Bloomberg Tax Fixed Assets
Bloomberg Tax
www.bloombergtaxtech.com
From the 2019 Reviews of Fixed Asset Management Systems
Advantage Fixed Assets from Bloomberg Tax & Accounting is a good fit for accounting firms of any size. The application would also be a good solution for corporate tax departments tasked with tracking fixed assets and depreciation. Powered by the Advantage Platform, which facilitates better integration with other Bloomberg Tax applications, the platform provides users with easy access to all products with a single login. Bloomberg Tax also offers the Advantage Fixed Assets Suite, which includes fixed asset management, inventory, and product control.
Advantage Fixed Assets easily supports an unlimited number of companies, departments, and divisions, while also providing consolidation capability. Asset entry is simplified with the use of product wizards that help guide users through the asset entry process. Asset entry, disposals, transfers, and other asset actions can also be done in bulk via import utilizing Data Manager. A wizard is also available for setting up new companies as well. The product offers out-of-the-box compliance, with built-in tax code and validation, federal tax regulations, and GAAP rules. Predefined asset types are included in Advantage Fixed Assets, though users can also create their own if desired. To prevent asset duplication, each asset has its own ID number, and users can easily attach photos and other asset-related documents directly to the asset file.
Advantage Fixed Assets offers 11 depreciation methods which include ACRS, MACRS, ADS, Alternative ACRS, Declining Balance, MACRS Straight-Line, No Calculation, No Depreciation, Remaining Balance/Remaining Life, Straight-Line, and Sum-of-the-Years’ Digits. Standard books available include GAAP, Federal Tax, AMT, ACE, and E & P, with users able to use the book wizard to create additional custom books. Period close dates can be added to any book, and users can create a mass change to all books. The Fixed Assets List allows users to track all assets, add a new asset, import and export asset data, and track information such as Acquisition Date, Acquisition Cost, Asset Type, Description, Parent Asset (if any), and Repair Type. Users can also transfer assets, split an asset, with the option of splitting the asset into multiple pieces if necessary, as well as track repairs on an asset, and dispose of an asset from the asset list. Custom list views can also be created in Advantage Fixed Assets.
In addition to standard information tracked, there are more than 80 user-defined fields that allow users to track detailed information on any asset. For those that need to dispose of an asset, another wizard is available to guide users through the entire process. Assets can also be easily transferred between companies, with an untransfer option available as well.
Advantage Fixed Assets offers more than 40 standard reports that are fully customizable. Reports available include Asset Acquisition, Asset Disposition, Asset History, Asset Type, Comprehensive Depreciation, Depreciation Expense, Fully Depreciated Assets, Gain and Loss, and Intercompany Transfers. The product also supports multiple IRS forms including Forms 3468, 4255, 4562, 4626, 4797, 8824, and Schedule M-1/M-3 report (including supporting worksheets for the IRS forms). A consolidated reporting option is also available for those managing multiple companies, locations, or departments. All reports can be viewed on screen, printed, or exported to Microsoft Excel for further customization. Reports can also be saved as a CSV file or PDF. Advantage Fixed Assets also includes Data View, an excel plug-in that allows Fixed Asset data to be pulled into excel in any format desired by the user.
For those looking for additional functionality, the Advantage Fixed Asset bundles include options such as Fixed Assets Business; designed for corporate enterprise users that are looking for multi-company and multi-user capability. The Advantage Automator supplies integration with any ERP system, along with tax compliance software integration, and the Asset Inventory module is a great solution for service and repair businesses that need to track assets such as furniture, fixtures, machinery, IT software and hardware, equipment, tools, and appliances. The Construction in Progress module supports tracking asset costs before they are placed in service, and allows automatic creation of assets when projects are completed. There is also a Fixed Assets Foreign Currency module that works with the Fixed Assets module to track exchange rates and supports multiple currencies with an option to track assets in more than one currency.
Bloomberg Tax & Accounting offers implementation and data conversion services to all new users. There are also a variety of training options available including online training, onsite training, and custom training. A variety of articles, videos, and white papers are also available on the Bloomberg Tax & Accounting website and toll free telephone support is available 24/7 with the exception of major holidays.
Advantage Fixed Assets is best suited for accounting professionals and enterprise level businesses that need to track numerous assets. Part of the Fixed Assets Suite, Advantage Fixed Assets can be used as a stand-alone application or in conjunction with other modules in the suite. Pricing for both Advantage Fixed Assets and additional modules varies, depending on modules purchased and number of assets. Those interested can request information directly from the Bloomberg Tax & Accounting website.
2019 Overall Rating – 5 Stars
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Tags: Accounting, Hardware
