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4 OKR examples for Accounts Receivable Team

What are Accounts Receivable Team OKRs?

The Objective and Key Results (OKR) framework is a simple goal-setting methodology that was introduced at Intel by Andy Grove in the 70s. It became popular after John Doerr introduced it to Google in the 90s, and it's now used by teams of all sizes to set and track ambitious goals at scale.

Creating impactful OKRs can be a daunting task, especially for newcomers. Shifting your focus from projects to outcomes is key to successful planning.

We have curated a selection of OKR examples specifically for Accounts Receivable Team to assist you. Feel free to explore the templates below for inspiration in setting your own goals.

If you want to learn more about the framework, you can read our OKR guide online.

Building your own Accounts Receivable Team OKRs with AI

How to create great OKRs for any scenario in seconds

While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here.

You can use Tability's AI generator to create tailored OKRs based on your specific context. Tability can turn your objective description into a fully editable OKR template -- including tips to help you refine your goals.

  • 1. Go to Tability's plan editor
  • 2. Click on the "Generate goals using AI" button
  • 3. Use natural language to describe your goals

Tability will then use your prompt to generate a fully editable OKR template.

How to improve existing OKRs with AI feedback

If you already have existing goals, and you want to improve them. You can use Tability's AI feedback to help you.

  • 1. Go to Tability's plan editor
  • 2. Add your existing OKRs (you can import them from a spreadsheet)
  • 3. Click on "Generate analysis"
AI feedback for OKRs in TabilityTability's Strategy Map makes it easy to see all your org's OKRs

Tability will scan your OKRs and offer different suggestions to improve them. This can range from a small rewrite of a statement to make it clearer to a complete rewrite of the entire OKR.

You can then decide to accept the suggestions or dismiss them if you don't agree.

Using the free OKR generator to get a quick template

If you're just looking for some quick inspiration, you can also use our free OKR generator to get a template.

Unlike with Tability, you won't be able to iterate on the templates, but this is still a great way to get started.

Our Accounts Receivable Team OKRs examples

You will find in the next section many different Accounts Receivable Team Objectives and Key Results. We've included strategic initiatives in our templates to give you a better idea of the different between the key results (how we measure progress), and the initiatives (what we do to achieve the results).

Hope you'll find this helpful!

1OKRs to streamline accounts receivable operations

  • ObjectiveStreamline accounts receivable operations
  • KRIncrease collection rates by 25%
  • TaskImplement an advanced collection management software system
  • TaskTrain staff on effective collection strategies
  • TaskIncentivize timely payments with discounts
  • KRReduce invoice processing time by 30%
  • TaskStreamline invoice approval processes
  • TaskTrain staff on efficient invoice management
  • TaskImplement automated invoice processing software
  • KRDecrease outstanding payments by 40%
  • TaskImplement quicker invoice processing system
  • TaskReview and update current payment follow-up procedures
  • TaskNegotiate payment plans with delinquent customers
Tability

2OKRs to minimize overdue 90-day balances

  • ObjectiveMinimize overdue 90-day balances
  • KRImprove the efficiency of the collection process to shorten payment durations by 20%
  • TaskImplement automated reminders for pending payments
  • TaskApply a standardized collection process across all departments
  • TaskOffer incentives for early payment to clients
  • KRImplement a 25% increase in debt recovery from the first month of operations
  • TaskMonitor and adjust strategies as needed
  • TaskIdentify key areas causing low debt recovery rates
  • TaskDevelop and implement enhanced debt recovery strategies
  • KRDecrease the total number of 90-day balance accounts by 35%
  • TaskIntroduce incentives for early or on-time payments
  • TaskImplement stricter criteria for granting credit accounts
  • TaskAnalyze account payment patterns to identify consistent delays

3OKRs to enhance the efficiency and effectiveness of billing and collection process

  • ObjectiveEnhance the efficiency and effectiveness of billing and collection process
  • KRIncrease billing accuracy to 98% by reducing system or process errors
  • TaskConduct regular accuracy audits for all transactions
  • TaskProvide ongoing training for billing staff
  • TaskImplement a digital invoice verification system
  • KRAchieve 10% reduction in overdue receivables through consistent follow-ups
  • TaskImplement a structured follow-up policy for all outstanding invoices
  • TaskAutomate reminders for overdue receivables
  • TaskTrain staff in effective collection communication strategies
  • KRImplement an automated reminder system to increase on-time payments by 15%
  • TaskResearch popular automated reminder systems on market
  • TaskTrain staff on how to use this system
  • TaskSelect and purchase appropriate reminder system software

4OKRs to drive premium collection rate to 95% for improved investment income

  • ObjectiveDrive premium collection rate to 95% for improved investment income
  • KRAchieve steady growth in monthly investment income by 5%
  • TaskIncrease monthly investment amounts by 5%
  • TaskRegularly rebalance portfolio based on market trends
  • TaskDiversify investment portfolio in various growth-oriented sectors
  • KRReduce outstanding premium payments by 20%
  • TaskImplement automated payment reminders for customers
  • TaskOffer incentives for early or regular payments
  • TaskDevelop convenient digital premium payment options
  • KRIncrease monthly premium collection rates by 15%
  • TaskConduct premium audits to identify inaccuracies
  • TaskImplement an effective reward program for consistent payers
  • TaskSend reminders before each payment's due date

Accounts Receivable Team OKR best practices

Generally speaking, your objectives should be ambitious yet achievable, and your key results should be measurable and time-bound (using the SMART framework can be helpful). It is also recommended to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.

Here are a couple of best practices extracted from our OKR implementation guide 👇

Tip #1: Limit the number of key results

The #1 role of OKRs is to help you and your team focus on what really matters. Business-as-usual activities will still be happening, but you do not need to track your entire roadmap in the OKRs.

We recommend having 3-4 objectives, and 3-4 key results per objective. A platform like Tability can run audits on your data to help you identify the plans that have too many goals.

Tip #2: Commit to weekly OKR check-ins

Don't fall into the set-and-forget trap. It is important to adopt a weekly check-in process to get the full value of your OKRs and make your strategy agile – otherwise this is nothing more than a reporting exercise.

Being able to see trends for your key results will also keep yourself honest.

Tip #3: No more than 2 yellow statuses in a row

Yes, this is another tip for goal-tracking instead of goal-setting (but you'll get plenty of OKR examples above). But, once you have your goals defined, it will be your ability to keep the right sense of urgency that will make the difference.

As a rule of thumb, it's best to avoid having more than 2 yellow/at risk statuses in a row.

Make a call on the 3rd update. You should be either back on track, or off track. This sounds harsh but it's the best way to signal risks early enough to fix things.

How to track your Accounts Receivable Team OKRs

Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs framework. Reviewing progress periodically has several advantages:

  • It brings the goals back to the top of the mind
  • It will highlight poorly set OKRs
  • It will surface execution risks
  • It improves transparency and accountability

Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.

A strategy map in TabilityTability's Strategy Map makes it easy to see all your org's OKRs

If you're not yet set on a tool, you can check out the 5 best OKR tracking templates guide to find the best way to monitor progress during the quarter.

More Accounts Receivable Team OKR templates

We have more templates to help you draft your team goals and OKRs.