Maximize Your ROI With Bloomberg Tax Fixed Assets

May 28, 2024
Maximize Your ROI With Bloomberg Tax Fixed Assets

[Efficiently manage your assets and accurately calculate depreciation with Bloomberg Tax Fixed Assets.]

From depreciation calculations to compliance reporting, Bloomberg Tax Fixed Assets provides a comprehensive solution for streamlining and managing all aspects of your fixed assets while also optimizing your tax position.

To examine the return on investment of our product, we surveyed over 80 tax professionals – including partners, directors, and senior managers at public and private corporations – who regularly use Bloomberg Tax Fixed Assets as part of their workflows. This article highlights five main areas that respondents derived value from.

1. Automated tax law updates to ensure compliance

Respondents indicated that our automatic state and federal tax law updates saved them countless hours of manual work. If new legislation is passed, our platform makes the needed updates – including changes to R&D capitalization, Section 179 limits, Section 168(k) bonus depreciation, and more – to ensure compliance.

Customers saw the most time-savings with their fixed assets work using our automatic state and federal tax law updates feature.

2. Accurate calculations that provide full visibility and auditability

By leveraging the Open Timeline feature, 98% of survey respondents reported that our product helped reduce the amount of time it takes to make changes to an asset’s life while preserving historical changes.

Total time respondents saved on average via Open Timeline

When respondents made changes 2X a month They saved 94 hours
When respondents made changes 2X a quarter They saved 31 hours

With full visibility into current and historical information of any asset, Open Timeline helped customers make modifications to their fixed assets, such as treating trailing invoices and late capitalizations. Over two-thirds (69%) of respondents indicated that they did this once a quarter or more frequently. Greater control over data improved their auditability.

3. Seamless data management for time- and cost-savings

Instead of manually modifying asset data, customers can easily update their asset transactions in bulk for reporting, resulting in time savings.

Nearly 70% of respondents noted that they found the ability to mass import asset transactions with Bloomberg Tax Fixed Assets’ Data Manager extremely useful.

Similarly, respondents who adopted our product’s new workflow automation capabilities have indicated that they found it “extremely” or “very” helpful in shortening closing periods for their organization.

10 Hours Saved

In addition to greater time-savings, respondents saw cost-savings, too. Almost half of participants said it would cost $10K or more to outsource their fixed assets work if they didn’t have access to Bloomberg Tax Fixed Assets.

Download: Bloomberg Tax Fixed Assets Customer ROI Survey

See why 98% of tax professionals say Bloomberg Tax Fixed Assets allows their tax department to respond to change faster and helps their departments have more time for strategic activities.

4. Fast and efficient reporting capabilities

Our Excel plug-in, DataView, has helped 98% of customers eliminate time-consuming manual consolidations across assets, enabling them to respond to changes faster through the ability to pull read-to-use formatted reports.

Total time respondents save in a year with DataView

When respondents needed to consolidate their fixed assets data 1X a quarter They saved 36 hours
When respondents needed to consolidate their fixed assets data 2X a year They saved 18 hours

While our plug-in has the same flexibility and familiarity of Excel, Bloomberg Tax Fixed Assets doesn’t have any asset limitations and hosts up to 99 books per company, enabling tax professionals to create custom tax and accounting books for additional jurisdictions, planning, or scenario modeling purposes.

Bloomberg Tax Fixed Assets allows my organization to efficiently complete all monthly, quarterly, and annual fixed asset tasks and federal and state tax filings. Features such as DataView, Open Timeline, mass import, and up-to-date tax codes are extremely valuable in driving productivity and remaining compliant with all tax codes and remaining in accordance with GAAP. If my organization's fixed asset-related tasks were outsourced, I would anticipate $50k+ in spend required.
Tax & Accounting Senior Manager
Large-Sized Public Corporation

5. Synchronize ERP data into a unified fixed assets format

By using Bloomberg Tax Fixed Assets, respondents who must manipulate their fixed assets data once a quarter to ensure synchronization for all their companies and entities have saved an entire workweek a year on average.

With Fixed Assets cloud version, we are able to go in and see their fixed assets database file from each division, load them on our computers, and then communicate any issues back to the division for them to fix to keep our database in sync.
Senior Manager
Private Corporation

Equipped with integration capabilities, Bloomberg Tax Fixed Assets automatically transforms data from any ERP system and puts it into a usable format, eliminating the need for labor-intensive manipulation and reconciliation processes.

Download: Bloomberg Tax Fixed Assets Customer ROI Survey

Learn why 85% of customers said Bloomberg Tax Fixed Assets help shorten their organization’s closing period.

How can Bloomberg Tax help with my tax needs?

Our best-in-class Fixed Assets software is only one of our innovative tax solutions that changes the game for tax department productivity and intelligence. Our suite of integrated tax solutions automates tedious work, minimizes risk, and frees up more of our customers’ time to do more strategic work. Learn more.

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