Built for tax professionals, the new Bloomberg Tax Workpapers focuses on three main areas of the process: data, controls and calculations. Users will be able to:
- Automate processes specific to tax, including cleansing trial balances, M-1 flux analysis and period-over-period roll forwards;
- Start from templates built with the latest tax laws in mind;
- Automatically update calculations with the latest tax laws, along with explanations for the changes and links to primary sources;
- Perform cell-level reviews, enabling users to know whenever a critical value changes; and
- Standardize SOX controls with workbook-level sign-offs and status tracking, locking workbooks from further edits when finalized.
"Workpapers is where tax professionals' most challenging work is done, yet it's the area of their workflows with the least amount of automation," said Lisa Fitzpatrick, president of Bloomberg Tax and Accounting in a statement. "Bloomberg Tax Workpapers leverages automation to streamline this process, reducing errors, improving collaboration, and increasing efficiency. We're building toward a future in which critical corporate tax workflows, from initial data gathering to final deliverables, can truly be automated, once and for all."
The product integrates with other solutions in Bloomberg Tax's suite — Research, Fixed Assets and Provision software.
The workpapers software was designed with professional accountants in mind, with the interface mimicking a regular spreadsheet experience as much as possible.
Bloomberg Tax Workpapers had been commercially available via soft launch
