Maximize Your ROI With Bloomberg Tax Research
[Read our survey to see how 293 tax professionals gained greater productivity, efficiency, and growth opportunities after implementing Bloomberg Tax Research into their workflows.]
There has never been a more crucial time to rethink your approach to tax research.
Federal, state, and international tax laws and regulations are becoming more complex, with governments around the world placing greater emphasis on enforcement. Having a deep understanding of evolving tax laws can mean the difference between a sound tax strategy and hefty penalties, fines, or legal action for noncompliance.
Tax professionals need a better solution that helps them keep track of intricate regulatory changes, minimizes tax compliance and audit risks, and offers long-term benefits – such as heightened efficiency, productivity, and growth.
To ensure customers are maximizing their ROI on our product, we surveyed almost 300 tax professionals working for a corporation or a tax and accounting firm who regularly use Bloomberg Tax Research as part of their workflow. This article spotlights four ways our product adds strategic value to their organizations.
1. Bloomberg Tax Research increases productivity with AI-enabled tax tools
Using our new product feature, AI Lab, 84% of respondents were able to find the answers they needed to their tax questions in seconds. By harnessing machine learning technology, AI Lab generates a summary of your tax inquiries, which includes excerpts and citations to our regularly updated library of tax intelligence and reference documents.
Instead of needing to search through large volumes of material, you will save time with these short, contextualized responses, allowing you to redirect your attention to tax planning and optimizing your tax position.
Partner/Director
Private Corporation
2. Compliance Tracker is invaluable for tax teams
On average, respondents saved $5,117 by using Compliance Tracker, a new workflow tool that automates the labor-intensive process of tracking and gathering federal and state tax forms while also sending alerts about approaching and changing filing obligations.
Compliance Tracker also reduces the risk of noncompliance and penalties by incorporating trusted data compiled and maintained by our in-house team of tax analysts and lawyers, who regularly track changes to dates and filing requirements.
Without a tool like Compliance Tracker, a manager might need many staffers to monitor and collect forms across entities and jurisdictions. But through the power of automated technologies, they can now do more with less and prevent their current employees from burning out.
3. Chart Builders save significant time and money
To stay competitive, tax leaders must develop strategies for improving efficiency and bringing value to their businesses. One way of doing this is identifying ways to free up time for tax teams, so that they can turn their attention to more high-value work.
Chart Builders can do just that. This feature works by a customer’s choosing one or more tax topics and then selecting various jurisdictions. The Chart Builder tool instantly creates a chart and compares information pertaining to the selected topical areas in each jurisdiction.
Whether trying to map out individual income taxes or allocation and apportionment, customers found Chart Builders helpful in streamlining their workflows and, on average, saved 3.7 hours and $7,136.
Senior Vice President
Private Corporation
4. OnPoints and Roadmaps
With regulatory environments becoming more complex, and with shrinking pools of tax and accounting talent, it’s critical for time-pressed tax teams to have accurate and easily digestible communication tools on hand to explain new tax policies to leadership, so that they can achieve implementation and compliance plans.
Our OnPoints – presentation-ready slides on various tax areas that are assembled by our in-house team of tax professionals – help customers save 2.6 hours on average on tax research and reduce outside spending by $6,575.
Our roadmaps have comparable timesaving and cost-saving benefits by distilling key components of legislative changes, with links to updated IRC sections and other key documents.
With more time at hand, customers can focus on other business priorities, such as driving performance and growth.
Trust Bloomberg Tax for timely tax intelligence
Our best-in-class research platform 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 about how Bloomberg Tax Research can help you spend less time searching for answers and more time strategizing.