Bloomberg Tax Fixed Assets
About Bloomberg Tax Fixed Assets
Fixed Assets is a cloud-based software offered by Bloomberg Tax & Accounting that helps to automate and manage the entire fixed asset life cycle, from construction to disposal. The fixed assets software tracks and manages fixed assets, depreciation calculations, compliance with policies & regulations and accounting details.
Fixed Assets enables tax and accounting professionals in companies of any size to gain a solid foundation for all fixed assets and depreciation management. Processes are automated, compliance with frequently changing tax and GAAP regulations are automatically
enforced, management is streamlined, and comprehensive reporting delivers the insight you need to make informed management decisions.
The software provides:
• Out-of-the-box compliance, with built-in tax code and validation, enforces federal tax regulations and GAAP rules, with automatic updates whenever tax laws change.
• Audit trail provides full visibility and control of your fixed asset data. Open Timeline (a Bloomberg Tax exclusive) keeps a thorough and secure historical record of all changes.
• Comprehensive reporting eliminates time consuming manual consolidation across companies, divisions, and locations, and reduces closing time. Plus, Fixed Assets software comes with a full suite of standard and
custom reports, including fileable tax forms and
supporting worksheets.
• Integration with accounting and tax compliance systems removes the need for manual data entry and manipulation to keep your fixed assets data synchronized, up to date, and accurate for all companies and entities.
• File attachments added to asset records
provide audit support and aid in making asset
disposition decisions.
Key benefits of Bloomberg Tax Fixed Assets
• Fixed Assets is a fixed asset and depreciation management software that helps to automate and manage the complete lifecycle of fixed assets such as buildings, office equipment and others.
• The software helps to increase accuracy and efficiency with built-in tax codes and validation methods as well as provides greater control and visibility of fixed asset data.
• The tool automates the calculation of fixed asset depreciation and reduces errors using built-in templates and standardized depreciation policies as well as provides compliance with GAAP rules and tax codes.
• The product integrates with third-party accounting, ERP and tax compliance systems, thereby helping users in efficient data import/export and in staying up-to-date on all relevant rules and regulations.
• Fixed Assets provides audit support and aids in making decisions regarding asset disposition in addition to offering ‘expert wizard’ features to reduce and fix errors.
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- Industry: Transportation/Trucking/Railroad
- Company size: 5,001–10,000 Employees
- Used Daily for 6-12 months
-
Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Accounting for Fixed Assets
Reviewed on 15/12/2018
The ability to report fixed assets in multiple currencies is the best thing with this software,...
The ability to report fixed assets in multiple currencies is the best thing with this software, its so useful for a company that has branches in different countries as it automatically calculates exchange rates .
Pros
This software makes the process of accounting for fixed assets so simple. One is able to record, calculate depreciation, calculate gain or loss on disposal and asset and track all fixed assets owned by a company.
Cons
It is complicated and it is difficult for users to adjust the depreciation rates or add anything to it.
- Industry: Real Estate
- Company size: 51–200 Employees
- Used Weekly for 2+ years
-
Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 10.0 /10
Accurate and Efficient
Reviewed on 11/09/2023
Bloomberg Fixed Assets is fast, easy to navigate, and most importantly, correct. Upgrading to the...
Bloomberg Fixed Assets is fast, easy to navigate, and most importantly, correct. Upgrading to the online program has been a huge timesaver for us, and has saved us large amounts of time, especially in tax season.
Pros
The ability to consolidate companies and change reporting structures and report organization using even basic reports is a huge timesaver, and is appreciated by management, who can request ad hoc reports organized as they like.
Cons
In some areas such as "Switch View" the date selection could be larger to make it easier to quickly switch between months and years.
- Industry: Hospitality
- Company size: 10,000+ Employees
- Used Daily for 1+ year
-
Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 7.0 /10
Very Easy to use; good service, expensive pricing model; weak reporting
Reviewed on 15/10/2016
The software makes it very easy to upload and mass modify assets. If you buy it, you must get the...
The software makes it very easy to upload and mass modify assets. If you buy it, you must get the dataview add-on that lets you integrate the reporting into excel. The base crystal reporting is hard to use and also only allows you to report on one book at a time.
