You can create your own pipeline application statuses to match your hiring process.
You can manage the application statuses of your recruitment process by adding / editing the different stages of the application process. When viewing the application profile you will see a red bar at the top with the option to Update Status. Each status update generates an email sent to the applicant informing them and you can sort the applicant list by status to manage more easily.
If there are notes written about an application, the pencil icon will appear darker to indicate notes have been added.