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.
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.
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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.
SOURCE Bloomberg Tax & Accounting
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