The database is very flexible, allowing multiple placed into service dates (one for each book) but the reporting becomes erroneous if you have to input assets placed into service in prior periods or modify the basis of an asset (say, due to an impairment). Instead you need to create new component assets for the modifications. This becomes a problem because BNA charges you based on the number of assets, and the price escalates very quickly. We have only 5 users but are forced to pay for a pricey 100 user license because we have 100,000 assets. In other words, BNA is bad for capital-intensive businesses who need detailed, accurate records.
By using easy to understand asset types you can quickly populate all of your books (GAAP, Fed, AMT, etc) because lives and methods are programmed automatically by type. You get great efficiency and simply your tax reporting. If you have unusual assets you can also modify each book separately after you populate the asset type, so you retain flexibility when needed.
For a smaller business, this software would be superb.
The BNA team was very responsive during our implementation, and did the project management for us. All we had to do was export our old database into CSV or excel and give it to them. The job was very well done.
Pros
The asset type method makes training users very easy
Cons
The price model is unfair to companies with a large number of assets but few transactions. The reporting is basic and prone to error. An upgrade is required to get a good reporting capability.
- Industry: Chemicals
- Company size: 201–500 Employees
- Used Monthly for 1+ year
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Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 5.0 /10
Good Software But Pricey
Reviewed on 09/09/2023
My overall experience has been positive. The software is easy to use, fairly easy to import into...
My overall experience has been positive. The software is easy to use, fairly easy to import into and easy to fix asset depreciation histories when needed to keep aligned with that was booked, when what was booked was wrong. Not every program provides the granular level of control Bloomberg does. If only their pricing model wasn't so punitive and they supported external reporting tools, it would be outstanding.
Pros
Good user interface and strong functionality. The reporting tools provide easy export to Excel, but lack in connectivity to other tools, such as PowerBI. The ability to manage multiple companies in a single web application is great, as is the ability to manage multiple capital projects and convert compelted projects into assets. Asset disposal is similarly easy, and they give you plenty of ability to tailor asset depreciation to accomodate any mistakes you may have in your asset history.
Cons
The biggest issue with Bloomberg is pricing based on number of assets. In an age when storage is dirt cheap, there's no excuse for arbitrary levels of pricing based on number of assets. If you have existing assets, expect to have to lose history or pay through the nose to store fully depreciated assets just to bring their records over. The other major limitation is that while reporting to Excel is terrific, reporting to other tools such as BI is non-existent. Bloomberg really needs to add support for connections to other reporting tools.
- Industry: Accounting
- Company size: 51–200 Employees
- Used Monthly for 2+ years
-
Review Source
Overall rating
- Value for Money
- Ease of Use
- Customer Support
- Likelihood to recommend 7.0 /10
Review
Reviewed on 07/09/2023
Easy to use
Easy to use
Pros
Ease of use allows easy cross training of other users.
Cons
Since BNA has gone to a CLOUD based product the price has increased exponetially making it a hardsell to manage,ment.
Bloomberg Tax Fixed Assets FAQs
Below are some frequently asked questions for Bloomberg Tax Fixed Assets.Q. What type of pricing plans does Bloomberg Tax Fixed Assets offer?
Bloomberg Tax Fixed Assets offers the following pricing plans:
- Pricing model: Subscription
- Free Trial: Available
Contact Bloomberg Tax & Accounting for pricing information or a quote.
Q. Who are the typical users of Bloomberg Tax Fixed Assets?
Bloomberg Tax Fixed Assets has the following typical customers:
2–10, 11–50, 51–200, 201–500, 501–1,000, 1,001–5,000
Q. What languages does Bloomberg Tax Fixed Assets support?
Bloomberg Tax Fixed Assets supports the following languages:
English
Q. Does Bloomberg Tax Fixed Assets support mobile devices?
Bloomberg Tax Fixed Assets supports the following devices:
Q. What other apps does Bloomberg Tax Fixed Assets integrate with?
Bloomberg Tax Fixed Assets integrates with the following applications:
Microsoft Excel
Q. What level of support does Bloomberg Tax Fixed Assets offer?
Bloomberg Tax Fixed Assets offers the following support options:
Email/Help Desk, FAQs/Forum, Knowledge Base, Phone Support, Chat
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