5 customisable OKR examples for Financial Statements
What are Financial Statements 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 Statements 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 Statements 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 Statements OKRs examples
You will find in the next section many different Financial Statements 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 ensure timely submission of Financial Statements (FS)
Ensure timely submission of Financial Statements (FS)
Implement a tracking system to monitor FS creation and submission process
Implement the chosen tracking system
Identify key stages in the FS creation and submission process
Research potential tracking system options
Improve efficiency by 25% in terms of time taken for FS preparation
Conduct FS preparation training for staff efficiency
Incorporate technology to automate FS preparation processes
Implement better organizational practices for FS preparation
Set and adhere to pre-scheduled dates for completing sections of the FS
Schedule specific completion dates for FS sections
Make adjustments as necessary to meet deadlines
Regularly review progress towards these dates
2. OKRs to boost efficiency in preparing financial statements
Boost efficiency in preparing financial statements
Decrease statement errors by 20% through improved training and software implementation
Regularly evaluate and update statement production methods
Implement in-depth training sessions on statement generation
Procure advanced software for accurate statement production
Reduce financial statement preparation time by 15% from its current average
Streamline data collection procedures for efficiency
Train team on efficient financial statement preparation skills
Implement automated accounting software for faster data processing
Implement a new financial statement software to automate at least 50% of tasks
Research and select the most suitable financial statement software
Monitor and evaluate software's effectiveness regularly
Train employees on how to use this new software
3. OKRs to enhance competency in preparing financial statements
Enhance competency in preparing financial statements
Prepare and review three sample financial statements error-free
Prepare three sample financial statements
Verify and proofread statements for errors
Collect necessary financial data and records
Obtain feedback from a seasoned financial analyst on the prepared statements
Share prepared statements with chosen analyst
Request review and feedback on those statements
Identify experienced financial analyst in the field
Complete a comprehensive financial statements preparation course with 90% score
Register for a financial statement preparation course
Attempt examinations, aiming for a 90% score
Diligently study course materials weekly
4. OKRs to minimize inaccuracies in financial statements
Minimize inaccuracies in financial statements
Decrease financial statement errors by 20%
Regularly review and correct financial statements
Implement rigorous bookkeeping training for accounting staff
Incorporate robust financial auditing software
Train finance team on latest reporting guidelines within 1 month
Plan training sessions to cover these updates
Identify recent changes in financial reporting guidelines
Execute planned training for finance team
Implement new audit checklist for 100% of statements
Train auditors to properly utilize the new checklist
Implement checklist across all statement reviews
Develop comprehensive audit checklist aligned with financial statement requirements
5. OKRs to enhance review frequency for financial statements
Enhance review frequency for financial statements
Increase weekly financial statement reviews by 20%
Allocate additional time each week for financial statement analysis
Prioritize more complex statements for in-depth reviews
Implement an efficient review process for quicker assessments
Reduce errors found in financial reviews by 15%
Regularly update and improve financial review software
Provide routine meticulous training for finance staff
Implement rigorous financial data verification procedures
Boost team's review capacity through training by 30%
Develop a comprehensive, targeted training program
Identify necessary skills for improvement to increase review efficiency
Monitor and measure progress post-training
Financial Statements 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 Statements 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
Most teams should start with a spreadsheet if they're using OKRs for the first time. Then, once you get comfortable you can graduate to a proper OKRs-tracking tool.
![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 Statements OKR templates
We have more templates to help you draft your team goals and OKRs.
OKRs to increase Social Media x3
OKRs to substantially reduce technical debt across all projects
OKRs to lower overall claims ratio to 71%
OKRs to improve effectiveness of sales promotion forecasting
OKRs to boost organic customer engagement and reach on social media
OKRs to boost employee advocacy members' posts frequency
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.