Bloomberg Tax and Accounting has announced the release of its new Workflow Automation software, which automates the processing of fixed asset transactions for financial and tax accounting purposes.
The new software allows automated import of data in multiple formats from different sources. This import process, which is configurable for both direct connections and file-based transfers, can be performed without the need for third-party tools. Not only does the software expose errors in the user interface, but it also creates a traceable audit history for controls in a secure cloud environment.
The solution aims, in part, to eliminate the need for manual data entry, and is just one example of the increasing automation of data processing, eliminating the task of error-prone human hands. . It is estimated that software like this will become more common in the near future, to the point where humans will eventually cease manual data entry altogether (see full story.)
“Tax professionals can spend an inordinate amount of time entering and verifying transaction data,” Evan Croen, senior vice president of Bloomberg Tax & Accounting, said in a statement. “Workflow Automation for Bloomberg Tax Fixed Assets automates this tedious process, saving practitioners time and dramatically improving efficiency. This new enhancement also increases data accuracy and control while reducing risk. »