How does the tagging of business events work within Bokio?
With the support of the tagging feature, it becomes easier to organise, track and follow up the company expenses and income on your Bokio account. Therefore, we are developing functionality so that you can assign your own tags to business events in your accounting, based on the different projects, units, functions etc.
By tagging your business events, you can get better understanding and structure of your business. This can be convenient to use if, for example, you sell different products or run different projects and would like to see how profitable the different areas are. With the tagging feature you can manage cost centre and project accounting, amongst other things.
We have now launched a beta version of this functionality, and we are updating it continuously. As for now, you can do the following
- Create different groups of tags easily
- Tag recorded journal entries, and if desired you can divide them by percentage
- Tag each row in the entry for the expense and revenue accounts
- For each tag, you can produce a performance report for the selected period, which you can follow within the journal entries
- Bulk tag multiple journal entries at once with our multi-tagging feature. We are also looking at offering a feature where you can add tags whilst you are recording
You can gain valuable insights to your accounting by generating performance reports, which is based on the tagging
Go to Reports > Tag report. Start by choosing the period and the group you would like to view results for. If you only want to see the results for one of the tags you have created, you can choose to filter out the others and only view that particular tag. You will then generate a result report that you can follow on verifications level. Based on the reports, you can make better decisions, for example regarding what area to invest more in etc. The tagging feature will give you a better understanding of your business, and also it is not a required feature by HMRC.
We would be very happy to receive feedback about our Beta version, and you are welcome to submit your improvement suggestions within the feedback module that you will find in the feature.
Go to this page to read our instructions on how to create your first tag.