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Creating a Profit and Loss Statement App with Microsoft Power Apps - Evolvous

Creating a Profit and Loss Statement App with Microsoft Power Apps 

Building a profit and loss statement app is an effective way to monitor the financial performance of your organization on the go. It also gives an accessible tool for the entire organization to update and monitor financial performance and review targets. 

In this article, we will look at the overview of the steps that you need to follow to build a profit and loss statement app with Microsoft Power Apps. 

What is Microsoft Power Apps? 

Power Apps is a Low-Code Application Platform (LCAP), which is a part of Microsoft Power Platform suite of applications. It allows you to create a website that allows you to create professional business applications with little coding knowledge. At Evolvous, we offer customized solutions to help you utilize Power Apps for your business. 

Visit our Power Apps page, to explore more about our solutions.

The Benefits of Using Power Apps for Building a Profit and Loss Statement App 

Developing a profit and loss statement app with Power Apps has several benefits. Here are some of the biggest benefits of using Power Apps for the project: 

  1. Low Code Development: You can quickly develop and deploy the app without extensive programming knowledge, reducing development time and costs. 
  2. Integration with Microsoft Ecosystem: If you are already using Microsoft products like Excel, SharePoint, Teams, Dynamics 365 or Power BI, Power Apps can seamlessly integrate with them, enhancing performance. 
  3. Accessibility and Mobility: Applications built using Power Apps can easily be accessed on desktop computers and mobile devices, allowing your team to use the application anytime, anywhere. 
  4. Customization and Flexibility: Power Apps offers extensive customization options, allowing you to customize the app to your specific business needs. 

Discover More Benefits 

Contact our PowerApps consultants to explore more benefits for building a profit and loss statement app and other applications for your business. 

Features to Include in Your App 

Features to Include in Your App, Building a Profit and Loss Statement App with Power Apps - Evolvous

The Process of Building a Profit and Loss Statement App with Power Apps 

Here is the overview of the process that you need to follow to build a Profit and Loss Statement App with Microsoft Power Apps. 

STEP 1: Defining the requirements: 

Before you start building the app, you need to devote time and effort towards proper planning. You need to start by determining the set of specific features and functionalities that you need in your profit and loss statement app. This can include features like data inputs, calculation methods, visualization options and user permissions. 

When you work with Evolvous, we will be having a detailed discussion with the stakeholders to determine which features will be perfect for your need and then work towards including them in the app. 

STEP 2: Design the Interface: 

Next, you need to work towards designing the User Interface (UI) of the profit and loss statement app.  

At this stage, you will need to create screens, add the desired input fields for financial data (like revenue, expenses etc.) and design the layout for viewing the profit and loss statement.  

In Power Apps, you have two options to design the app – Canvas Apps and Model-driven apps. Canvas Apps allow you to design everything from scratch, whereas Model-driven apps are built around a template. At Evolvous, we will help you choose between the two options, based on the desired UI/UX you want to deliver to your users. 

STEP 3: Connect Data Sources: 

Next, we will need to connect the app with relevant data sources, from where the relevant financial data will be extracted and fed into the app. Power Apps gives you the ability to add a variety of data sources including SharePoint lists, SQL databases, Excel spreadsheets and others. 

Based on your requirements, the data from the sources might need to be worked upon before they are fed to the app. As required, we will cleanse and transform the data before loading it to the app. 

STEP 4: Implement Calculations for Your Profit and Loss Statement App 

Your profit and loss statement app will need to perform calculations based on the data you feed to it, to generate the desired profit and loss data. To enable it to perform the necessary calculations, you will need to use Power Apps formulas. 

There are many different calculations that you can execute, including the calculation of total revenue, total expenses, net income, and other relevant metrics. Our team of experts will use the Power Apps calculation feature to perform the necessary calculations. 

STEP 5: Creating Logic for Data Entry 

Since different users will be entering data into the app, it is important that you set certain regulations and checks in place to ensure uniformity of data. To help you do that, Power Apps allow you to build implement logic. 

Evolvous will help you include form controls for adding revenue items, expense items, and other pieces of data that you might require. 

STEP 6: Adding Visualization to Your Profit and Loss Statement App 

Data visualizations, in form of graphs and charts, should also be included in your Profit and Loss statement app, as they can give you better insights into the data generated by the app. This will help you take more data-driven decisions and build a solid strategy in the short and long term. 

Based on our discussions, we will help you create and integrate the right data visualizations into your app. 

Did You Know?

You can also integrate data visualizations from Power BI into the profit and loss statement app created with Power Apps. Power BI can use advanced data analytics to take smarter decisions. Click here to visit our Power BI Services page. 

STEP 7:  Testing and Debugging 

By now, you are almost done with the preliminary design of the app. Now, it is time to refine the design and the functionality.  

To do that, we will be thoroughly testing the app to make sure that calculations and other functionalities of the app are working perfectly. We will also form a testing group from your own organization to test whether the data entry functions are working as expected. This will also allow us to identify any specific usability issues of the app. 

After documenting all the issues and improvements, we will work to fix the issues and make the improvements. 

STEP 8: Deploy and Share the Profit and Loss Statement App 

Once the profit and loss statement app are fully functional and tested, you will need to deploy it for your intended audience. Power Apps gives you access to a lot of different channels through which you can make your app accessible to your target audience. 

STEP 9: Collect Feedback and Make Improvements 

We will create a feedback mechanism through which we will collect feedback from your team members. Our Power Apps experts will use the feedback to make improvements and iterate on the app design to better meet the needs of the users. 

STEP 10: Maintain and Update the Profit and Loss Statement App 

It is also important to continuously maintain and update your profit and loss statement app to ensure it remains relevant and effective.  

We will continue to add new features, fix bugs and issues, or even change aspects of the application to meet the changing regulatory requirements. 

Build the Right Profit and Loss Statement App with Evolvous 

At Evolvous, we have helped businesses like you build Profit and Loss Statement App and a range of other applications with Power Apps. We have a team of dedicated experts who have the experience and skills to help you utilize the potential of Power Apps for your business needs. 

How We Helped a Canadian Credit Union to Manage Expenses with a Power Apps Application 

One of our clients, a leading Canadian credit union faced issues with their expense management process. They had a paper-based process, which relied on human effort. This made the process time-consuming and error prone. 

We helped them build an expense management application with Microsoft Power Apps. Not only did it digitize the process and reduce errors, but it also helped to authorize invoices quickly and efficiently. 

Read the full story here. 

Ready to Get Started? 

Looking to build a profit and loss statement app that could be developed, operated and maintained effortlessly? Contact our Power Apps specialists to get started with the project today!

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