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tability.ioWhat are Finance Manager 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 Manager 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.
Finance Manager OKRs examples
You will find in the next section many different Finance 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 enhance profitable performance of the finance team
ObjectiveEnhance profitable performance of the finance team
KRImprove 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
- KRIncrease 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
- KRCut financial inefficiencies and wastage by 20%
- Implement stricter budget control measures
- Conduct thorough assessments to find wasteful spending
- Train employees on cost efficiency strategies
OKRs to efficiently monitor and manage the release of billing milestones
- ObjectiveEfficiently monitor and manage the release of billing milestones
- KRImprove 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
- KRDecrease 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
- KRImplement 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
OKRs to enhance reprint decision making for better stockout control and cashflow management
- ObjectiveEnhance reprint decision making for better stockout control and cashflow management
- KRMaximize cashflow stability by maintaining subtle increments in reprint expenditures
- Review budget to accommodate gradual expenditure rise
- Carefully monitor and adjust reprint spending regularly
- Incorporate minimal routine increases in reprint costs
- KRReduce stockout rates of reprint titles to under 5% using predictive analytics
- Regularly review and refine predictive models
- Implement predictive analytics to forecast reprint title demands
- Adjust inventory levels based on analytics data
- KRAchieve at least RM38,000 in savings through efficient reprints within next quarter
- Assess current printing practices for inefficiencies and waste
- Monitor and evaluate savings regularly
- Implement cost-effective reprint strategies and printing technologies
OKRs to streamline vendor aging reconciliation and payment processes
- ObjectiveStreamline vendor aging reconciliation and payment processes
- KRAchieve 100% on-time payments for all vendor invoices within net 30
- Regularly review and update payment processes
- Implement a robust invoice tracking software
- Assign responsibility for all invoice payments
- KRImplement an automated tracking system for vendor aging within first two weeks
- Research best automated vendor aging tracking systems
- Train staff on using new tracking system
- Purchase and install suitable system
- KRReduce number of overdue vendor payments to zero by end of the quarter
- Ensure timely fund allocation for payments
- Regularly review and act on payment due list
- Implement a reliable automated payment system
OKRs to improve efficiency and effectiveness in project delivery
- ObjectiveImprove efficiency and effectiveness in project delivery
- KRDecrease project overhead costs by 5%
- Identify and eliminate non-essential project expenses
- Improve efficiency in project management practices
- Negotiate better rates with vendors/suppliers
- KRReduce 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
- KRIncrease 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
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 reinforce innovation within the finance department operations
- ObjectiveReinforce innovation within the finance department operations
- KRImplement 2 process improvement technologies enhancing efficiency by 25%
- Research the best technologies for enhancing processes
- Identify areas that need improvement for better efficiency
- Implement selected technologies and monitor results
- KRAchieve a 15% increase in departmental productivity from continuous improvement initiatives
- Launch team-building exercises for improved collaboration
- Implement workflow software to optimize daily operations
- Conduct regular employee training sessions
- KRConduct 5 innovative idea sharing workshops leading to 10 actionable strategies
- Identify topics and structure for 5 idea sharing workshops
- Plan and conduct each workshop targeting innovative idea generation
- Select and finalized 10 actionable strategies from generated ideas
OKRs to enhance accuracy of general ledger amounts to 90%
- ObjectiveEnhance accuracy of general ledger amounts to 90%
- KRConduct 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
- KROrganize 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
- KRImplement 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
OKRs to enhance risk management in the finance department
- ObjectiveEnhance risk management in the finance department
- KRDecrease risk-related financial losses by 15%
- Strengthen internal audit procedures
- Provide staff training on risk management
- Implement regular financial risk assessment strategies
- KRDevelop 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
- KRImplement 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
OKRs to increase high-quality leads in the trade finance sector
- ObjectiveIncrease high-quality leads in the trade finance sector
- KRIncrease website conversion rate for trade finance leads by 25%
- Implement effective SEO strategies to drive targeted traffic
- Use persuasive, clear call-to-actions to encourage conversion
- Improve website design for easy navigation and user-friendliness
- KRDevelop and initiate 3 new trade finance-focused marketing campaigns
- Identify target audience for new trade finance campaigns
- Allocate budget and resources for campaign execution
- Create and outline campaign messages and objectives
- KRSecure 30 face-to-face meetings with decision-makers from target banks
- Research and filter decision-makers from each identified bank
- Identify and list thirty target banks for possible partnerships
- Initiate outreach for scheduling face-to-face meetings
How to write your own Finance 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.
Finance 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 Finance Manager OKRs
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.
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 Finance Manager OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to cultivate exceptional leadership character traits
- OKRs to enhance and refine my communication skills
- OKRs to to improve academic performance and achieve higher grades
- OKRs to enhance user proficiency in self-servicing data catalog queries
- OKRs to develop core skills for beginner business analyst
- OKRs to ensure adequate development of a proficient Project Executive in AI tech