How to Maximize Your ROI With a Fixed Assets Solution
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.
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.
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.
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.
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.
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.