Finance OKRs for Bookkeeping Process
- Lay the groundwork for in-house accounting and financial reporting to take it over from the outsourcing firm
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- Successfully onboard 3 new hires to the finance teamhires 30
- Develop structure for 5 types of reports to set them up in the ERP systemtypes 50
- Complete 5 stages of the ERP implementation processstages 50
- Optimize management of accounting records to prepare for the move to the new ERP system
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- Analyze reporting issues from 3 main angles to prepare the move to the new ERP toolangles 30
- Find equivalents in the new system (or develop requirements) for 7 types of reports requested by managementtypes 70
- Review expense types under 12 cost centers to analyze cost saving opportunitiescost centers 120
- Improve the way we manage warehouse inventory records to save time during mandatory inventory checks
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- Reduce time needed to complete inventory check from 16h to 4h on averagehours 416
- Automate 3 critical processes to avoid human errorsprocesses 30
- Reduce the % of discrepancies between bookkeeping data and factual information from 6% to 3%% 36
Finance OKRs for Budgeting and Financial Strategy
- Improve budgeting transparency and update speed
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- Confirm the budgeting structure that meets the needs of 5 Teams Leaders and CEO (6 people)agreements 60
- Reduce expense submission entry from 30 days to 7 daysdays 730
- Maintain expense to revenue ratio of 30% or less % 3050
- Finish raising new capital for growth needs
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- Outreach to VCs & get at least 30 initial meetingsmeetings 300
- Get at least 5 second contact meetingsmeetings 50
- Solicit at least 3 term sheets of our minimum required termsterm sheets 30
- Close an investment round with the minimum of $10 millioninvestment 10
- Lay the groundwork to make the quarterly analysis process more efficient
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- Define top 5 achievable improvements for internal reportingimprovements 50
- Organize 4 workshops on reporting best practices with full team attendanceworkshops 40
- Develop and confirm 6 reporting templates for future usetemplates 60
Finance OKRs for Invoicing and Crediting
- Simplify internal procedures and make financial reporting more transparent
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- >80% of invoices are categorized by expense type before they come to finance department% 800
- Reduce the number of primary documentation reported late to the financial department from 50% to 20%% 2050
- Speed up payment processing time from "application" to "paid" from 16h to 8hhours 816
- Even out the difference in workload in the team to avoid overwork and burnout
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- Achieve an average of 100 processed transactions per week per team member transactions 1000
- Reduce the amount of transactions pending for more than 24 hours from 20% to 2% per week% 220
- Conduct 5 coaching sessions with team members on the transactions handling best practices sessions 50
Finance OKRs for Revenue and Profit
- Improve the way we manage expenses reporting to find opportunities to increase profitability
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- Identify top 5 areas with the highest expenses areas 50
- Sort out 200 payments using new expense categories to make data more transparentpayments 2000
- Find a way to cut monthly expenses from $10000 to at least $8000 $ 800010000
- Encourage remote work among employees to reduce office maintenance expenses
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- Reduce a monthly budget on the office maintenance from $10000 to $5000$ 500010000
- Cut daily travel expenses for employees from $10000 to $2000$ 200010000
- Get $5000 of additional monthly income for renting out the ½ of the office $ 50000
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