15 customisable OKR examples for Finance
What are Finance OKRs?
The OKR acronym stands for Objectives and Key Results. It's a goal-setting framework that was introduced at Intel by Andy Grove in the 70s, and it became popular after John Doerr introduced it to Google in the 90s. OKRs helps teams has a shared language to set ambitious goals and track progress towards them.
Crafting effective OKRs can be challenging, particularly for beginners. Emphasizing outcomes rather than projects should be the core of your planning.
We've tailored a list of OKRs examples for Finance to help you. You can look at any of the templates below to get some inspiration for your own goals.
If you want to learn more about the framework, you can read our OKR guide online.
Building your own Finance OKRs with AI
While we have some examples available, it's likely that you'll have specific scenarios that aren't covered here. You can use our free AI generator below or our more complete goal-setting system to generate your own OKRs.
Feel free to explore our tools:
- Use our free OKR generator
- Use Tability, a complete platform to set and track OKRs and initiatives, including a GPT-4 powered goal generator
Our customisable Finance OKRs examples
You will find in the next section many different Finance 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!
1. OKRs to enhance leadership skills in the finance department
Enhance leadership skills in the finance department
Achieve a 20% increase in leadership competency scores in finance team evaluations
Implement regular feedback sessions to identify improvements- Arrange weekly leadership development workshops for the finance team
- Incorporate mentorship programs with experienced leaders
- Implement a weekly finance-focused leadership workshop for potential leaders
- Schedule a consistent time for the weekly meetings
- Invite potential leaders to participate in workshops
- Identify relevant finance topics for weekly workshops
- Identify and mentor 3 high-potential employees for leadership roles
- Begin one-on-one mentoring sessions regularly
- Identify three employees showing leadership potential
- Develop personalized mentorship plans for each
2. OKRs to enhance accuracy of general ledger amounts to 90%
- Enhance accuracy of general ledger amounts to 90%
- Conduct weekly audits of general ledger for accuracy and discrepancy detection
- Rectify detected ledger inaccuracies promptly
- Review weekly transactions in general ledger
- Identify and document any accounting discrepancies
- Organize bi-weekly ledger accuracy training for the finance team
- Schedule and announce the bi-weekly training sessions to finance team
- Prepare engaging and comprehensive training materials about ledger accuracy
- Define the key topics focussing on ledger accuracy for training sessions
- Implement a new streamlined ledger management software tool
- Identify necessary features for the new ledger management software
- Purchase or develop the selected software tool
- Train staff on how to use the new software
3. OKRs to enhance risk management in the finance department
- Enhance risk management in the finance department
- Decrease risk-related financial losses by 15%
- Strengthen internal audit procedures
- Provide staff training on risk management
- Implement regular financial risk assessment strategies
- Develop and train staff on 3 new risk mitigation strategies
- Identify and outline 3 new risk mitigation strategies
- Prepare a comprehensive training program around these strategies
- Schedule and conduct training sessions for staff
- Implement risk assessment tools to identify 20% more financial risks
- Choose appropriate risk assessment tools
- Train staff on proper tool usage
- Monitor and measure effectiveness regularly
4. OKRs to enhance finance department's risk management initiatives
- Enhance finance department's risk management initiatives
- Implement a comprehensive risk monitoring system by end of quarter
- Select appropriate risk monitoring software
- Train staff on system usage and reporting
- Identify key risk factors for ongoing review
- Achieve a 20% increase in risk management staff competency through targeted training programs
- Develop targeted training programs addressing identified skill gaps
- Implement training programs and assess staff competency improvements
- Identify specific areas requiring competency improvement in risk management staff
- Reduce operational errors by 25% through improved controls and processes
- Evaluate and upgrade existing tools and systems
- Implement stricter quality control measures
- Conduct regular staff training on operational procedures
5. OKRs to enhance profitable performance of the finance team
- Enhance profitable performance of the finance team
- Improve the ROI (Return on Investment) by 10% on all key business initiatives
- Increase upselling and cross-selling efforts across channels
- Identify and eliminate inefficient processes or expenditures
- Implement tracking metrics to optimize marketing campaigns
- Increase total revenue by 15% in operational areas
- Initiate strategies for customer retention and acquisition
- Enhance product/service offerings to drive sales
