Bloomberg Tax Innovation Studio offers AI Assistant

Bloomberg Tax and Accounting launched its Innovation Studio, described as an "an ideation environment" offering new tools that are currently under development for the Bloomberg Tax Platform, including generative AI capacities. Providing customers with access to the new Innovation Studio will give select users earlier access to features in development while also serving as a means to quickly get users' critical feedback.

The studio's first offering is a new AI Assistant, the latest in a recent series of AI offerings from Bloomberg, including Bloomberg Tax Answers and the AI Expression Generator on Bloomberg Tax Workpapers. The bot provides answers to common questions, assists users with tasks, and enables them to leverage documents in helpful ways, such as summarization.

"We are excited to leverage the Innovation Studio as a new mechanism to collaborate with our customers to develop and evaluate new and innovative product features that help them do their work more effectively and efficiently," said Lisa Fitzpatrick, president of Bloomberg Tax & Accounting, in a statement. "We know from experience that the best way to ensure success of the platform's AI capabilities is in close collaboration with our users, and incorporating their feedback as we develop new products is a longstanding practice at Bloomberg Tax & Accounting."

The idea for the Innovation Studio was introduced by Bloomberg Industry Group in 2023 to prioritize incorporating customer feedback and iteration into the newest product concepts and ensure new tools meet demand and fit workflows.

Bloomberg last made news in Accounting Today when it announced the launch of its next-generation suite of integrated solutions for the corporate tax process, from data collection to tax calculations that power key deliverables. The suite includes Bloomberg Tax Provision and Bloomberg Tax Fixed Assets, linked together via the recently launched Bloomberg Tax Workpapers. Data from multiple business systems is prepped automatically and feeds into users' tax calculations, including those for provision, fixed asset depreciation and more. The suite is intended to address tax professionals' day-to-day workflow issues.