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tability.ioWhat are Financial Manager 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.
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 Manager 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 Manager OKRs examples
You will find in the next section many different Financial Manager 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 ensure timely submission of financial statement
ObjectiveEnsure timely submission of financial statement
KRImplement a system to track and manage financial records by week 2
Train staff on how to use the system- Choose and purchase the most suitable system
- Research different financial tracking systems available
- KRDedicate three days each month to consolidate financial data
- Gather and organize all necessary financial data
- Select three appropriate days for financial data consolidation
- Perform data consolidation on chosen dates
- KRTrain and enable a backup person to handle financial statement preparation
- Identify a suitable person for financial statement preparation training
- Design a comprehensive training schedule for the selected person
- Provide continuous guidance and support to the trainee
OKRs to establish robust financial structure for sustainability and growth
- ObjectiveEstablish robust financial structure for sustainability and growth
- KRIncrease organizational revenue by 20% through new client acquisition
- Implement effective marketing strategies to attract potential clients
- Train sales team on techniques for successful client acquisition
- Enhance product or service offerings to broaden appeal
- KRImplement a new budgeting system accounting for all departments
- Create a standardized budgeting template
- Identify necessary expenses for each department
- Distribute and train departments on the new system
- KRReduce operational cost by 15% through streamlining processes
- Implement lean strategies to optimize efficiency
- Automate routine procedures to save manpower
- Identify redundant tasks and merge them effectively
OKRs to improve cost efficiency through optimal resource allocation
- ObjectiveImprove cost efficiency through optimal resource allocation
- KRReduce waste in resource allocation by identifying and eliminating non-essential expenses by 20%
- Implement and monitor the expense reduction plan
- Identify non-essential expenses in current resource allocation
- Create a plan to reduce these expenses by 20%
- KRReduce overall operational costs by 10% through careful cost monitoring and control
- Implement regular audits to identify unnecessary expenses
- Enforce strict budgeting and reduce waste
- Introduce cost tracking systems in all departments
- KRIncrease resource utilization rate by 15% while maintaining performance quality
- Implement efficient resource allocation strategies
- Provide regular training for optimal resource utilization
- Monitor and optimize resource usage regularly
OKRs to ensure timely submission of Financial Statements (FS)
- ObjectiveEnsure timely submission of Financial Statements (FS)
- KRImplement 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
- KRImprove 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
- KRSet 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
OKRs to ensure sustainability of the financial business
- ObjectiveEnsure sustainability of the financial business
- KRBoost customer retention rate by 20% through enhanced service offerings
- Enhance technical support and response time
- Develop attractive loyalty programs for customers
- Implement comprehensive training for customer service staff
- KRIncrease net profit margin by 15% through operational efficiency improvements
- Streamline supply chain management to cut costs and improve delivery times
- Implement lean manufacturing techniques to reduce waste and inefficiency
- Invest in advanced technology solutions to automate repetitive tasks
- KRReduce overhead costs by 10% by implementing cost-saving measures
- Implement energy-saving solutions to cut utility costs
- Conduct regular auditing to identify unnecessary expenditures
- Streamline operations processes to improve efficiency
OKRs to efficiently meet annual audit plan commitments
- ObjectiveEfficiently meet annual audit plan commitments
- KRFinalize and implement a resulting action plan from 80% of audits
- Develop action plans based on audit results
- Analyze findings from 80% of completed audits
- Implement devised action plans systematically
- KRAchieve 100% on-time completion for all scheduled audits
- Regularly monitor audit progress and completion rates
- Create a structured, detailed audit schedule
- Assign and communicate specific deadlines to auditors
- KRIdentify and deliver financial improvements in 2 or more audited areas
- Analyze recent audit reports to identify areas of financial improvements
- Develop feasible strategies to improve audited financial areas
- Implement and track the impact of the improvement strategies
OKRs to boost finance operations to increase brand visibility and market influence
- ObjectiveBoost finance operations to increase brand visibility and market influence
- KRImprove customer satisfaction rates by 25% through streamlined billing processes
- Train staff on new streamlined billing processes for better efficiency
- Regularly solicit and act upon customer feedback on billing experience
- Implement automated, error-free billing system to enhance accuracy
- KRIncrease investor presentations by 40% to expand brand visibility
- Schedule 40% more investor presentations each week
- Create more engaging content for additional investor presentations
- Utilize various platforms for hosting investor presentations
- KRImplement new finance software to reduce errors by 30%
- Train employees on the new system usage
- Research and select suitable finance software
- Monitor and evaluate error reduction efforts
OKRs to enhance organization skills for efficient billing management
- ObjectiveEnhance organization skills for efficient billing management
- KRComplete an advanced course in financial software systems for improved proficiency
- Research suitable advanced courses in financial software systems
- Enroll in the selected advanced financial software course
- Regularly study and complete coursework to enhance proficiency
- KROrganize weekly review meetings to monitor progress and identify areas of improvement
- Schedule weekly meetings with team for progress evaluation
- Design frameworks to monitor project advancements
- Establish metrics to identify improvement areas
- KRImplement a digital billing system to reduce processing errors by 30%
- Research and select appropriate digital billing system software
- Closely monitor error rates and make adjustments accordingly
- Train accounting staff on new billing system
OKRs to enhance leadership skills to drive financial growth
- ObjectiveEnhance leadership skills to drive financial growth
- KRImprove financial planning efficiency by 15 percent
- Reduce unnecessary expenses by optimizing budgets
- Improve data accuracy to streamline financial forecasting
- Implement automated financial planning software
- KRInstitute weekly training to increase leadership skillset by 25%
- Schedule weekly training sessions for staff
- Measure improvement in leadership skills post-training
- Identify relevant leadership training programs or workshops
- KRDecrease operational costs by 10%, increasing margins
- Consolidate functions where possible for high productivity
- Streamline supply chain to reduce inefficiencies
- Implement energy-saving measures throughout the organization
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
How to write your own Financial Manager 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 Manager 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 Manager 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
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 Manager OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to enhance the operation and sustainability of the Asset Stores Metadata Repository
- OKRs to implement transparency in project allocation for balanced workload per person
- OKRs to improve organizational DevOps practices with DORA
- OKRs to enhance Collaboration and Communication across the team
- OKRs to ensure precision in financial statement generation
- OKRs to enhance the effectiveness of our performance marketing strategies