13 OKR examples for Finance
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 Finance 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 more about the OKR meaning online.
Best practices for OKR
Your objectives should be ambitious, but achievable. Your key results should be measurable and time-bound. It can also be helfpul to list strategic initiatives under your key results, as it'll help you avoid the common mistake of listing projects in your KRs.
Building your own OKRs with AI
While we have some examples below, it's likely that you'll have specific scenarios that aren't covered here. There are 2 options available to you.
- Use our free OKRs generator
- Use Tability, a complete platform to set and track OKRs and initiatives – including a GPT-4 powered goal generator
How to track OKRs
Your quarterly OKRs should be tracked weekly in order to get all the benefits of the OKRs framework.
Spreadsheets are enough to get started. Then, once you need to scale you can use a proper OKRs-tracking platform to make things easier.
We recommend Tability for an easy way to set and track OKRs with your team.
Check out the 5 best OKR tracking templates to find the best way to monitor progress during the quarter.
Finance OKRs templates
The examples have Finance Objectives and Key Results, but they may also include the tasks that can help you get there.
OKRs to enhance profitable performance of the finance team
Enhance profitable performance of the finance team
Improve the ROI (Return on Investment) by 10% on all key business initiatives
Increase upselling and cross-selling efforts across channels- Identify and eliminate inefficient processes or expenditures
- Implement tracking metrics to optimize marketing campaigns
- Increase total revenue by 15% in operational areas
- Initiate strategies for customer retention and acquisition
- Enhance product/service offerings to drive sales
- Implement efficiency measures to reduce operational costs
- Cut financial inefficiencies and wastage by 20%
- Implement stricter budget control measures
- Conduct thorough assessments to find wasteful spending
- Train employees on cost efficiency strategies
OKRs to ensure compliance and adaptability of Finance department for long-term success
- Ensure compliance and adaptability of Finance department for long-term success
- Identify and prioritize areas for automation and digitization within the Finance department
- Implement updated financial policies and procedures to meet regulatory requirements
- Revise and update financial policies and procedures to align with regulatory standards
- Conduct a comprehensive review of existing financial policies and procedures
- Identify gaps between existing policies and regulatory requirements
- Communicate and train employees on the updated financial policies and procedures
- Train all Finance department staff on new compliance protocols and best practices
- Schedule a training session for all Finance department staff
- Conduct role-playing exercises to practice implementing the best practices
- Assess the knowledge and understanding of staff through a post-training evaluation
- Develop training materials and resources for the new compliance protocols
- Develop a roadmap for integrating emerging technologies to future-proof Finance operations
OKRs to optimize IT costs by reducing expenses by 20%
- Reduce IT expenses by 20%
- Analyze previous quarter expenses and identify areas for cost reduction
- Determine cost-saving opportunities
- Identify spending patterns
- Review expenses
- Implement cost reduction measures
- Educate employees on cost-saving practices and enforce IT policies
- Regularly remind staff of cost-cutting policies
- Contain training sessions for IT policy adoption
- Monitor employee compliance with IT policies and address non-compliance
- Hold information sessions about cost-saving practices
- Negotiate with vendors for better pricing
- Research vendor's competitors and their rates
- Highlight your previous purchasing history with them
- Offer to sign a long-term contract for a discount
- Ask for a volume discount based on the forecasted quantity
- Implement solutions and track savings
- Identify opportunities for cost reduction
- Implement cost-saving solutions
- Track and report realized savings
- Prioritize solutions based on potential savings
OKRs to meet or exceed financial and operational milestones for investor confidence
- Achieve investor confidence by meeting financial and operational milestones
- Achieve X% growth in user base through targeted marketing and product enhancements
- Increase revenue by X% through new customer acquisition and increased sales
- Improve customer satisfaction score by X% through enhanced product features and customer support
- Reduce operational costs by X% through process optimization and automation
OKRs to streamline accounts receivable operations
- Streamline accounts receivable operations
- Increase collection rates by 25%
- Implement an advanced collection management software system
- Train staff on effective collection strategies
- Incentivize timely payments with discounts
- Reduce invoice processing time by 30%
- Streamline invoice approval processes
- Train staff on efficient invoice management
- Implement automated invoice processing software
- Decrease outstanding payments by 40%
- Implement quicker invoice processing system
- Review and update current payment follow-up procedures
- Negotiate payment plans with delinquent customers
