5 customisable OKR examples for Financial Controller
What 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.
Building your own Financial Controller 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 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!
1. OKRs to prepare a perfect and precise financial statement
Prepare a perfect and precise financial statement
Implement 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
Achieve 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
Ensure 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
2. OKRs to ensure completion of all account schedules and bank reconciliations
Ensure completion of all account schedules and bank reconciliations
Successfully 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
Implement 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
Initiate 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
3. OKRs to successfully transition majority of vendors to ACH payments
Successfully transition majority of vendors to ACH payments
Identify 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
Achieve 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
Verify 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
4. OKRs to lower unvalued inventory by 10%
Lower unvalued inventory by 10%
Implement 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
Identify 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
Achieve 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
5. OKRs to implement regulatory compliance changes effectively
Implement regulatory compliance changes effectively
Complete 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
Stay 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
Reduce 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
Financial Controller 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 Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/tability-insights-board.e70f9466.png)
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.
![Tability Insights Dashboard](https://tability-templates-v2.vercel.app/_next/static/media/checkins-graph.b2aec458.png)
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 Financial Controller OKRs in a strategy map
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.
![A strategy map in Tability](https://tability-templates-v2.vercel.app/_next/static/media/tability_strategy_map.2ad25843.png)
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 streamline vendor management for efficient cost savings and digitalized P2P process
OKRs to develop an extensive asset library for product and merchandise designs
OKRs to enhance proficiency in automation tools and methods
OKRs to optimize ManageEngine for efficient patching and software deployment
OKRs to overhaul and digitize the current Chemical list
OKRs to boost sales performance significantly
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.