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Bloomberg Tax Fixed Assets
What is Bloomberg Tax Fixed Assets?
Expert software that enables tax & accounting professionals in companies of any size to gain a foundation for all fixed assets & depreciation management. With frequently changing tax and GAAP regulations, processes & compliance are automatic, management is streamlined, & comprehensive reporting is delivered with the insight you need to make informed management decisions. This automation software manages the complete fixed assets life cycle - from construction and purchase to retirement.
Who Uses Bloomberg Tax Fixed Assets?
U.S.-based corporations that manage fixed assets, and accounting firms that manage fixed assets for corporate clients.
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Reviews of Bloomberg Tax Fixed Assets
Accounting for Fixed Assets
Comments: 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.
Accurate and Efficient
Comments: 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.
Very Easy to use; good service, expensive pricing model; weak reporting
Comments: 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.
Good Software But Pricey
Comments: 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.
Review
Comments: 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.
