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Bloomberg Tax Fixed Assets Review

Bloomberg Tax Fixed Assets
Our score: 8.3 User satisfaction: 100%

What is Bloomberg Tax Fixed Assets?

Bloomberg Tax Fixed Assets is a powerful fixed asset management software solution which simplifies the complex tax and accounting processes associated with fixed assets. The solution is developed by Bloomberg Tax Technology also known as Bloomberg BNA, a software company which is offering an expert suite of tax and accounting solutions to help corporations and teams perform accurate analysis of financial and tax data, integrate their workflows, attain compliance, facilitate strategic decision-making, and increase profitability.

Bloomberg Tax Fixed Assets automates the entire fixed asset lifecycle management process by allowing users to easily consolidate fixed asset data and automatically conduct calculations. The software solution also permits them to enforce GAAP-based policies, federal tax regulations, and controls so they can produce accurate data and reports. To enable users to obtain precision, Bloomberg Tax Fix Assets is built with wizards which have the capability to pinpoint data entry errors as users input new fixed assets. It also has a functionality which lets them apply the right tax codes and accounting rules.

The fixed asset management software solution provides asset inventory features such as the ability to check existing fixed assets against financial data, write off ghost assets, and identify and classify assets and their conditions precisely. Bloomberg delivers integrated capabilities that streamline how users share fixed asset and tax data with their colleagues from other departments or divisions. Last but not least, it has optional add-on modules that facilitate the execution of routinary tasks, make it possible to generate reports in multiple currencies, assist in controlling Construction In Progress (CIP) fixed assets, and give Microsoft Excel fixed data analysis and reporting features.

Overview of Bloomberg Tax Fixed Assets Benefits

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.

Overview of Bloomberg Tax Fixed Assets Features

  • Automate
  • Automated Processes and Calculations
  • Up-To-Data Tax Code and Accounting Rules
  • Consolidate Data from Multiple Companies, Divisions, and Locations
  • Pre-Defined and Custom Reports
  • Strengthen Controls
  • Secure Audit Trails
  • Centralization and Enforcement of Depreciation Policies
  • Automatic Updating of Tax Law Changes
  • Enforce Federal Tax Regulations and GAAP Rules
  • Gain Precision
  • Accurate Asset Depreciation Results
  • Up-To-Date Calculations
  • Expert Wizards that Detect and Fix Data Entry Errors
  • Asset Inventory
  • Optional Add-On Modules

Bloomberg Tax Fixed Assets Position In Our Categories

Keeping in mind companies have unique business requirements, it is sensible that they avoid choosing an all-in-one, ideal business program. However, it is almost impossible to try to come across such an app even among well-known software products. The better thing to do would be to set down the several vital aspects which call for a deliberation including important features, costing, technical skill capability of staff, organizational size, etc. Thereafter, you should do the research through and through. Browse through some of these Bloomberg Tax Fixed Assets review articles and scrutinize the other software solutions in your shortlist in detail. Such comprehensive product investigation ensures you circumvent mismatched apps and select the system that has all the features you require business requires.

Position of Bloomberg Tax Fixed Assets in our main categories:

TOP 20

Bloomberg Tax Fixed Assets is one of the top 20 Fixed Asset Management Software products

If you are interested in Bloomberg Tax Fixed Assets it may also be beneficial to examine other subcategories of Fixed Asset Management Software collected in our base of SaaS software reviews.

There are trendy and widely used solutions in each software category. But are they essentially the best fit for your organization’s unique needs? A popular software application may have thousands of customers, but does it present what you require? For this reason, do not blindly shell out for popular systems. Read at least a few Bloomberg Tax Fixed Assets Fixed Asset Management Software reviews and mull over the aspects that you desire in the software such as the cost, main tools, available integrations etc. Then, select a few apps that fit your requirements. Try out the free trials of these platforms, read online comments, get information from the seller, and do your investigation thoroughly. This profound research is certain to help you select the best software application for your firm’s unique needs.

How Much Does Bloomberg Tax Fixed Assets Cost?

Bloomberg Tax Fixed Assets Pricing Plans:

Free Trial

Quote-based Plan

Contact vendor

Bloomberg Tax Fixed Assets’ SMB and enterprise pricing plan information is available only upon request. Please contact the sales department, and get your quote.

User Satisfaction

Positive Social Media Mentions 25
Negative Social Media Mentions 0

We realize that when you make a decision to buy Fixed Asset Management Software it’s important not only to see how experts evaluate it in their reviews, but also to find out if the real people and companies that buy it are actually satisfied with the product. That’s why we’ve created our behavior-based Customer Satisfaction Algorithm™ that gathers customer reviews, comments and Bloomberg Tax Fixed Assets reviews across a wide range of social media sites. The data is then presented in an easy to digest form showing how many people had positive and negative experience with Bloomberg Tax Fixed Assets. With that information at hand you should be equipped to make an informed buying decision that you won’t regret.

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Technical details

Devices Supported

  • Windows
  • Linux
  • Mac
  • Web-based

Deployment

  • Cloud Hosted
  • On Premise
  • Open API

Language Support

  • English

Pricing Model

  • Quote-based

Customer Types

  • Small Business
  • Large Enterprises
  • Medium Business

What Support Does This Vendor Offer?

  • email
  • phone
  • live support
  • training
  • tickets

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What are Bloomberg Tax Fixed Assets pricing details?

Bloomberg Tax Fixed Assets Pricing Plans:

Free Trial

Quote-based Plan

Contact vendor

Bloomberg Tax Fixed Assets’ SMB and enterprise pricing plan information is available only upon request. Please contact the sales department, and get your quote.

What integrations are available for Bloomberg Tax Fixed Assets?

Bloomberg Tax Fixed Assets can seamlessly work with your existing accounting solutions, enterprise resource planning or ERP systems, and compliance management tools.

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Reviewed By Nestor Gilbert
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