4 customisable OKR examples for Accounting Department
What are Accounting Department 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 Accounting Department 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 Accounting Department 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 Accounting Department OKRs examples
You will find in the next section many different Accounting Department 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 attain zero-error perfection in journal entry bookkeeping
Attain zero-error perfection in journal entry bookkeeping
Implement a new, rigorous 3-step review process by end of next month
Train staff on the new process- Roll out new review process company-wide
- Develop criteria for 3-step review process
- Reduce bookkeeping errors by 25% each subsequent month until errors reach 0
- Use reliable, efficient bookkeeping software
- Provide regular training on meticulous record-keeping
- Implement a thorough double-checking process for all entries
- Complete an advanced bookkeeping course to boost understanding and accuracy
- Consistently attend classes and complete course assignments
- Research suitable advanced bookkeeping courses online
- Enroll in chosen advanced bookkeeping course
2. OKRs to achieve full productivity as a General Accountant
- Achieve full productivity as a General Accountant
- Reduce weekly accounting errors by 50%
- Implement thorough double-checking procedures for all accounting tasks
- Provide additional training on accounting software usage
- Instantly address and correct identified accounting errors
- Score at least 90% on internal accounting knowledge assessments
- Study company's internal accounting policies daily
- Practice with past assessment tests for improvement
- Seek clarifications for any accounting concepts not understood
- Increase speed of invoice processing by 30%
- Train staff in efficient invoice processing techniques
- Streamline invoice approval process
- Implement automation software for quick invoice management
3. OKRs to streamline efficiency and accuracy in the account department
- Streamline efficiency and accuracy in the account department
- Increase auditing process efficiency by 20%
- Develop cohesive team training to improve audit review speed
- Implement automated auditing software to streamline workflow
- Redefine audit protocols to eliminate redundant steps
- Reduce month-end closing cycle time by 30%
- Improve internal communication regarding deadlines
- Streamline financial report preparation process
- Automate data collection and entry procedures
- Achieve 99% accuracy in financial reports
- Train staff on precise data input and interpretation techniques
- Utilize advanced financial reporting software for accuracy
- Implement meticulous cross-checking processes for all financial data
4. OKRs to successfully finish financial statement within the required timeline
- Successfully finish financial statement within the required timeline
- Finalize and review financial statement for completion by the fifth working day
- Compile all necessary financial data
- Draft the financial statement
- Review and finalize the financial statement
- Accumulate all necessary financial data within the first 2 working days
- Gather data from online financial systems and reports
- Compile and organize all collected data
- Identify required financial data and relevant sources
- Draft preliminary financial statement by the third working day
- Review and finalize the draft by the third working day
- Begin creating a draft of the financial statement
- Gather all necessary financial documents and data
Accounting Department 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 Accounting Department OKRs in a strategy map
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. 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 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 Accounting Department OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to elevate WorldFirst brand globally on social platforms
- OKRs to boost overall employee satisfaction levels
- OKRs to successfully complete the construction progression course
- OKRs to enhance strategic planning and cut costs in category and product management
- OKRs to maximize perceived value across all customer profiles
- OKRs to efficiently eliminate the existing datacenter to minimize costs
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.