In the monthly close process, not all tasks are created equal. Some items represent much higher risk than others. Some relate exclusively to journal entries. Others are tracked in FloQast, but aren’t directly related to the close.
During the close process, it’s important to be able to view these tasks discretely to get a sense of how they’re progressing as a group.
That’s why FloQast created tags. Tags are keyword descriptors that can be attached to individual Checklist items and Reconciliations. As with filters, users can then create a view of only those tasks with a particular tag or tags. Review Notes associated with a Checklist or Reconciliation item with a tag will automatically have the tag applied to them, too.
FloQast allows users to add one of the following tags to any Checklist or Reconciliation item:
We expect to add other tags in the future, based on user feedback and how we see tags being utilized.
Here are common use cases for each of these tags.
High-Risk Tag: As in the example above, some tasks involve items with sufficient complexity, or can sway the overall financials enough, that they’re just more important than other items to the overall process. Such items should carry the #high-risk tag. Examples include revenue-related items, adjustments to inventory, and significant accruals.
Non-Close Tag: At the opposite end of the spectrum, other items are tracked in FloQast but are not on the critical path to completing the monthly close. These are candidates for the #non-close tag. Many FloQast users utilize the Checklist, in particular, to manage tasks all over the Finance and Accounting landscape. This tag is helpful to zero in on those.
Journal Entry Tag: Accounting teams using FloQast frequently create Checklist items and related Review Notes to track journal entries that must be made as part of the monthly close process. The #journal-entry tag was created for this purpose.
Here’s how tags work within FloQast …
Apply a Tag: It’s easy to attach a tag to a Checklist item or Reconciliation in the Manage Checklist and Manage Reconciliations tabs, respectively. Simply choose a tag from a dropdown list shown in the red box below.
Once added, a tag will appear in the Tags column on the Manage Checklist or Manage Reconciliations page.
Once created, Tags are denoted unobtrusively in the interface - to the left side of items with tags - on the Checklist and Reconciliation tabs, as shown below.
Hovering over a tag icon reveals the tag name for that item.