- Implement efficiency measures to reduce operational costs
- Cut financial inefficiencies and wastage by 20%
- Implement stricter budget control measures
- Conduct thorough assessments to find wasteful spending
- Train employees on cost efficiency strategies
6. OKRs to ensure compliance and adaptability of Finance department for long-term success
- Ensure compliance and adaptability of Finance department for long-term success
- Identify and prioritize areas for automation and digitization within the Finance department
- Implement updated financial policies and procedures to meet regulatory requirements
- Revise and update financial policies and procedures to align with regulatory standards
- Conduct a comprehensive review of existing financial policies and procedures
- Identify gaps between existing policies and regulatory requirements
- Communicate and train employees on the updated financial policies and procedures
- Train all Finance department staff on new compliance protocols and best practices
- Schedule a training session for all Finance department staff
- Conduct role-playing exercises to practice implementing the best practices
- Assess the knowledge and understanding of staff through a post-training evaluation
- Develop training materials and resources for the new compliance protocols
- Develop a roadmap for integrating emerging technologies to future-proof Finance operations
7. OKRs to instill a high-performance culture in Finance Operations
- Instill a high-performance culture in Finance Operations
- Elevate employee job satisfaction rate to 90% via targeted development programs
- Initiate regular feedback sessions to identify employee issues and concerns
- Implement rewards and recognition system to acknowledge outstanding performance
- Develop tailored training programs focusing on employee skill enhancement
- Reduce financial reporting errors by 15% to ensure accuracy
- Provide staff with additional training on financial reporting
- Adopt automated financial reporting software to minimize manual errors
- Implement a double-checking system for all financial reports
- Increase department's monthly revenue by 10% through process efficiencies
- Identify and eliminate unnecessary processes in the workflow
- Train staff on new, streamlined procedures
- Implement more efficient, cost-saving technology
8. OKRs to improve accuracy and timeliness in invoice processing
- Improve accuracy and timeliness in invoice processing
- Increase on-time payments by 30%
- Implement automated reminders for upcoming payment due dates
- Offer incentives or discounts for early or on-time payments
- Enhance payment procedures for user simplicity and convenience
- Reduce invoice processing errors by 25%
- Implement invoice automation software to reduce manual entry
- Regularly audit invoices to identify errors
- Train staff on accurate invoice processing methods
- Decrease invoice processing time by 20%
- Train staff in efficient invoice management techniques
- Implement automated invoicing software to speed up processing
- Streamline invoice approval workflow to minimize delays
9. OKRs to maintain financial health by sticking to budget
- Maintain financial health by sticking to budget
- Increase savings by 10% through efficient budget allocation
- Allocate income towards high-interest savings accounts
- Identify and cut unnecessary expenditures from personal budget
- Regularly review and adjust budget for efficiency
- Achieve zero budget overruns in all spending categories
- Monitor all expenses regularly and adjust promptly
- Provide training for effective budget management
- Implement strict financial controls and budget limits
- Reduce discretionary spending by 15% compared to last quarter
- Identify non-essential expenses from last quarter
- Define a strict budget on discretionary items
- Implement expenditure tracking and control methods
10. OKRs to implement an AI tool for efficient user manual generation
- Implement an AI tool for efficient user manual generation
- Secure funding for AI investment by increasing budget 20%
- Create a detailed proposal highlighting AI's potential returns
- Collaborate with finance team for budget reallocation suggestions
- Pitch the revised budget plan to decision-makers
- Increase user manual production speed by 50% using the newly implemented AI tool
- Prioritize AI-assisted content editing to enhance efficiency
- Utilize AI tool for automatic content generation for user manuals
- Implement regular staff training on AI tool usage
- Train team on AI tool usage, resulting in 30% less time spent drafting
- Implement regular practice sessions to reinforce learning
- Establish a progress monitoring system for tool proficiency
- Schedule AI tool training sessions for all team members
11. OKRs to improve efficiency and effectiveness in project delivery
- Improve efficiency and effectiveness in project delivery
- Decrease project overhead costs by 5%
- Identify and eliminate non-essential project expenses
- Improve efficiency in project management practices
- Negotiate better rates with vendors/suppliers
- Reduce project delivery time by 10%
- Prioritize training of team members for improved productivity
