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tability.ioWhat are Financial Reporting System 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 Reporting System 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 Reporting System OKRs examples
You will find in the next section many different Financial Reporting System 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 implement a robust financial reporting system
ObjectiveImplement a robust financial reporting system
KRTrain 90% of finance team in system use by week 9
Implement system use training and monitor its progress- Identify those needing system use training within the finance team
- Develop a comprehensive system use training schedule
- KRDevelop and test system prototype by the end of week 6
- Create prototype based on specific requirements
- Conduct thorough system testing and debugging
- Finalize functional requirements for system prototype
- KRAchieve zero error reports within two weeks of system launch
- Implement a robust user-feedback mechanism
- Conduct thorough system testing before launch
- Quickly resolve issues as they are identified
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
OKRs to enhance the architecture of accounting, financial, and tax processes
- ObjectiveEnhance the architecture of accounting, financial, and tax processes
- KRAchieve at least a 15% increased in efficacy in financial reporting
- Provide thorough training for staff on financial reporting
- Standardize reporting templates and process
- Implement advanced financial management software
- KRImplement a new, streamlined accounting system capable of reducing process time by 30%
- Train staff on the new accounting system
- Identify inefficiencies in the current accounting system
- Procure or design a streamlined accounting software
- KRSuccessfully complete 100% of financial and tax process updates without disrupting business operations
- Test updates during low-impact business hours
- Regularly review existing financial and tax processes
- Develop and implement necessary process updates
How to write your own Financial Reporting System 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 Reporting System 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 Reporting System OKRs
The rules of OKRs are simple. Quarterly OKRs should be tracked weekly, and yearly OKRs should be tracked monthly. 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 Financial Reporting System OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to boost efficiency, unify team, and grow account base
- OKRs to establish a comprehensive knowledge base for the organization's systems and projects
- OKRs to provide an awesome support experience
- OKRs to streamline and improve the hiring reporting processes
- OKRs to achieve personal and financial stability
- OKRs to boost profitability via disciplined revenue and expense management