3 customisable OKR examples for Invoice Accuracy

What are Invoice Accuracy 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.

Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.

We've tailored a list of OKRs examples for Invoice Accuracy 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 Invoice Accuracy 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.

Our customisable Invoice Accuracy OKRs examples

You'll find below a list of Objectives and Key Results templates for Invoice Accuracy. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.

Hope you'll find this helpful!

1. OKRs to ensure 100% accuracy in invoice rates

Ensure 100% accuracy in invoice rates
Reduce invoice accuracy complaints to zero in the given quarter
Implement thorough quality control checks on all invoices
Address any existing complaints and rectify errors promptly
Provide ongoing accuracy training for invoicing team
Identify and correct errors in 10% of invoices daily
Correct identified errors in the invoices
Review 10% of daily invoices for possible errors
Re-check corrected invoices for accuracy
Achieve a consistent 95% weekly rate correction success
Incorporate regular training for data accuracy
Implement daily monitoring of rate correction feedback
Foster consistent cross-checking of data entries

Implement this OKR

2. OKRs to improve efficiency & accuracy of invoice monitoring

Improve efficiency & accuracy of invoice monitoring
Decrease outstanding invoices by 30%
Automate invoice reminders for clients
Implement a more proactive approach in collecting debts
Offer discounts for early payment of invoices
Increase the number of invoices processed per hour by 15%
Delegate more personnel to invoice processing tasks
Train staff on speed-accuracy balance in invoicing
Implement a digital system for faster invoice processing
Reduce invoice processing errors by 20%
Implement automated invoice verification software
Improve data entry processes and checks
Train staff specifically on invoice accuracy

invoice-monitoring efficiency-improvement debt-collection-officer invoice-processing-staff finance-team billing-team

Implement this OKR

3. 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

invoice-processing payment-reminders finance-manager invoice-processing-clerk finance-team invoice-processing-team

Implement this OKR

Invoice Accuracy 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

Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your 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 OKRs

Tip #2: Commit to weekly OKR check-ins

Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.

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

Tability's check-ins will save you hours and increase transparency

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 turn your Invoice Accuracy 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

We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.

Tability'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 Invoice Accuracy OKR templates

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

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

What's next? Try Tability's goal-setting AI

You can create an iterate on your OKRs using Tability's unique goal-setting AI.

Watch the demo below, then hop on the platform for a free trial.

Start a free trial →Learn more about Tability