Bloomberg Tax Fixed Assets Reviews

The ability to report fixed assets in multiple currencies is the best thing with this software, its so useful for a company that has branches in different countries as it automatically calculates exchange rates .

Bloomberg Fixed Assets is fast, easy to navigate, and most importantly, correct. Upgrading to the online program has been a huge timesaver for us, and has saved us large amounts of time, especially in tax season.

The software makes it very easy to upload and mass modify assets. If you buy it, you must get the dataview add-on that lets you integrate the reporting into excel. The base crystal reporting is hard to use and also only allows you to report on one book at a time.

The database is very flexible, allowing multiple placed into service dates (one for each book) but the reporting becomes erroneous if you have to input assets placed into service in prior periods or modify the basis of an asset (say, due to an impairment). Instead you need to create new component assets for the modifications. This becomes a problem because BNA charges you based on the number of assets, and the price escalates very quickly. We have only 5 users but are forced to pay for a pricey 100 user license because we have 100,000 assets. In other words, BNA is bad for capital-intensive businesses who need detailed, accurate records.

By using easy to understand asset types you can quickly populate all of your books (GAAP, Fed, AMT, etc) because lives and methods are programmed automatically by type. You get great efficiency and simply your tax reporting. If you have unusual assets you can also modify each book separately after you populate the asset type, so you retain flexibility when needed.

For a smaller business, this software would be superb.

The BNA team was very responsive during our implementation, and did the project management for us. All we had to do was export our old database into CSV or excel and give it to them. The job was very well done.

My overall experience has been positive. The software is easy to use, fairly easy to import into and easy to fix asset depreciation histories when needed to keep aligned with that was booked, when what was booked was wrong. Not every program provides the granular level of control Bloomberg does. If only their pricing model wasn't so punitive and they supported external reporting tools, it would be outstanding.

Easy to use

Great!

Splitting assets, repairs , bonus depreciation

We have recently upgraded from the desktop version to the web version of BNA Fixed assets. There were many difficulties with the move, but received customer service to slowly complete the transaction. After we accomplished the transfer and customized the system to our specific use, one thing I would say that is extremely helpful is the ability to search within each field. There has been a lot to learn with the system compared to the old with specifics as report creating, defaults, and asset view. In the future I look to learn more about the software and the possible capabilities. We have found a few items that are desired enhancements as listed below:
Order of fields in Add Asset windows to be customizable
Add option to upload document within the Add Asset window when asset is created rather than editing the asset and then uploading the document
Option to add an additional asset after one is complete
Default within Add Asset windows: Override Additional First-Year Depreciation - Default next screen to choose No AFYD
Setup- Fields Asset Field List larger box to view all data at once
Similar: Edit within asset when selecting from PickList - larger selection area
Have All Favorites (reports and batches) as a filter in the reports section
Asset Viewer ability to go to next asset without exiting asset viewer
Assets View add more headers be able to scroll over (left and right)
Thank You.

I have no other depreciation software to compare it to but it works for what I need it to.

Our Bloomberg terminals were easily linked to this tool.

We couldn't have restructured our company without BNA. BNA allows us to track partnership step-ups and create multiple groups without creating new instances of a company.

The migration from our desktop to cloud version was smooth and easy from our end. The functionality and reporting capability meets and in some cases exceeds the needs we have.

In general, this works about as well and is as user friendly as you can expect from something as complicated as a fixed asset tool. We are, in general, very happy with this product. The one major complaint is regarding reports that are exported to Excel. When producing a report for export to Excel and including a fixed asset description, it automatically puts the description on the next line. Additionally, the Excel cells are all merged and text wrapped. It take a significant amount of time to get the Excel report into a user friendly format that is suitable for Excel analysis each month. The new module for exporting data is not what we are looking for either. We would like the reports with the headers and all fields as shown in the reporting feature, we would just like the report to be Excel-ready. Otherwise, it is a good product.

I have been using Bloomberg BNA Fixed Assets for four years. It has helped to streamline our fixed assets accounting process and has also helped tremendously with tax preparation. We recently switched to the BNA Fixed Assets Web version and this has continued to help streamline our operations.

I've been using this product for over 9 years and it's been great for me and our company.

Access to key business data that is fairly current.

Generally, I like using BNA Fixed Assets - it is easy to search for particular assets, there are many options to modify reports. The only big problem I have is that I cannot reverse transactions. For instance, if I import 100 assets and I made an error, I would like to be able to reverse the entire transaction. Each time when I import something I print the transaction report. Each report should have its number, and if I want to go back in the future and reverse the transaction, I should be able to search by the transaction number and reverse it, or at least be able to reverse the last transaction.
Also, it would be great if you could improve reports saved in excel format. Very often cells in reports are combined, many additional rows and columns are added, and it is difficult to format and work with those reports.

Best regards,

Jerry

Overall it was a very difficult software to use, and we switched once our accounting software released their solution .

Average. We expected an improvement with web vs desktop. Consolidated reporting is very poor. We need consolidated reporting similar to the desktop for our Tax Accountants.

The software is very user friendly and the reports are easy to manipulate to achieve the results you want. The help index is confusing and I tend to call support if I have questions.