The digital transformation of accounting and finance is imminent with the latest development in technology trends. Tools powered by AI (Artificial intelligence) and ML (MachineLearning) take over redundant, repetitive, and time-consuming tasks that allow the finance professionals to focus on more lucrative analysis and counselling of their clients. The implementation of robotic process automation has reduced the audit and contractual processing time to a large extent. Compliance regulation and other repetitive works are performed using AI tools.
Bloomberg Tax, an Arlington, VA-based company, which provides tools and resources to develop effective tax strategies, releases a new financial accounting research platform. The platform combines expert analysis, Financial Accounting Standards Board (FASB) codification, and efficient practice tools which give accounting professionals a single platform to handle most complex compliance and disclosure issues.
Bloomberg Tax offers resources and tools for comprehensive tax research, news and technology services which enables tax and accounting professionals to get the timely, accurate, and in-depth information they need to plan and comply with confidence. The latest platform from Bloomberg Tax will keep accounting professionals on top of the most recent developments with comprehensive insights on emerging, evolving and complex issues. Accounting portfolios include written analysis on more than eighty topics like lease accounting standards, credit losses, revenue recognition, audits, and so on. Lisa Fitzpatrick, President, Bloomberg Tax says, “Financial accounting professionals can look to our new platform to get the intelligence and guidance they need to plan and comply with today's most challenging topics including the new lease accounting and credit loss standards.” She further adds that the company helps their customers to make most informed decisions and save time with many tools like the Accounting standards Tracker and SEC EDGAR Search. “We provide practice examples, such as sample journal entries, and multiple perspectives in our comprehensive collection of Big Four positions on complex topics," states Lisa.