Bloomberg Tax Provision Adds Data Transformation and Automation Capabilities

News provided by

Apr 17, 2023, 09:17 ET

Tax Provision Customers Can Now Incorporate Automation Into Their Tax Provision Process Using Bloomberg Tax's New Data Transformation Engine

ARLINGTON, Va., April 17, 2023 /PRNewswire/ -- Bloomberg Tax & Accounting today announced that it is releasing new data transformation and automation capabilities for its Bloomberg Tax Provision. The new functionality enables Bloomberg Tax Provision customers to automate workflows across the tax provision lifecycle.

Tax professionals often receive financial data in inconsistent or unusable formats, and the steps to reformat this data are often manual and repeated period over period. Provision is among the highest-profile deliverables of corporate tax professionals and one they must complete in a very short time period – thus doing provision calculations manually can be tedious, time-consuming, and error prone.

The new data transformation tool is designed to help tax professionals create efficiencies in their tax provision process – for example, automating trial balance uploads to Bloomberg Tax Provision. Customers can now automate blending trial balance and non-trial balance data to compute book-to-tax ("Schedule M") adjustments, reconciling tax payable accounts, computing journal entries, and more.

Tax professionals can customize the automation to solve their company's specific data transformation needs and desired outputs. These workflows can then be reused period-over-period, reducing the potential for human error and saving valuable time that would otherwise be spent manually manipulating data. By automating routine and manual tax provision workflows, our users are free to focus on higher-value activities, like understanding key drivers in the effective tax rate reconciliation. Bloomberg Tax Provision Certified Implementers – RSM, GTM, and VPTax – are trained by Bloomberg Tax & Accounting's team of experts to support successful customer implementations.

"Providing an automated software solution that helps corporate tax professionals save time by moving away from manual processes frees up tax professionals to devote more time toward strategic tasks like planning and mitigating risks," said Lisa Fitzpatrick, President, Bloomberg Tax & Accounting. "Our new tool was designed specifically for tax professionals to automate tax workflows, and we're confident that it will have a positive impact it on our customers' productivity while helping them deliver greater value to their companies or clients."

Learn more about our Provision feature at: https://pro.bloombergtax.com/bloomberg-tax-provision/

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