Tax Reporting
In this guide, we'll look at how to get the necessary data you need to prepare a comprehensive tax report.
Use Case Overview
When preparing a tax report, you need to gather several accounting data to make sure that all taxable income, deductible expenses, and any other relevant financial activities are reported accurately.
Let's assume you are building tax reporting software for businesses. You'll need access to a business' books to accurately help them calculate, prepare, and report their taxes. Tax reporting requires accounting data such as Profit and Loss, expenses, assets, and more.
In this guide, we'll cover how to retrieve the data needed for a business to accurately report their taxes using Alloy.
Profit and Loss
To get a business' income data, you'll need access to its profit and loss statement.
To start, create a workflow using the On Installation Trigger.
The On Installation Trigger tells Alloy to only run this workflow when an end user connects to your app. If you need to run the workflow multiple times, use a Custom Event or a Scheduled Trigger to run at specific intervals.
Then, select the accounting connector you are building a workflow for. For this example, we're using an integration with Xero.
Next, select the Report category and the Profit and Loss action.
Once configured, hit Next to complete this step.
Lastly, stream all of this data to your application by using the stream data connector. Your workflow should look like this at the end:
Wrapping Up
With Alloy, you can build powerful workflows to help businesses accurately calculate, prepare, and report their taxes.