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Bloomberg Tax

Score9 out of 10

8 Reviews and Ratings

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What is Bloomberg Tax?

Bloomberg Tax is a tax management and automation software suite supporting corporate tax research, calculation, and compliance.

Categories & Use Cases

Key Features

Learn about the best (and worst!) features Bloomberg Tax has to offer, as determined by TrustRadius' reviewers.
Based on 8 ratings of Bloomberg Tax's features
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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: 8.9

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: 7.4

Reviews

What users are saying about Bloomberg Tax.
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Bloomberg Tax is Great.

Ahsan Mirza
Head of Tax in Finance and Accounting at Insider (1001-5000 employees employees)

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

Incentivized
Verified User
Manager in Corporate (201-500 employees employees)

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.

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