- Streamline communication channels to hasten decision-making
- Implement advanced project management tools for increased efficiency
- Increase project completion rate by 15%
- Prioritize and streamline tasks based on their importance and deadlines
- Improve team communication and clarity on project objectives
- Implement regular progress monitoring and provide necessary feedback
12. OKRs to bolster Finance Department's role in Corporate Social Responsibility (CSR) drives
- Bolster Finance Department's role in Corporate Social Responsibility (CSR) drives
- Implement a department-led CSR training program for 90% staff participation
- Schedule and execute department-wide training sessions
- Develop engaging, comprehensive training materials
- Identify department leaders to oversee the CSR training program
- Reduce paper usage in the finance department by 30% through digitization
- Implement a digital document management system
- Train staff on digital record-keeping methods
- Replace paper invoices with e-billing systems
- Allocate 15% of department fund towards supporting local charity organizations
- Distribute calculated amount among local charities
- Determine total amount of department fund
- Calculate 15% of the total fund
13. OKRs to optimize IT costs by reducing expenses by 20%
- Reduce IT expenses by 20%
- Analyze previous quarter expenses and identify areas for cost reduction
- Determine cost-saving opportunities
- Identify spending patterns
- Review expenses
- Implement cost reduction measures
- Educate employees on cost-saving practices and enforce IT policies
- Regularly remind staff of cost-cutting policies
- Contain training sessions for IT policy adoption
- Monitor employee compliance with IT policies and address non-compliance
- Hold information sessions about cost-saving practices
- Negotiate with vendors for better pricing
- Research vendor's competitors and their rates
- Highlight your previous purchasing history with them
- Offer to sign a long-term contract for a discount
- Ask for a volume discount based on the forecasted quantity
- Implement solutions and track savings
- Identify opportunities for cost reduction
- Implement cost-saving solutions
- Track and report realized savings
- Prioritize solutions based on potential savings
14. OKRs to establish a robust, efficient new financial structure
- Establish a robust, efficient new financial structure
- Achieve 20% cost reduction through optimization of financial processes
- Integrate advanced digital platforms for efficient monetary transactions by end of quarter
- Implement chosen platforms into current systems
- Identify advanced digital platforms suitable for monetary transactions
- Develop integration strategy for chosen platforms
- Train 90% of finance employees on the new financial structure for seamless integration
- Monitor training progress to ensure 90% completion rate
- Schedule and coordinate with finance employees for their training
- Identify suitable training seminars or courses on the new financial structure
15. OKRs to efficiently monitor and manage the release of billing milestones
- Efficiently monitor and manage the release of billing milestones
- Improve the accuracy of forecasting milestone releases by 30%
- Provide training on accuracy in forecasting
- Increase communication among project team members
- Implement robust project management tracking tools
- Decrease the latency between billing milestone releases by 15%
- Revise and streamline the current billing process
- Implement efficient billing software
- Train team on rapid billing procedures
- Implement a tracking system to capture 100% of billing milestones in real time
- Research available tracking systems suited to billing milestones
- Train staff on how to utilize the new billing tracking system
- Select and procure an appropriate real-time tracking system
Finance OKR best practices to boost success
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.
Tability's audit dashboard will highlight opportunities to improve OKRsTip #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.
Tability's check-ins will save you hours and increase transparencyTip #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 turn your Finance OKRs in a strategy map
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.
Tability's Strategy Map makes it easy to see all your org's OKRsIf 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 Finance OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to improve engineering performance and reliability
- OKRs to enhance overall organizational efficiency and effectiveness
- OKRs to increase the utilization of cashback offers
- OKRs to enhance IT operational efficiency through data-driven innovations
- OKRs to boost invoice value for slurry pumps and spares to $800,000
- OKRs to increase revenue from commercial transactions legal services
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: What is the meaning of OKRs
- Blog posts: ODT Blog
- Success metrics: KPIs examples
Create more examples in our app
You can use Tability to create OKRs with AI – and keep yourself accountable 👀
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