Finance OKR Examples
Best OKR Examples for FinanceFinance OKR Examples
It can be challenging to come up with good Finance OKRs. While the OKR approach is simple to grasp, mastering the writing portion is the most complex and time-consuming. "How do you write effective Finance OKRs?" – the million-dollar question, of course. To stimulate your creativity, consider the following formula when composing your Finance OKRs:
- O Simplify internal procedures and increase transparency in financial reporting
- KR 85% of the invoices should be categorized by expense type before reaching the finance department.
- KR Reduce the delay in the primary documentation submission to the finance department by 25%
- KR Reduce the time required to complete a payment from "application" to "paid" from 14 to 7 hours.
- O Boost Operational Efficiency
- KR Conduct an external finance audit within 3 weeks.
- KR Establish a supplier procurement procedure.
- KR Work with the sales manager to finalize the new guidelines.
- O Increase compliance with tax laws
- KR Audit adjustments should be reduced from 4% to 1%.
- KR Reduce the number of tax-related issues/complaints from four to one per month.
- KR Reduce the amount of money held in accounts payable from 4% to 1%.
- KR Carry out an external tax audit.
- O Create and finalize the Accounts Payable report at the end of the fourth quarter
- KR Review and approve departmental expenses by the end of the following week.
- KR Reduce expenditure redundancy by 90%.
- KR Evaluate and complete pay agreements by the end of the quarter.
- O Enhance annual budgeting and corporate planning efficiency
- KR Schedule a full-day planning session with each division manager.
- KR Get budget proposals by August 1st for each line of business.
- KR Make each company manager use our online dashboards.
- KR Complete the budget before October 30th.
- O Reduce Your Tax Obligation
- KR Increase the percentage of tax-advantaged investments from 75% to 100%.
- KR Reduce current liabilities from 45% to 20% by the end of Q3.
- KR Reduce the cost of depreciation from 30% to 60%.
- KR Finalize the budget by October 30th.
- O Identify and develop a financial strategy for the next 2 years
- KR Organize a strategic cross-departmental heads meet by July 20.
- KR Prioritize the product roadmap by September 10.
- KR Budgets must be finalized and approved by September 30.
- KR Raise $15 million to support the company's growth objectives in the coming year.
- O Offer competitive salary packages to attract world-class talent
- KR Conduct a salary analysis within the industry.
- KR Increase salary satisfaction of employees from 60% to 80%.
- KR Raise the pay of managers to industry standards.
- KR Finalize the budget by October 30th.
Improve your employee experience and culture with our well curated HR OKR Examples
- O Raise new capital for expansion needs
- KR Reach out to VCs and schedule at least 25 initial meetings.
- KR Obtain at least 7 second contact meetings.
- KR Solicit at least five term sheets containing our minimum required terms.
- KR Close a pre-money investment round of at least $15 million.
- O Make expense management simple and painless for all by the first quarter of the year
- KR Expenses must be reimbursed within 15 days of receiving a claim.
- KR Finance should process a claim application in less than 7 minutes.
- KR All employees should rate the company's "Expense Management Process" as "Excellent."
- O Overcome payroll errors by Q1
- KR Eliminate payroll errors.
- KR Everyone should be paid on time.
As the Finance department plays the gauging role of the overall company expenses and revenue, it is crucial that they ensure the financial stability of individual departments. Hence there is a need for interdepartmental Finance OKR too. Take a look at an example.
- O Keep the budget variance to less than 4%. (from budget to actual)
- KR List all of the areas where you've exceeded your budget thrice in the last six months.
- KR Work with the heads of each department to determine their budget needs.
- KR Determine how many one-time expenses were really required in the previous year.
Apply the aforementioned Finance OKR Examples to gain insights into your OKR progress or OKR process and unleash your company's growth.
