Your Current Approach to Fixed Assets Isn’t Worth the Risk

May 16, 2023
Your Current Approach to Fixed Assets Isn’t Worth the Risk

[Protect your company from common fixed assets challenges.]

As your business grows, your fixed asset transactions will inevitably grow and become more complex, which is why it is critical to have software in place to eliminate error and maximize depreciation benefits. Selecting the wrong software, though, can cause serious setbacks, including:

  • Inefficiencies: Fixed assets software that does not utilize automation creates workflow disruptions and human error from manually importing high volumes of complex data from multiple systems or platforms.
  • Financial statement risk: If fixed assets data isn’t regularly updated, or if calculations are performed manually, then you’re at risk of logging inaccuracies on your company’s balance sheet, increasing the likelihood of being audited or fined.
  • Noncompliance: Without built-in tax law updates, you put your organization at risk for unintentionally failing to meet your tax obligation, which could result in legal, monetary, and reputational consequences.

However, Bloomberg Tax Fixed Assets software eliminates inefficiencies, financial statement risks, noncompliance, and lack of control that plagues fixed assets management when handled in spreadsheets and nonintegrated accounting and tax systems. Equipped with flexible integration capabilities, our cloud-based software can help you accurately track and monitor the complete fixed assets life cycle – from construction and purchase through retirement – so you can optimize your depreciation strategy.

Software that can grow with you

As new data frontiers emerge, and as companies grow, it is important to have a streamlined platform, where multiple users within an organization or across subsidiaries have real-time access to fixed assets data that is protected, consolidated, and automatically updated whenever tax laws change. While Bloomberg Tax Fixed Assets software offers accuracy and scalability, competing platforms fall short in these key areas.

Bloomberg Tax Other Options
No asset/record limitation or performance degradation for large numbers of assets Limitation of 50,000 assets
True cloud-based applications with unlimited users across all operating divisions Lack of a native-cloud application, which limits scalability and access for decentralized organizations
Great tax savings by modeling different scenarios with up to 99 books per company Limit of 10 books that lack customization
No IT spend for hosting our application IT spend for applications that require server space
User controls and permissions that expand as more team members work in the software User limitations

Work smarter, not harder, with automation

Other software options lack automation and integration capabilities, which often trigger manual errors that can result in monetary or reputational damage. However, we’ve got you covered with even the most demanding tax, accounting, and reporting requirements, with these features:

  • Regulatory compliance: With built-in tax code and validation, Bloomberg Tax Fixed Assets software automatically updates when a federal or state tax law changes.
  • Comprehensive reporting: Avoid manual consolidations across firms, divisions, and locations to speed up closing time. Our platform includes standard and custom reports, including fileable tax forms and supporting worksheets.
  • ERP integrations: Ensure your data is synchronized by integrating Bloomberg Tax Fixed Assets software with any ERP system, including SAP (S4/HANA), Oracle NetSuite Cloud, Microsoft Dynamics, Workday, PeopleSoft, Costpoint, and more.
  • Mass import: Eliminate the pain of manually inputting data by automatically importing all fixed assets transactions across multiple systems.
  • Journal entry management: Bloomberg Tax Fixed Assets software automatically creates individual journal entries on your chart of accounts and offers improved management reporting on all asset disposals, transfers, acquisitions, and adjustments.
  • Reconciliation functions: Reconcile your general ledger data to your fixed assets data by automatically comparing and identifying differences.

With Bloomberg Tax, you can rest assured that your fixed assets reporting is accurate and up to date, so you can devote your time and effort to other important business needs.

[A manufacturing company saved hundreds of hours with Bloomberg Tax Fixed Assets. Learn how.]

Accurate calculations that provide full visibility

Our software’s audit trail gives you full control over fixed assets data via our proprietary Open Timeline feature. Unlike competing platforms that have inflexible single period views of data with required hard closes, Open Timeline allows full visibility into the asset’s life while enabling changes to the asset but preserving historical calculations.

Bloomberg Tax Other Options
Ability to properly address late capitalizations or trailing invoices Inability to customize or track revisions to depreciation calculations
Auditable solution to keep you in compliance with SOX requirements No access to prior year asset-level calculations for reconciliation purposes once a period has been closed

Add value to your organization

No matter the size of your company or number of fixed assets, business units, or locations, our software enables you to manage your fixed assets with accuracy and efficiency. Processes are automated, compliance is guaranteed, asset management is streamlined, and closing times are dramatically shortened.

Backed with timesaving and cost-saving features, Bloomberg Tax Fixed Assets software delivers the insight you need to make informed decisions to strategize and plan for the months ahead. Corporations – such as Allianz Global Investors, CBS, Sequa, Sinclair, The Washington Post, and more – rely on our software to optimize their fixed assets management and maximize return. Request a demo.

What customers are saying about Bloomberg Tax Fixed Assets

Fixed Assets has given us incredible time savings. Our fixed assets person has been freed up to do other things, such as creating new reports and better analysis.
Donna Thompson
Senior Accounting Associate
Allianz Global Corporate & Specialty
Fixed Assets is the easiest and most flexible software I have used. Upgrades are easy, and the customer support staff has been knowledgeable and courteous on the few occasions I have needed support.
Tom Staccone
REDCOM Laboratories, Inc.
Fixed Assets saves CBS more than two person-months each year, which lets us focus on strategic efforts that can potentially save the company money and help us make better business decisions.
CBS Corporation
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