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tability.ioWhat are Invoice Processing Efficiency 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.
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 Invoice Processing Efficiency 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.
Invoice Processing Efficiency OKRs examples
You'll find below a list of Objectives and Key Results templates for Invoice Processing Efficiency. 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 improve invoice processing and payment efficiency
ObjectiveImprove invoice processing and payment efficiency
KRIncrease on-time payments by 30%
Offer incentives for early or on-time payments- Implement reminders for due payments through email or texts
- Improve payment platforms for easier transactions
- KRReduce invoice processing errors by 20%
- Regularly review and audit processed invoices
- Train staff thoroughly on proper invoice processing
- Implement a reliable automated invoice processing system
- KRReduce average invoice processing time by 15%
- Regularly review and improve invoicing processes
- Train staff on efficient invoice handling procedures
- Implement automated invoice processing software
OKRs to improve efficiency & accuracy of invoice monitoring
- ObjectiveImprove efficiency & accuracy of invoice monitoring
- KRDecrease outstanding invoices by 30%
- Automate invoice reminders for clients
- Implement a more proactive approach in collecting debts
- Offer discounts for early payment of invoices
- KRIncrease the number of invoices processed per hour by 15%
- Delegate more personnel to invoice processing tasks
- Train staff on speed-accuracy balance in invoicing
- Implement a digital system for faster invoice processing
- KRReduce invoice processing errors by 20%
- Implement automated invoice verification software
- Improve data entry processes and checks
- Train staff specifically on invoice accuracy
OKRs to achieve full productivity as a General Accountant
- ObjectiveAchieve full productivity as a General Accountant
- KRReduce weekly accounting errors by 50%
- Implement thorough double-checking procedures for all accounting tasks
- Provide additional training on accounting software usage
- Instantly address and correct identified accounting errors
- KRScore at least 90% on internal accounting knowledge assessments
- Study company's internal accounting policies daily
- Practice with past assessment tests for improvement
- Seek clarifications for any accounting concepts not understood
- KRIncrease speed of invoice processing by 30%
- Train staff in efficient invoice processing techniques
- Streamline invoice approval process
- Implement automation software for quick invoice management
How to write your own Invoice Processing Efficiency 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.
Invoice Processing Efficiency 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
Having too many OKRs is the #1 mistake that teams make when adopting the framework. The problem with tracking too many competing goals is that it will be hard for your team to know what really matters.
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
Setting good goals can be challenging, but without regular check-ins, your team will struggle to make progress. We recommend that you track your OKRs weekly to get the full benefits from the framework.
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 Invoice Processing Efficiency OKRs
OKRs without regular progress updates are just KPIs. You'll need to update progress on your OKRs every week to get the full 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
We recommend using a spreadsheet for your first OKRs cycle. You'll need to get familiar with the scoring and tracking first. Then, you can scale your OKRs process by using a proper OKR-tracking tool for it.
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 Invoice Processing Efficiency OKR templates
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