- Manual fixed asset processes
- Automate processing fixed asset transactions
- Improve efficiency and enjoy better work/life balance
- Continue to grow
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Challenge: Manual fixed asset processes
Gypsum Management & Supply, Inc. (GMS) opened its doors in 1971. Today, the company distributes building materials via a network of 300 distribution centers across the U.S. and Canada. In addition, GMS operates roughly 100 tool sales, rental, and service centers.
When Richard Edney, senior accounting analyst, started working at GMS in early 2021, the company was already using Bloomberg Tax Fixed Assets software to manage fixed assets. While the product worked well for their needs, GMS’s processes for handling fixed asset additions and disposals were very manual.
“We have around 27 different subsidiaries that we handle fixed assets for,” Edney said. “And, on average, at least 20 have changes each month, and we were manually handling each of those. So, every time we added or disposed of a piece of equipment, we had to enter all of that manually. It was very, very time-consuming – very cumbersome.”
Edney wanted to find a way to speed the process up and make it more automated.
Solution: Automate processing fixed asset transactions
During a quarterly check-in, Edney was talking through pain points in GMS’s internal processes with their Bloomberg Tax account manager. The account manager mentioned Bloomberg Tax Fixed Assets’ new automation capabilities.
“It seemed like it was going to be a phenomenal addition to Bloomberg Tax Fixed Assets, and I was very excited to look at how it could improve our workflow,” Edney said. “I could tell even then that it was going to make a big difference.”
As soon as the new automation capabilities were available, GMS rolled it out to their team.
“It was seamless onboarding,” Edney said. “We wrote up a training document, distributed it to the people on my team who needed it, and held some virtual training. But it’s pretty simple.”
GMS designed Excel templates, and the Bloomberg Tax team mapped everything to those templates.
“Once that template was done, it’s easy to save as a CSV file and then upload it into Workflow and let it do its thing,” Edney said.
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Results: Improve efficiency and enjoy better work/life balance
By October 2022, GMS had fully automated their tedious, time-consuming tax and accounting data flows with Bloomberg Tax Fixed Assets.
“October was our quickest close on record,” Edney recalled. “We finished the fixed asset changes and additions a full two days ahead of where we normally were. It’s been life-changing when it comes to our processes here.”
Before automating their additions and disposals, it took GMS about 40 hours, or five full days, over the course of the month to handle the fixed asset portion of their monthly close, and it wasn’t unusual for Edney to work 10- or 12-hour days around month-end.
“Using automation, we were able to cut that down to 20 hours – essentially cutting the time we spend in half,” Edney said. “That’s allowed me more time to focus on some of the other systems I manage and areas where we’re trying to become more efficient. It also eliminated those 10- to 12-hour workdays.”
Next steps: Continue to grow
GMS tends to see acquisitions as a powerful tool for entering new markets and gaining efficiencies through scale, and Bloomberg Tax Fixed Assets’ automation capabilities will be there to support that growth.
“When we need to set up a new subsidiary, Bloomberg Tax Fixed Assets will just work,” Edney said. “I appreciate the convenience Bloomberg Tax Fixed Assets offers; it keeps things simple.”
- Report: The Tax & Accounting Automation Journey
- Report: Cost Segregation and Fixed Assets: What You Need to Know
- Brief: How to Solve Fixed Assets Data Challenges
- Brief: Don’t Overlook Automation Within Tax Solutions