OKRs to financial asset management
- Improve the value and efficiency of our financial asset management processes
- Increase overall financial performance by 80%\
- Increase the value of our financial assets by 25%
- Reduce the time spent on financial asset management tasks by 50%
- Improve the organization's ability to make informed financial decisions by 95%
OKRs to improve Compensation Plan
- Improve Compensation Plan
- Increase employee satisfaction by implementing pay raises based on performance evaluation
- Improve cost efficiency by optimizing the compensation plan to decrease overhead expenses
- Enhance equity by conducting a thorough analysis to identify any pay disparities among employees
- Develop and implement strategies to address identified pay disparities and ensure equal compensation
- Collect and analyze salary data to identify any pay disparities among employees
- Conduct interviews or surveys to gather feedback on employee perceptions of pay equity
- Compare compensation across different job roles to determine if there are significant gaps
- Reduce turnover rate by revising the compensation structure to align with market standards
- Develop a revised compensation plan that aligns with market standards and addresses employee needs
- Review and analyze the company's existing compensation structure
- Conduct market research to determine current compensation standards for relevant positions
- Communicate the revised compensation structure to employees and seek their feedback and suggestions
OKRs to improve the accuracy and efficiency of our tax and accounting processes
- Improve the accuracy and efficiency of our tax and accounting processes
- Reduce errors in tax and accounting processes by 5%
- Increase accuracy of tax and accounting tasks by 5%
- Improve customer satisfaction with tax and accounting services by A%
- Increase speed of tax and accounting tasks by 12%
OKRs to within budget
- Maintain expenses within budget
- Achieve 90% accuracy in budget forecasting
- Increase departmental efficiency by 15%
- Decrease variable expenses by 10%
- Implement cost-cutting initiatives resulting in a 5% reduction in fixed expenses
OKRs to improve Financial Planning and Analysis Processes
- Improve our FP&A processes
- Reduce the time spent on manual data entry by 50%
- Improve accuracy of financial projections by 25%
- Increase the use of data driven decision making by 20%
OKRs to effectively manage expenditure within budget
- Effectively manage expenditure within budget
- Increase savings by 5% through strict budget adherence
- Cut down discretionary spending and identify savings
- Implement a structured budget to monitor income and expenses
- Regularly review and adjust budget for optimal savings
- Reduce unnecessary expenditure by 10%
- Implement cost-saving measures in those identified areas
- Regularly review and adjust budget to maintain reduced expenditure
- Analyze monthly financial reports to identify wasteful spending areas
- Track and categorize all expenses weekly
- Review and adjust budgets based on weekly expenses
- Set a weekly reminder to review and log all expenses
- Categorize each expense into pre-set budgets
OKRs to improve payroll processing
- Improve the accuracy and timeliness of payroll processing
- Reduce the number of errors in payroll calculations by 10%
- Increase employee satisfaction with the payroll process by 20%
- Increase the number of employees paid on time by 15%
OKRs to scale the startup to achieve unicorn status
- Scale the startup to achieve unicorn status
- Expand customer base by acquiring 100 new clients
- Identify target market segments and prioritize based on potential revenue and fit
- Develop targeted marketing campaigns to attract potential clients from identified segments
- Establish strategic partnerships with complementary businesses to leverage their customer base
- Implement referral program to encourage existing clients to refer friends and colleagues
- secure $10 million in funding from investors
- Identify and approach potential investors with a tailored and persuasive investment proposal
- Develop and demonstrate a solid growth strategy and execution plan to convince investors
- Create a compelling pitch deck highlighting the market potential, competitive advantage, and financial projections
- Conduct thorough due diligence to ensure investors' trust by providing accurate financial information and projections
- Increase monthly revenue by 30%
- Achieve a user retention rate of 80%
- Implement personalized notifications and incentives to encourage users to stay active
- Improve user onboarding process to enhance engagement and reduce churn
- Continuously analyze user behavior data to optimize the app experience and prevent attrition
- Conduct regular user surveys to identify pain points and address them promptly
More OKR templates
We have more templates to help you draft your team goals and OKRs.
- OKRs to develop an AI application
- OKRs to secure the position of Secretary to the Vice President
- OKRs to improve effectiveness in asset tagging across all devices
- OKRs to improve software development team leadership effectiveness
- OKRs to enhance the performance of the Database Administration Unit
- OKRs to secure 6.5M for nonprofit
OKRs resources
Here are a list of resources to help you adopt the Objectives and Key Results framework.
- To learn: Complete 2024 OKR cheat sheet
- Blog posts: ODT Blog
- Success metrics: KPIs examples