Three Reasons Why Integrated Tax Solutions Will Help Your Workflow
As a tax professional, you’ve likely experienced the same pain points time and time again: Researching tax code in one platform; performing calculations in another – all while relying on tools that weren’t built for your specific tax use case.
But because your tax processes are interconnected, your tax tools should be, too. The Bloomberg Tax suite of integrated tools transforms disjointed systems and manual calculations into a single, seamless workflow, backed by the power of AI .
Sitting at the crux of our suite is Bloomberg Tax Workpapers, a first-of-its kind solution that preps your data automatically and integrates with the rest of our best-in-class products, including Bloomberg Tax Provision, Fixed Assets, and Research.
This article details how the Bloomberg Tax suite is changing the game for tax professionals via our globally trusted tax intelligence, robust automation technology, and thoughtful integration strategy.
Watch Bloomberg Tax Senior Vice President of Product Evan Croen showcase how trusted tax intelligence is embedded at the point of application. (5:07)
Globally trusted tax intelligence
For the past 60 years, Bloomberg Tax Research has offered unmatched tax intelligence through our portfolios, in-depth analysis, and practical guidance.
With the rise of new and emerging technologies, we’re continuing to improve how tax research is performed and executed by embedding our trusted intelligence at the point of application.
Accurate and updated calculations
Our workpapers solution updates all your calculations with the latest federal and state tax laws and includes explanations of any changes that are pulled from our research product.
For example, if you need to calculate state taxable income, Bloomberg Tax Workpapers makes it easy with custom formulas that return what the weighting is for each state.
If new laws are implemented that change your applicable tax rate for the period, the updated rate will pull in automatically. For multinational companies, you can also pull in foreign rates for all your entities.
Seamless reporting and compliance
To ensure you never miss a filing, upload your entity details on our Compliance Tracker – a feature of Bloomberg Tax Research – and watch it automatically generate the required forms, due dates, and administrative guidance.
With our new roll forward capabilities, there’s no need to upload anything new year-over-year. With a click of a button, this is done for you.
Find answers quicker
Throughout your workflow, if you have any questions, you can use our new AI Q&A service, where you can type in your inquiry and an AI-generated response will be populated, based on Bloomberg Tax content.
You no longer need to read through long analyses to find the answers you’re looking for. Instead, our AI-tool produces a short synopsis and identifies the source material, so you have full transparency on what content is human-made.
[See how Bloomberg Tax’s automation capabilities expedited the entire provision lifecycle for a mid-sized pharma company.]
Bloomberg Tax product manager Ellen Barker walks through use cases for time-saving automation capabilities. (2:00)
Robust tax automation
Handling tax data can be a headache when it’s coming from multiple ERP systems or multiple teams that use inconsistent formatting. Without automated tax software, you risk running into human error during manual data entry or transfer.
With built-in automation capabilities, our suite of tax solutions mitigates risk, saves time, and gives your team a clean, repeatable process.
As your organization grows, our tax automation scales by efficiently adjusting to higher data volumes and increasing system complexities.
Automate roll forward processes
Every year, roll forward will inevitably take up a lot of your time since you need to gather, validate, and reconcile extensive financial data from various sources.
But in Bloomberg Tax Workpapers, simply select which workpaper you want and the year you want to roll forward to. Let the data transformation feature – built specifically for the tax use case – pull in the data from the relevant period.
When you save and publish the results, the new roll forward workpaper will provide a summary of everything that was done to the workpaper, and all the values will be automatically updated with the new data source.
Bloomberg Tax Product Manager Chris Little explains how you can take your data farther with integrated products. (2:16)
Thoughtful integration strategy
Instead of spending time on manual data entry, you can use our integrated suite of tools to streamline workflows, allowing you to turn your attention to more strategic aspects of your business.
Reconcile m-adjustments
An example of integration is that between Bloomberg Tax Workpapers and Bloomberg Tax Provision, which allows users to easily calculate m-adjustments.
Derived from trial balance data, m-adjustments are among the most common calculations required to support tax provision work but must be regularly updated whenever there’s new trial balance data available.
Now, you can automate updates with a click of a button. Upload your prior and current period trial balances into Bloomberg Tax Workpapers.
Leverage data transformation to join them together, compute your m-adjustments, and import data to Bloomberg Tax Provision. If the trial balance changes, upload the new version, and the updates will automatically be made.
Why use Bloomberg Tax’s suite of solutions?
Our suite of integrated tax solutions automates tedious work, minimizes risk, and frees up time to do more strategic work.
With tax tools that talk to each other and share data through key integrations, Bloomberg Tax’s suite of solutions gives you confidence that everything from calculations to reporting will be accurate. Request a demo.