Enhancement of Bloomberg Tax Fixed Assets Software with Integration of Bloomberg Tax Workpapers Streamlines Asset Management and Improves Data Accuracy

Bloomberg Tax & Accounting Enhances Fixed Assets Software with Integration to Streamline Asset Management

ARLINGTON, Va., June 24, 2024 /PRNewswire/ — Bloomberg Tax & Accounting has announced a significant enhancement to its Bloomberg Tax Fixed Assets software through a new integration with Bloomberg Tax Workpapers. This integration aims to streamline asset management and improve data accuracy for customers.

The new feature allows users to leverage self-service automation to prepare, cleanse, and transform data from complex enterprise resource planning (ERP) systems directly into the Bloomberg Tax Fixed Assets system. This capability enhances automation, including automated data extract and G/L reconciliation.

Key benefits of the integration include automation of data preparation, enhanced transparency, flexibility, and control. The automation of data preparation reduces manual effort and the risk of errors, while providing clear visibility into the data transformation processes for auditors and risk managers. Users also have control over the amount of time and effort required for data preparation and import, accommodating different business needs.

Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, stated, “Integrating Bloomberg Tax Fixed Assets with our Workpapers software marks a significant step forward in our commitment toward streamlining corporate tax workflows. This enhancement not only saves time but also increases the accuracy and auditability of fixed assets management.”

In addition to the integration, the update includes a new feature for applying cost segregation study results to assets within the Fixed Assets software. This feature enables the calculation of 481(a) adjustments necessary for Form 3115 compliance, empowering customers to leverage tax benefits associated with accelerated depreciation and ensuring compliance with IRS regulations.

Bloomberg Tax & Accounting is dedicated to innovating its products to simplify users’ workflows by eliminating manual, time-consuming, error-prone processes. Other new features now available for Bloomberg Tax Fixed Assets users include custom reports, automated reconciliation, and automated export.

For more information and to schedule a demo, visit the Bloomberg Tax & Accounting website.

About Bloomberg Tax & Accounting:
Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions for tax and accounting professionals worldwide. From Tax Management Portfolios to technology designed to streamline planning and compliance scenarios, Bloomberg Tax & Accounting offers essential news, analysis, practical perspectives, and software to help professionals mitigate risk and maximize business results.

SOURCE Bloomberg Tax & Accounting