2 customisable OKR examples for Invoice Processing Time

What are Invoice Processing Time 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.

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 Processing Time 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 Processing Time 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 Invoice Processing Time OKRs examples

You'll find below a list of Objectives and Key Results templates for Invoice Processing Time. 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 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

Implement this OKR

2. OKRs to streamline accounts receivable operations

Streamline accounts receivable operations
Increase collection rates by 25%
Implement an advanced collection management software system
Train staff on effective collection strategies
Incentivize timely payments with discounts
Reduce invoice processing time by 30%
Streamline invoice approval processes
Train staff on efficient invoice management
Implement automated invoice processing software
Decrease outstanding payments by 40%
Implement quicker invoice processing system
Review and update current payment follow-up procedures
Negotiate payment plans with delinquent customers

collection-rates invoice-processing-time accounts-receivable-officer accounts-receivable-manager accounts-receivable-team finance-team

Implement this OKR

Invoice Processing Time 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

Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.

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

Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.

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 Processing Time OKRs in a strategy map

OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full benefits from the 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

Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.

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 Processing Time 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

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You can use Tability to create OKRs with AI – and keep yourself accountable 👀

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