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tability.ioWhat are Financial Controller 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.
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 Financial Controller 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.
Financial Controller OKRs examples
You will find in the next section many different Financial Controller 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 prepare a perfect and precise financial statement
ObjectivePrepare a perfect and precise financial statement
KRImplement a double-verification system for transaction recording by the end of the quarter
Identify suitable double-verification technology options- Roll out double-verification system
- Develop implementation and training plan
- KRAchieve 100% on-time internal financial reporting with no errors for three consecutive months
- Automate reports using reliable financial software
- Train staff on accurate and timely data input
- Implement a rigorous financial data review process
- KREnsure 0% discrepancies in monthly intra-department financial audits throughout the quarter
- Implement stringent checks on each financial transaction
- Regularly review internal audit processes
- Provide comprehensive training on accurate reporting
OKRs to ensure completion of all account schedules and bank reconciliations
- ObjectiveEnsure completion of all account schedules and bank reconciliations
- KRSuccessfully complete and document all minor accounts' reconciliation by week 6
- Reconcile discrepancies found in all reviewed accounts
- Review all minor accounts for outstanding discrepancies
- Document results of reconciliation for all accounts
- KRImplement a new system to track bi-weekly progress of bank reconciliations
- Train staff on using the new system
- Identify suitable software for tracking reconciliation progress
- Initiate regular bi-weekly update meetings
- KRInitiate and finish 100% reconciliation of 10 major accounts within first 4 weeks
- Begin reconciling the discrepancies for each account
- Identify the 10 major accounts requiring reconciliation
- Complete reconciliation process for all accounts
OKRs to successfully transition majority of vendors to ACH payments
- ObjectiveSuccessfully transition majority of vendors to ACH payments
- KRIdentify and prioritize upper 50% of vendors for ACH conversion by week 3
- Compile a list of all vendors currently in payment rotation
- Allocate priority for ACH conversion to top 50% vendors
- Categorize vendors based on payment volume
- KRAchieve a 50% conversion rate amongst identified vendors by week 6
- Develop a compelling presentation for vendor benefits
- Schedule and conduct effective vendor meetings
- Follow up regularly with targeted vendors
- KRVerify and establish ACH payment method for an additional 30% of vendors by week 9
- Contact vendors to gather ACH setup information
- Identify vendors not set up with ACH payments
- Input vendor information to establish ACH
OKRs to lower unvalued inventory by 10%
- ObjectiveLower unvalued inventory by 10%
- KRImplement disposal or revaluation strategy for 50% of identified items
- Evaluate current market value for selected items
- Identify potential buyers or recyclers for 50% of identified items
- Initiate negotiations or disposal process
- KRIdentify top 20% of unvalued items within two weeks
- Rank items based on set criteria
- Establish criteria for determining item value
- Assess inventory for potential unvalued items
- KRAchieve 5% reduction in unvalued inventory every month
- Increase sales promotions to eliminate unvalued inventory
- Conduct regular audits to identify obsolete inventory
- Implement a better management system for stock levels
OKRs to implement regulatory compliance changes effectively
- ObjectiveImplement regulatory compliance changes effectively
- KRComplete implementation of all required changes on time
- Monitor progress regularly, adjust plan as needed
- Prioritize necessary changes based on importance and difficulty
- Develop a detailed, daily work schedule
- KRStay within 10% below the allocated budget
- Maintain regular communication regarding spending with your team
- Implement cost-saving measures where feasible
- Review all expenditures weekly to monitor cash flow
- KRReduce non-compliance incidents by 50%
- Implement comprehensive compliance training for all staff members
- Proactively monitor and audit compliance activities
- Regularly review and update compliance policies
How to write your own Financial Controller 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.
Financial Controller 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 Financial Controller 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 Financial Controller OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to establish a high-performing software development team
- OKRs to enhance travel efficiency and punctuality
- OKRs to strengthen market positioning in Spain
- OKRs to enhance cloud efficiency while managing costs
- OKRs to drive significant change saturation within the organization
- OKRs to boost the volume of organic website traffic