Enhancements to Bloomberg Tax Workpapers with AI Formula Generator and Integrations
Bloomberg Tax & Accounting Unveils New AI Formula Generator and Integrations to Streamline Corporate Tax Workflows
ARLINGTON, Va., July 18, 2024 /PRNewswire/ — Bloomberg Tax & Accounting has announced exciting new enhancements to its Bloomberg Tax Workpapers platform, aimed at revolutionizing corporate tax workflows. The latest updates include an innovative AI formula generator and enhanced integrations with Bloomberg Tax’s Fixed Assets and Tax Provision solutions.
The AI Expression Generator within Bloomberg Tax Workpapers allows users to input their requirements in natural language and receive an AI-generated formula output. This cutting-edge tool leverages AI automation to address common challenges in workpaper review and maintenance, such as reducing manual formula errors and uncertainty around data transformation tasks. It is designed to be user-friendly for individuals with varying levels of tax technology expertise.
In addition to the AI formula generator, Bloomberg Tax & Accounting has strengthened integration between Bloomberg Tax Workpapers and other key solutions. The direct data export feature to Bloomberg Tax Provision eliminates the need for separate data uploads, enhancing efficiency and reducing errors in tax provision computations.
Furthermore, the integration of Workpapers with Bloomberg Tax Fixed Assets offers a self-service option for users to automate their asset import and export processes, leading to seamless data management and improved accuracy. This automation allows users to streamline reconciliation tasks and feed depreciation values directly into workpapers for other tax calculations, ultimately saving time and providing an audit trail for tax professionals.
Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, stated, “By continuously enhancing Bloomberg Tax Workpapers and creating more integration points with our other solutions, we are addressing key pain points in corporate tax workflows. The AI formula generator and our robust integrations are pivotal in our mission to simplify and automate complex processes and ensure calculation accuracy for critical tax deliverables.”
These updates are part of Bloomberg Tax & Accounting’s ongoing commitment to innovation and providing comprehensive, integrated solutions that streamline tax professionals’ workflows, making them more efficient and effective. For more information and to schedule a demo, visit https://aboutbtax.com/beTT.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting offers practitioner-driven research and technology solutions that provide timely, strategic insights to enable smarter decisions. From Tax Management Portfolios to technology designed to streamline complex planning and compliance scenarios, Bloomberg Tax & Accounting delivers essential news, analysis, practical perspectives, and software to help tax and accounting professionals worldwide mitigate risk and maximize business results. Visit Bloomberg Tax for more information.
SOURCE Bloomberg Tax & Accounting