an advisor, Walters says, “to provide perspective and to ask the management team insightful questions to help the organization solve its own problems. You are not supposed to interfere with day-to-day operations.”

Apply the same thinking to the members of your firm and your team, he adds.

“As a leader at your firm, NIFO means helping your team members become problem solvers. You’re helping them think through problems.

“Don’t just give them the answer the way a micromanager does; make them come up with the answer.”

“This mindset,” Walters insists, “is more important than ever in today’s work-from-home era when managers are rarely in the same office as the people they supervise.”

“LIFO and FIFO can be handled by computers these days. Your new job is NIFO.”

Photo by Volkan Olmez on Unsplash

What It Means to Be a Leader During a Time of Crisis
General Interest Leadership + Management Worklife

What It Means to Be a Leader During a Time of Crisis

Mid-Life Crisis? Consider a Mid-Life Career Switch
Accounting + Finance General Interest Information Technology Leadership + Management Worklife

Mid-Life Crisis? Consider a Mid-Life Career Switch

Lawyers Look to Move Firms to Keep Remote Work
Legal Support

Lawyers Look to Move Firms to Keep Remote Work

Is the Hybrid Workplace Sustainable?
Worklife

Is the Hybrid Workplace Sustainable?

Bank of America, Competitors to Raise Pay
Financial Services

Bank of America, Competitors to Raise Pay

Class of 2021 to Enter Job Market
Financial Services Healthcare Information Technology Marketing Technology Professional Support

Class of 2021 to Enter Job Market

Pharmacies Are Entering the Mental Health Market
Healthcare Pharma

Pharmacies Are Entering the Mental Health Market

Pandemic Challenges Create New Opportunities for Virtual Career Development
Worklife

Pandemic Challenges Create New Opportunities for Virtual Career Development

America’s New Tech Hubs
Information Technology

America’s New Tech Hubs

How to Recognize if a Manager Is Right for You
Worklife

How to Recognize if a Manager Is Right for You

Green Key Resources is Hiring!
Accounting + Finance Architecture + Engineering Creative Financial Services Healthcare Human Resources Information Technology Legal Support Marketing Technology Pharma Professional Support

Green Key Resources is Hiring!

How to Think Like a Lawyer
Legal Support

How to Think Like a Lawyer

3 Questions to Unlock Your Authentic Career
Creative Worklife

3 Questions to Unlock Your Authentic Career

Businesses Rethink “Necessary Travel”
Worklife

Businesses Rethink “Necessary Travel”

YOLO Is Sparking Riskier Career Moves
Worklife

YOLO Is Sparking Riskier Career Moves

21 Ways to Celebrate Earth Day Today & Beyond
Architecture + Engineering Worklife

21 Ways to Celebrate Earth Day Today & Beyond

Want to Feel More Connected? Try Some LOLs
Leadership + Management

Want to Feel More Connected? Try Some LOLs

In a Time of Crisis, What Makes a Good Leader?
Leadership + Management

In a Time of Crisis, What Makes a Good Leader?

The Pandemic Is Altering Data Privacy Expectations
Information Technology

The Pandemic Is Altering Data Privacy Expectations

Job Openings Hit a Two-Year High
Human Resources

Job Openings Hit a Two-Year High

Latest Blog Posts
View All Posts
What It Means to Be a Leader During a Time of Crisis

What It Means to Be a Leader During a Time of Crisis

During the early months of the pandemic, team leaders, managers, and company executives had to use cognitive reframing to build...
Read More
Mid-Life Crisis? Consider a Mid-Life Career Switch

Mid-Life Crisis? Consider a Mid-Life Career Switch

Far too often, ages and life stages are regarded as barriers to starting a new career. But the mid-life career...
Read More
Lawyers Look to Move Firms to Keep Remote Work

Lawyers Look to Move Firms to Keep Remote Work

As law firms across the country consider brining an end to remote work, some lawyers and other legal professionals are...
Read More