Finance OKRs have become an important part of performance management in most organizations. Many thoughtful leaders are adopting them to accomplish their organizations’ most important financial goals. The Objectives and Key Results (OKRs) methodology is one of the most simple and effective ways for goal setting and monitoring at workplaces.

It is recommended that you set OKRs at your team level and not as individual OKRs. If you are looking for a few examples to set OKRs for your finance team, you are at the right place.

Also Read: Marketing OKRs examples 

Finance OKRs Examples

okr for finance department
Finance OKRs Examples

The below discussed finance okrs will help you kick-start goal setting process in the organization. Feel free to customize the okrs as per the business requirements. 

Also Read: The Essential Guide To OKRs: Your Ultimate Tool To Setting Winning Goals

Finance OKR Objective 1 – Strengthen and make the auditing process transparent

Key results – 

  • Complete an internal audit before the end of Q3
  • Audit 60% of the identified risks
  • Prepare a monthly report to avoid loss of data
  • Identify departments and process where repeated losses occur

Finance OKR Objective  2- Get budget variance to less than 5% (budget to actual)

Key results – 

  • Identify loss areas and reduce unnecessary expenditure by 80% by Q4 2017-18
  • List all categories that have used excess of budget more than 3 times in last 6 months
  • Identify the categories where repeated losses occur

Finance OKR Objective  3- Improve annual budgeting and business planning

Key results – 

  • Increase Average Monthly Revenue Growth Rate to 20%
  • Reduce costs for the budget meeting by 50 percent
  • Close the final budget by November 30th
  • Have each business line manager start using our online dashboards

goal setting guide

Finance OKR Objective  4- Create annual financial strategy 

Key results – 

  • Finalize budget by Q4 FY 2020-2021
  • Active discussions all the team function managers by Q4 FY 2020-2021

Finance OKR Objective 5- Make quarterly financial analysis processes more efficient

Key results-

  • Create a strategic plan for optimizing the 5 most important processes
  • Organize 3 webinars per month discussing the importance of internal reporting
  • Create customizable internal templates for quick reporting

Finance OKR Objective 6- Make financial reporting more transparent

Key results-

  • Payment processing time to be reduced from 22 hours to 18 hours
  • Automate categorizing every invoice based on the type of expense
  • Primary documentation to be reduced from 80% to 50%

Also read: Goal Setting Processes – OKR vs KPI

Finance OKR Objective 7- Reducing payroll errors

Key results-

  • Create a 3 step verification process including maker, checker, and verifier
  • Reduce payroll errors to vendors and consultants by 30%
  • Reduce error resolution time from 48 hours to 36 hours

Final Thoughts On Finance OKRs

Goal setting is critically important to reaching organizational objectives. With the help of methodologies like OKRs, organizations can create and analyze the progress of their most important goals. The okrs for finance department discussed in this article will help your team gain greater visibility into their goals, making them more accountable for their performance.

Check out our detailed guide on OKRs and templates to understand the significance and importance of OKRs in detail. You can also download OKR templates and use them for organizational and team-level goal setting.

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