XPenses - How We Built Reporting
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Reporting in accounting
Reporting is critical for any business accounting. To be able to figure out right transactions and concile them with bank statements is extremely important for tracking company financials and reporting them correctly to IRS for taxes. At the end of the day, reporting relies on customer data and if customer does not follow any rules when providing this data OR does not provide all the data, reporting can go wrong. There can be implication for taxes. As a software company, XPenses provides the best possible report and make it easier for users to verify these reports.
Reporting in XPenses
After discussing with multiple businesses and users, we have realized there are three types of reports that are must haves.
Reports in XPenses include:
- Annual Expense Report
- Annual Income Report
- Profit and Loss Statement
Engineering Architecture
Our engineering team has done great job for consolidating this financial data for building reliable reports. These reliable reports are built on a sound architecture. The flow of reports is as follows:
- User requests a report for a particular year
- A request is sent to backend
- Backend stores the request in database table
- Backend asynchronously triggers to collect data
- When it completes collecting data, it creates a URL for the report and updates in the database table.
- Report URL is made available to business users.
Conclusion
If you are a small business owner, it is critical to concile your books at the end of financial year. If you are using XPenses, make sure you use our new feature for reports.
XPenses is a simple and easy to use accounting software for small businesses. It allows you to track your income and expenses, create invoices, and manage your finances. Try XPenses today and simplify your expense tracking!