New Version Increases Fixed Asset Management Efficiency, Supports Accounting for Tangible Property Repairs Regulations
Bloomberg BNA today announced the release of version 2014. 3, its latest update to BNA Fixed Assets Web software. The new version allows tax and accounting professionals to more efficiently update and view their fixed asset information through additional field and filtering options, as well as improve the reconciliation of repairs with the new tangible property report.
"The latest enhancements to BNA Fixed Assets Web streamline the reporting of repairs and increase fixed asset management workflow and accuracy," said Dean Sonderegger, executive director of product management at Bloomberg BNA, Software Segment. By giving users even greater flexibility in how data is presented and reports are generated, tax professionals now have a better snapshot of their critical depreciation data. Tax professionals can now quickly look at a broader set of data surrounding each asset, which in turn, allows them to swiftly make more informed and therefore, accurate, decisions." To streamline the management and reporting of fixed assets, Bloomberg BNA incorporated four new features into BNA Fixed Assets in this latest product release:
- Additional Fixed Asset Fields - Ten new fields have been added to the asset list template, giving users quicker access to richer data. The new fields give users critical depreciation information, including cost of asset, life of asset, placed-in-service date of asset, property type, and method of depreciation for both the Tax book and GAAP books. Users no longer have to click on each individual asset to view this detailed information as it is now visible directly on their list of assets. The availability of these additional fields also quickly unveils differences that might occur between the tax book and GAAP book.
- New Tangible Property Report Supporting the Repair Regulations - This release includes a new report that enables more concise reporting of repairs to fixed assets. The report allows for easier reconciliation between the Tax book value and the GAAP book value of an asset. Combined with the new asset fields incorporated in this release, tax and accounting professionals now have a holistic view of their book differences.
- Greater Group and Filter Capabilities - Additional group and filter capabilities were added so users can filter, group, and report on assets based on the new fixed asset fields, as well as repair type. The new filtering options increased flexibility in how reports are generated, complementing accounting and tax processes. Users can choose to see only certain types of assets, sort them by date, or group similar assets together for quicker searching.
- Ability to Mark Reports as Favorites - Every company has a set of tax reports that are most important and, therefore, most often exported from their software system. Instead of having to search or scroll through entire lists of report options, BNA's Fixed Assets software now allows users to keep specific reports at the top of their list by marking them as "favorites." The favorites are specific to each individual user, allowing each employee easy access to the information they use most.
"These enhancements will not only result in more productive users, but also promote more thorough and accurate reporting," Sonderegger added. "With so many details involved in fixed asset management, giving users the most in-depth data in the most easy-to-use format is a must. With these additional features and reports, company executives will have more resources available to draw from when making critical tax and depreciation decisions."