One of the most important choices faced by an entrepreneur is the choice of which off the shelf accounting package to use in setting up the accounting system. This abstract is a practical comparison of inventory methods: QuickBooks uses only average costing; Peachtree provides choices of First-In First-Out (FIFO), Last-in First-Out (LIFO), Weighted Average, and Specific Identification. Which product would be best for a business organization that needs inventory tracking? What is the effect of selling an inventory item before receiving the item? The accounts affected are inventory, cost of goods sold, gross profit calculation, net income and retained earnings. What should the business owner do if the accountant demands that the owner use only QuickBooks? Do you fire the accountant?