ARLINGTON, Va., July 18,
2024 /PRNewswire/ -- Today Bloomberg Tax &
Accounting announced new enhancements to Bloomberg Tax Workpapers,
including an innovative AI formula generator and additional
integrations with Bloomberg Tax's Fixed Assets and Tax Provision
solutions. These advancements continue Bloomberg Tax &
Accounting's commitment to integrating and streamlining corporate
tax workflows across its suite of solutions.
We are addressing key pain points in
corporate tax workflows.
The new AI Expression Generator within Bloomberg Tax Workpapers
enables users to input their requirements in natural language and
receive an AI-generated formula output. This tool leverages AI
automation to address common challenges in the review and
maintenance of workpapers, such as mitigating the risk of manual
formula errors or uncertainty around which function to use to
accomplish a data transformation task. It also enables users of
varying tax technology backgrounds to utilize the tool with
ease.
Additionally, Bloomberg Tax & Accounting has strengthened
integration between Bloomberg Tax Workpapers and other key
solutions. The direct data export feature to Bloomberg Tax
Provision eliminates the need for separate data upload, enhancing
efficiency and reducing errors in tax provision computations.
The integration of Workpapers with Bloomberg Tax Fixed Assets
offers a self-service option for users to automate their asset
import and export processes, providing seamless data management and
improved accuracy. For example, users can set up a workflow to
automate their reconciliation tasks or feed depreciation values
directly into a workpaper for other tax calculations. This type of
automation delivers time-savings and an audit trail to enable tax
professionals to focus on higher-value activities.
"By continuously enhancing Bloomberg Tax Workpapers and creating
more integration points with our other solutions, we are addressing
key pain points in corporate tax workflows," said Lisa Fitzpatrick, president of Bloomberg Tax
& Accounting. "The AI formula generator and our robust
integrations are pivotal in our mission to simplify and automate
complex processes and ensure calculation accuracy for critical tax
deliverables."
These updates are part of Bloomberg Tax & Accounting's
ongoing efforts to innovate and provide comprehensive, integrated
solutions that streamline tax professionals' workflows and make
them more efficient and effective.
For more information and to schedule a demo, visit
https://aboutbtax.com/beTT.
About Bloomberg Tax & Accounting
Bloomberg Tax & Accounting provides practitioner-driven
research and technology solutions that deliver timely, strategic
insights to enable smarter decisions. From our unparalleled Tax
Management Portfolios to technology designed to streamline the most
complex planning and compliance scenarios, we deliver essential
news and analysis, practical perspectives, and software that help
tax and accounting professionals around the globe mitigate risk and
maximize business results. For more information,
visit Bloomberg Tax.
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SOURCE Bloomberg Tax & Accounting