The Jira bug reporting and tracking tool helps developers record and track the status of bugs in their apps from start to finish. It allows users to customize workflows based on their needs, creating a scheme that follows the specific process of their projects. The workflow consists of statuses and transitions that an issue goes through during its lifecycle. Statuses are categorized into unresolved and resolved types, with each having its own set of steps. Transitions determine the allowed stages and paths that a bug can go through. Jira also offers various features such as assigning issues to team members, setting permissions on who can transition issues, and exporting or importing data. Additionally, tools like Instabug can automate the process of collecting repro steps and environment information from users, sending it to developers automatically, and integrating with Jira projects for seamless bug reporting.