Bloomberg Tax and Accounting introduced the discharge of its new Workflow Automation software program, which automates the processing of mounted asset transactions for each monetary and tax accounting functions.
The brand new software program permits for automated information importing in a number of codecs from completely different sources. This importation course of, which is configurable for each direct connections and file-based transfers, will be accomplished with out the necessity for third-party instruments. Not solely does the software program expose errors within the person interface, it additionally creates a traceable audit historical past for controls inside a safe cloud atmosphere.
The answer is aimed, partially, at eliminating the necessity for guide information entry, and is however one instance of the rising automation of knowledge processing, taking the duty out of human arms, which will be liable to error. It’s estimated that software program like this may develop into extra commonplace within the close to future, to the purpose that people will ultimately stop guide information entry fully (see full story.)
“Tax professionals can spend an unlimited period of time getting into and checking transaction information,” stated Evan Croen, senior vice chairman of Bloomberg Tax & Accounting, in a press release. “Workflow Automation for Bloomberg Tax Fastened Property automates this tedious course of, saving practitioners time and tremendously bettering effectivity. This new enhancement additionally will increase information accuracy and management whereas lowering threat.”