Bloomberg Tax Fixed Assets Review

Achieve Precision In Tax And Accounting Works For Fixed Assets

One of the powerful features offered by Bloomberg Tax Fixed Assets is that it helps users achieve precision as they perform tax and accounting works related to their fixed assets. Thus, it allows them to reduce data entry errors, do the right calculations, and identify discrepancies immediately.

With Bloomberg Tax Fixed Assets, teams no longer have to deal with complex calculations, as the solution ca handle those through the aid of its automatic calculation capability. It can instantly calculate gain and loss, investment tax credit, bonus depreciation, disposals, and more. The solution also permits them to apply the right tax codes and accounting rules and validate them so they can come up  with depreciation results that are accurate and standardized. When changes are made to existing federal and state tax laws and regulations, the solution will instantly update the changes within its system.

Implement Strong Controls

Bloomberg Tax Fixed Assets ensures accuracy by letting users implement strong controls on their fixed asset and tax data. For instance, it can keep a record of all changes made to fixed asset and tax  data, providing a complete audit trail where they can easily identify what changes have been made, who are responsible for those changes, and whether the changes made are valid and compliant.

In addition, the solution unifies all deprecation policies in a central location wherein users can enforce built-in variations in depreciation methods and approaches which include multiple tables and formulas, depreciation  rates, averaging conventions, and property types. Also, the enforcement of controls is enhanced by its integration capabilities, enabling them to integrate the solution with their existing ERP, accounting, and compliance management systems. As a result, tax and accounting regulations and policies, and fixed asset and tax data are standardized across the departments, divisions, and teams within the organization.

Fixed Asset Inventory Throughout The Asset Lifecycle Management Process

Bloomberg Tax Fixed Assets allows teams to conduct a complete inventory of their fixed assets while they are acquiring or receiving assets and disposing or retiring them. As the conduct fixed asset inventories, they will be able to check their existing assets against whatever financial data they have. In case they detect ghost assets, the solution lets them remove those assets from their books so they won’t be incurring tax liabilities. To reduce personal property taxes, Bloomberg Tax Fixed Assets enables users to immediately process the retirement of fixed assets that they are not using anymore.

Simplify Complex Processes Through Automation

The fixed asset management solution automates tax and accounting works throughout the entire fixed asset lifecycle management. Users can gather data from the different companies, divisions, and locations involved and consolidate such data in one place. They can also generate and view reports on the consolidated data automatically. The solution comes with predefined reports such as RS Forms 3468, 4255, 4562, 4626, 4797, 8824, and Schedule M-1/M-3. If they want to generate their own custom reports, the solution supports that as well. Because the solution automates their tasks, they will be able to simplify complex processes and shorten financial close times.