ARLINGTON, Va., June 24, 2024 /PRNewswire/ -- Bloomberg Tax & Accounting today announced a significant enhancement to its Bloomberg Tax Fixed Assets software through a new integration with Bloomberg Tax Workpapers that streamlines asset management and improves data accuracy. This new feature allows customers to leverage self-service automation to prepare, cleanse, and transform data from complex enterprise resource planning (ERP) data directly into the Bloomberg Tax Fixed Assets system.
The integration enables both import and export functionalities and allows users to effortlessly manage their fixed assets data lifecycle from initial data entry to final analysis and reporting. This capability enhances already robust automation, including automated data extract and G/L reconciliation.
Key benefits of the new integration include:
"Integrating Bloomberg Tax Fixed Assets with our Workpapers software marks a significant step forward in our commitment toward streamlining corporate tax workflows," said Lisa Fitzpatrick, president of Bloomberg Tax & Accounting. "This enhancement not only saves time, but also increases the accuracy and auditability of fixed assets management."
The update also includes a new feature for applying cost segregation study results to assets within the Fixed Assets software, enabling the calculation of 481(a) adjustments necessary for Form 3115 compliance. This addition further empowers customers to leverage tax benefits associated with accelerated depreciation, ensuring compliance with IRS regulations.
Bloomberg Tax & Accounting is continually 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 https://aboutbtax.com/bezv.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. From our unparalleled Tax Management Portfolios to technology designed to streamline the most complex planning and compliance scenarios, we deliver essential news and analysis, practical perspectives, and software that help tax and accounting professionals around the globe mitigate risk and maximize business results. For more information, visit Bloomberg Tax.
SOURCE Bloomberg Tax & Accounting
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