Xactly, which makes software that manages incentive compensation, has begun the steps needed for an initial public offering. In its documents filed this month with the Securities and Exchange Commission, the San Jose, Calif.-based company has not yet specified the number of shares to be offered or the possible size of the offering. Its registration statement does show that over the last three fiscal years, it has increased revenue by 68 percent, but doubled its net loss over the same period.