Bloomberg Tax has introduced Advantage Automator for accountants to reduce or eliminate manual tax and accounting processes.
The solution is built on the Advantage platform from Bloomberg Tax, and uses a business rules engine that standardizes workflows between third-party systems (including enterprise resource planning systems), tax systems and applications that run on the Advantage platform.
Advantage Automator connects multiple tax and accounting systems using machine-to-machine communications. The following are some of the key features of the technology:
- Extraction and integration of data from third party tax compliance systems and general ledger applications;
- Centralization of financial control and automation of complex accounting processes, such as fixed asset repair regulations or technical termination workflows;
- Import of data and reports from other systems to handle apportionment factors for state tax calculations;
- Leveraging of robotic process automation to define and create workflows that automate repetitive tasks;
- Elimination of manual consolidation tasks for reporting purposes.
The Automator incorporates Bloomberg’s Advantage Fixed Assets and State Tax Analyzer solutions, as well as its hosted spreadsheet and document management workflow tools.
Later this year, Bloomberg Tax will release a Leased Assets software product that integrates with the Automator to address calculations and the reporting requirements necessary to comply with the new ASC 842 lease accounting standard.
“Advantage Automator addresses the challenges enterprises face every day ─ to measurably improve efficiency, accuracy, and control of their accounting and tax processes,” stated Ken Crutchfield, vice president and general manager of Bloomberg Tax Technology. “It combines a wide array of processes, data, and disparate systems to drive business results.”
To learn more about Advantage Automator from Bloomberg Tax, visit www.BloombergTaxTech.com/Automator.
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