Company: Bloomberg Tax & Accounting
Company Description: Bloomberg Tax & Accounting provides practitioner-driven research and technology solutions that deliver timely, strategic insights to enable smarter decisions. With technology designed to streamline the most complex planning and compliance scenarios, we deliver news, analysis, practical perspectives, and software that help tax & accounting professionals mitigate risk and maximize business results.
Nomination Category: New Product & Service Categories - Technology Solutions
Nomination Sub Category: Financial Management Solution
 Nomination Title: Bloomberg Tax & Accounting's Bloomberg Tax Workpapers
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
Written answers
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
Bloomberg Tax Workpapers was released in March 2024, with integrations and enhancements added throughout 2024.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 297 words used.
Bloomberg Tax & Accounting is thrilled to announce new enhancements to Bloomberg Tax Workpapers, including the pioneering AI Expression Generator and augmented integrations with Bloomberg Tax's Fixed Assets & Tax Provision solutions. These improvements underscore our commitment to harmonizing and improving corporate tax workflows across our solutions suite.
The AI Expression Generator, a cornerstone of the enhancements, empowers users to input requirements in natural language to generate AI-driven formula output. This innovative tool uses AI automation to address prevalent challenges in workpaper review and maintenance, including mitigating manual formula errors and uncertainties around function selection for data transformation tasks. Regardless of a user's tax technology familiarity, the tool is designed for ease of use.
Further enhancements include the robust integration of Bloomberg Tax Workpapers with other solutions. Direct data export to Bloomberg Tax Provision eliminates separate data uploads, enhancing efficiency and reducing error rates in tax provision computations. Additionally, the integration with Bloomberg Tax Fixed Assets provides a self-service option, automating asset import and export processes, and improving data accuracy. This automation paves the way for time-saving, auditable workflows - allowing tax professionals to focus on value-added activities.
Key benefits of the software integration include automation of data preparation, reducing manual effort, error risk, and enhanced transparency for auditors and risk managers. Additionally, it offers flexibility and control over data preparation and import time and effort, catering to different business needs.
Moreover, the update facilitates the application of cost segregation study results to assets, ensuring compliance with IRS regulations. Other new features include custom reports, automated reconciliation, and automated export.
At Bloomberg Tax & Accounting, we are committed to streamlining corporate tax workflows using innovative, integrated solutions that simplify processes and enhance efficiency and effectiveness. These enhancements to Bloomberg Tax Workpapers are a testament to that commitment.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 211 words used.
Bloomberg Tax Workpapers has been recognized as a Top New Product by Accounting Today. It was awarded a Bronze Stevie® Award in the Financial Management Solution category in the 22nd Annual American Business Awards®, a silver award in the Technology Software category of the 2024 Golden Bridge Awards®, and silver recognition in the category of Finance and Accounting Business Process at the 19th Annual 2024 Globee® Awards for Technology.
Workpapers has been well-received by users. “Using Bloomberg Tax Workpapers, I know where the data is coming from and I know that it’s correct. That gives me assurance that the output is correct and I can explain it,” said Christine Kennedy, Associate Tax Director, Hyland Software. Her colleague at Hyland Software, Matthew Russell, Domestic Tax Manager, added, “Having a starting point is going to save us a lot of time compared to opening up a blank Excel that has nothing on it and saying ‘build me a roll forward for this complex calculation’. This is going to save hours and hours of work.”
Becky Hawkins, Associate Tax Director, Riveron, shared her positive experience. “Bloomberg Tax Workpapers gives clients the ability to use data in multiple ways, getting rid of duplicative work that occurs over the course of a year.”
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 88 words used.
Bloomberg Tax & Accounting announced Workpapers’ recognition in the following three press releases:
Two cases studies are available here:
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