Name: Bloomberg Tax
Rating: 8.4 (7 reviews)
Author: Bloomberg

October 30, 2023

BNA Fixed Assets in and outs

Verified User

Manager in Corporate

Wholesale Company, 201-500 employees

Score 9 out of 10

Vetted Review

Verified User

Incentivized

Use Cases and Deployment Scope

We use Bloomberg Fixed Assets for GAAP, Fed and State Tax depreciation.
Within their software there are countless options to describe an asset, organize, and manage users with a complete audit trail by asset.
Their reporting is top notch as you can export to PDF or excel using many report options but
even better, they have an Excel Add-On where you can create your own reports and then download the data as often as you need.
This allows different users to have different reports in different excel files for property tax, income tax, GAAP audits, etc. for the time period they desire by a simple download button.
We store all our documents with their software for easy retrieval by us and our auditors who we give access to our system on a limited basis.
They also offer ASC 842 software for leases which comes with the fixed asset software.
There are options to have multiple companies, or you can use one company with multiple divisions.
For reporting online, they allow 5 sections to customize your report by whatever field you choose (Asset Type, Location, Branch, Dep. GL, etc. The software as a whole is very user friendly but can be as complicated as you want.

Pros and Cons

Reporting
User friendly
Filter and Sorting

Better outlay of the depreciation section, rather see periods vertically, then horizontally. The periods are difficult to move through when you need to see many months in the past or vice-versa.
Would love to see an ability to mandate certain fields when creating an asset as every company is different.
Would love to see each field have the ability to have it's own pick list, and the pick list that does exist needs to be larger to allow for a longer list rather than just 8-10, then the rest are hidden so you have to move to section 2 to see that continuing list.

Likelihood to Recommend

The fixed asset software is very advanced for software in general,
but it is limited to accounting (GAAP and Tax) fixed assets.

Would love to see a more IT user friendly software allowing IT personnel to use a gun to scan the servers and computers, etc.
This wouldn't necessarily be a fixed asset as many computer items are too small dollar wise, but it would be a useful feature for IT and accounting to track IT assets by locatoin, user, departmetn, etc. and would be company wide.
Another software needed is for company contracts with an ability to send out emails for notifications that a given contract is coming due.
Obviously, this would be for contracts and leases but is also useful for accounting and would involve the whole company as there are contracts for rentals, equipment, service maintenance agreements, capital leases, IT contracts, etc.

Bloomberg Tax Feature Ratings

Type of tax (1)

80%

8.0

Sales and Use Taxes: 80%
8.0

Tax Reporting & Compliance (3)

86.66666666666666%

8.7

Geolocation for Tax Assessment: 80%
8.0
Tax Data Reporting: 100%
10.0
Compliance Administration Management: 80%
8.0

Return on Investment

Allowed for very smooth audits
User friendly, allows for documentation to be stored, very useful
Good audit trail to see what happened.

Other Software Used

CCH® SureTax®, Paylocity, TSYS Payment Gateway

Operating Systems	Unspecified
Mobile Application	No

Bloomberg Tax

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