2 Internal Financial Reporting OKR examples with initiatives

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What are Internal Financial Reporting 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.

Formulating strong OKRs can be a complex endeavor, particularly for first-timers. Prioritizing outcomes over projects is crucial when developing your plans.

We've tailored a list of OKRs examples for Internal Financial Reporting 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.

Internal Financial Reporting OKRs examples

You'll find below a list of Objectives and Key Results templates for Internal Financial Reporting. We also included strategic projects for each template to make it easier to understand the difference between key results and projects.

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

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OKRs to complete the Financial Statement promptly

ObjectiveComplete the Financial Statement promptly
KRStreamline the auditing and approval process by 15%
Implement automated systems to expedite the auditing process
Reduce approval stages and unnecessary checks
Train staff to increase proficiency in audit procedures
KRReduce errors in financial reporting by 20%
Provide ongoing accounting training for staff
Implement stricter internal audit protocols
Invest in automated financial reporting software
KRIncrease efficiency in data collection and processing by 30%
Streamline data validation and consolidation processes
Train staff on efficient data management strategies
Implement automated systems for data collection and processing

financial-reporting process-automation finance-manager internal-auditor finance-team audit-team

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How to write your own Internal Financial Reporting 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 OKRs

Tability 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.

Internal Financial Reporting 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

Focus can only be achieve by limiting the number of competing priorities. It is crucial that you take the time to identify where you need to move the needle, and avoid adding business-as-usual activities to your 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

Having good goals is only half the effort. You'll get significant more value from your OKRs if you commit to a weekly check-in process.

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 Internal Financial Reporting 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

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.

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 Internal Financial Reporting OKR templates

We have more templates to help you draft your team goals and OKRs.

2 OKR examples for Internal Financial Reporting