Bloomberg releases Workflow Automation software

Bloomberg Tax and Accounting announced the release of its new Workflow Automation software, which automates the processing of fixed asset transactions for both financial and tax accounting purposes.

The new software allows for automated data importing in multiple formats from different sources. This importation process, which is configurable for both direct connections and file-based transfers, can be done without the need for third-party tools. Not only does the software expose errors in the user interface, it also creates a traceable audit history for controls within a secure cloud environment.

The solution is aimed, in part, at eliminating the need for manual data entry, and is but one example of the increasing automation of data processing, taking the task out of human hands, which can be prone to error. It is estimated that software like this will become more commonplace in the near future, to the point that humans will eventually cease manual data entry completely (see full story.)

“Tax professionals can spend an enormous amount of time entering and checking transaction data,” said Evan Croen, senior vice president of Bloomberg Tax & Accounting, in a statement. “Workflow Automation for Bloomberg Tax Fixed Assets automates this tedious process, saving practitioners time and greatly improving efficiency. This new enhancement also increases data accuracy and control while reducing risk.”