#1 most frequent
United States of America
86.5%135 installations of 156
What is Bloomberg Tax?
Bloomberg Tax is a tax management and automation software suite supporting corporate tax research, calculation, and compliance.
Categories & Use Cases
Top Performing Features
Cross-border Taxes
Software is capable of calculating and filing taxes, such as customs, across countries.
Category average: 7.8
VAT / GST Taxes
Ability to calculate and manage VAT and GST taxes.
Category average: 7.2
Geolocation for Tax Assessment
Ability to use geolocation, which is more precise than zip codes, for mapping taxes to specific jurisdictions.
Category average: 9
Areas for Improvement
3rd-Party Software Integrations
Pre-built integrations with various systems such as ERP, ecommerce, CRM, invoicing and billing, accounting, and procurement applications.
Category average: 7.4
Tax Document Management
Collection and storage of tax documents, especially exemption certificates, and ability to retrieve them to use for tax audits.
Category average: 8
Complex Tax Scenario Management
Ability to automate handling of tax holidays and other anomalies.
Category average: 7.5
Who Buys & Uses Bloomberg Tax
#2 most frequent
Canada
4.5%7 installations of 156
#3 most frequent
United Kingdom of Great Britain and Northern Ireland
1.9%3 installations of 156
Bloomberg Tax is Great.
Use Cases and Deployment Scope
We use it for all of our domestic and International tax issues. We use research tools, tables, and charts to help navigate issues. It also helps plan more effectively without spending more money on consultants. It is a budget savior, not a budget waster.
Pros
- Research
- Chart Creations.
- Help narrow down or identify the exact issue you have.
- Customer Support through the help line.
Cons
- Tax Tables for Sales Tax.
- Taxability Matrix.
- Nexus Issues.
Return on Investment
- Return on Investment.
- Reduced Consultant Costs.
- Speeding up answers on questions.
- Building up internal tax function.
Usability
Alternatives Considered
Avalara, CCH Corporation Tax and Checkpoint Edge with CoCounsel
Other Software Used
Thomson Reuters ONESOURCE, Avalara
BNA Fixed Assets in and outs
Use Cases and Deployment Scope
We use Bloomberg Fixed Assets for GAAP, Fed and State Tax depreciation.
Within their software there are countless options to describe an asset, organize, and manage users with a complete audit trail by asset.
Their reporting is top notch as you can export to PDF or excel using many report options but
even better, they have an Excel Add-On where you can create your own reports and then download the data as often as you need.
This allows different users to have different reports in different excel files for property tax, income tax, GAAP audits, etc. for the time period they desire by a simple download button.
We store all our documents with their software for easy retrieval by us and our auditors who we give access to our system on a limited basis.
They also offer ASC 842 software for leases which comes with the fixed asset software.
There are options to have multiple companies, or you can use one company with multiple divisions.
For reporting online, they allow 5 sections to customize your report by whatever field you choose (Asset Type, Location, Branch, Dep. GL, etc. The software as a whole is very user friendly but can be as complicated as you want.
Within their software there are countless options to describe an asset, organize, and manage users with a complete audit trail by asset.
Their reporting is top notch as you can export to PDF or excel using many report options but
even better, they have an Excel Add-On where you can create your own reports and then download the data as often as you need.
This allows different users to have different reports in different excel files for property tax, income tax, GAAP audits, etc. for the time period they desire by a simple download button.
We store all our documents with their software for easy retrieval by us and our auditors who we give access to our system on a limited basis.
They also offer ASC 842 software for leases which comes with the fixed asset software.
There are options to have multiple companies, or you can use one company with multiple divisions.
For reporting online, they allow 5 sections to customize your report by whatever field you choose (Asset Type, Location, Branch, Dep. GL, etc. The software as a whole is very user friendly but can be as complicated as you want.
Pros
- Reporting
- User friendly
- Filter and Sorting
Cons
- Better outlay of the depreciation section, rather see periods vertically, then horizontally. The periods are difficult to move through when you need to see many months in the past or vice-versa.
- Would love to see an ability to mandate certain fields when creating an asset as every company is different.
- Would love to see each field have the ability to have it's own pick list, and the pick list that does exist needs to be larger to allow for a longer list rather than just 8-10, then the rest are hidden so you have to move to section 2 to see that continuing list.
Return on Investment
- Allowed for very smooth audits
- User friendly, allows for documentation to be stored, very useful
- Good audit trail to see what happened.
Other Software Used
CCH® SureTax®, Paylocity, TSYS Payment Gateway