OKRs for Finance Teams
The OKR method has been proving a highly effective way to structure and achieve objectives since the 70s — and its methodology is particularly useful for finance-related fields and departments.
The structure of an OKR calls for myriad established metrics in order to identify concrete, measurable and quantifiable key Results that lead to the accomplishment of an overall objective. Whereas other fields and departments like customer service or marketing may have measurements that are more abstract, and therefore less conducive to creating measurable and trackable metrics, finance departments are great candidates for the implementation of an OKR by virtue of their dollars-and-cents subject matter.
Here we will examine some examples of OKRs written for finance departments at both individual, team, and organization-wide levels.
Example 1: Ensure Timely and Accurate Financial Reporting
Step 1: Identify your Goal.
Objective: Complete Accurate/Timely Financial Reports.
A good objective should provide direction and must be realistic.
In this objective “accurate and timely” details directions and realistic elements of good objective quality.
Step 2: Create your objective.
What do you want to achieve?
– Complete Accurate/Timely Financial Reports
By when does this need to be accomplished?
– FY 2020 Q1 March.
Who all can access this OKR?
– Visibility access to “My Management” and “My Team”
Any other context you want to add?
– If necessary, add in more description regarding Objective.
Step 3: Create Key Result.
Key Result 1:
Complete Monthly Financial reports by the 15th of each month by March 2020
Key Result 2:
Complete Quarterly Financial reports 15 days prior to the end of each quarter by March 2020
Key Result 3:
Complete Monthly bank reconciliations by the 10th of each month by March 2020
Key Result 4:
Submit finalized year-end financial reports to tax account by January 20th
A good key Result should be specific and measurable or trackable.
ACTIONS IN OBJECTIVE:
‘Edit’ allows you to make changes in your created objective.
‘View’ Objective has 3 subsections to make functioning simply.
- News Feeds
- Objectives – Displays the objective you created and its progress bar.
- Target date – is “when do you want to accomplish”.
- Visibility – Displays the selected visibility during created your objective.
- Alignment – Shows who have you aligned with this OKR if any.
- Delegations – Displays to whom have you delegated this OKR to align or own it.
- Shared – Shows with whom has this OKR been shared within from other departments of your organization.
- Key Results – Displays the created Key Results for this OKR. And Allows you to add more Key Results clicking on “Add Key Results” button.
Check-ins: Allows you to update your status with “Add Status” button. It displays details of dates, status, and comments updated with “Add Status” button and updates added in the progress bars of your objective’s Key Results in “My OKRS” page.
News Feeds: Displays details of every action performed within your OKRs.
‘More’ in objectives allows you to align with your Managers OKRs, Create new Key Results, and Delete your OKR.
ACTIONS IN KEY RESULTS:
‘Edit’ allows you to make changes in your created Key Results.
‘View’ Key Results have 5 subsections to make functioning simply.
- News Feeds
Key Result: Displays Key Result details and it progress bar, Recent Check-ins, Recent Notes, and Recent Tasks.
Check-ins: Allows you to update your status with “Add Status” button. It displays details of graphical progress, dates, value, status, and comments updated with “Add Status” button and updates added in the progress bars of your Key Result in “My OKRS” page.
News Feeds: Displays details of every action performed within your Key Result.
Tasks: Displays tasks created in correspondence to the key Result with details of their respective status. Tasks allow you to create new tasks and view the existing tasks in both candan and list views along with filter options.
Notes: You can add notes and details about your Key Results.
Acts: Allows you to create tasks, notes, add key Results and delete the key Results within the Key Results page.
‘More’ in Key Results allows you to assign tasks, send emails, add notes, and delete your Key Results.