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tability.ioWhat are Accounts Receivable Manager 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 Manager 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.
Accounts Receivable Manager OKRs examples
You will find in the next section many different Accounts Receivable Manager 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!
OKRs to streamline accounts receivable operations
ObjectiveStreamline accounts receivable operations
KRIncrease collection rates by 25%
Implement an advanced collection management software system- Train staff on effective collection strategies
- Incentivize timely payments with discounts
- KRReduce invoice processing time by 30%
- Streamline invoice approval processes
- Train staff on efficient invoice management
- Implement automated invoice processing software
- KRDecrease outstanding payments by 40%
- Implement quicker invoice processing system
- Review and update current payment follow-up procedures
- Negotiate payment plans with delinquent customers
OKRs to minimize overdue 90-day balances
- ObjectiveMinimize overdue 90-day balances
- KRImprove the efficiency of the collection process to shorten payment durations by 20%
- Implement automated reminders for pending payments
- Apply a standardized collection process across all departments
- Offer incentives for early payment to clients
- KRImplement a 25% increase in debt recovery from the first month of operations
- Monitor and adjust strategies as needed
- Identify key areas causing low debt recovery rates
- Develop and implement enhanced debt recovery strategies
- KRDecrease the total number of 90-day balance accounts by 35%
- Introduce incentives for early or on-time payments
- Implement stricter criteria for granting credit accounts
- Analyze account payment patterns to identify consistent delays
OKRs to surpass annual operation plan and meet free cash flow target
- ObjectiveSurpass annual operation plan and meet free cash flow target
- KRImprove collections process to reduce accounts receivables by 15%
- Implement stricter credit control procedures
- Escalate overdue accounts faster
- Streamline invoice issuance and follow-up systems
- KRIncrease sales revenue by 20% to boost free cash flow
- Innovate and introduce new revenue-generating services or products
- Develop and implement aggressive marketing and sales strategies
- Prioritize upselling and cross-selling to current customers
- KRCut operational expenses by 10% to ensure positive cash flow
- Renegotiate vendor contracts for better pricing
- Identify areas of budget waste to mitigate unnecessary spending
- Implement cost-saving technology improvements
OKRs 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%
- Increase monthly investment amounts by 5%
- Regularly rebalance portfolio based on market trends
- Diversify investment portfolio in various growth-oriented sectors
- KRReduce outstanding premium payments by 20%
- Implement automated payment reminders for customers
- Offer incentives for early or regular payments
- Develop convenient digital premium payment options
- KRIncrease monthly premium collection rates by 15%
- Conduct premium audits to identify inaccuracies
- Implement an effective reward program for consistent payers
- Send reminders before each payment's due date
How to write your own Accounts Receivable Manager OKRs
1. Get tailored OKRs with an AI
You'll find some examples below, but it's likely that you have very specific needs that won't be covered.
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.
Watch the video below to see it in action 👇
Option 2. Optimise existing OKRs with Tability Feedback tool
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"
Tability's Strategy Map makes it easy to see all your org's OKRsTability 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.
Option 3. Use the free OKR generator
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.
Accounts Receivable Manager 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 Manager OKRs
Quarterly OKRs should have weekly updates to get all the 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
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKR platform to make things easier.
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 Manager OKR templates
We have more templates to help you draft your team goals and OKRs.
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- OKRs to to enhance and maximize business stakeholder engagement