If you have KPIs you’re trying to reach, break them into smaller chunks. One way to keep your goals living and breathing within your organization is to break them down into small, attainable steps that you can tackle all year long. Your team’s goals should be front and center in everything you do as a department. This is an ineffective use of goal creation. One fatal error commonly made in organizations is when teams set performance goals and then forget about them until the performance review time comes around. If your team is involved in shaping AP department goals, you will all have greater success accomplishing the things you’ve set out to do. This is where the brainstorming and team activity of goal setting will be of use. In fact, according to the Inc study, if the goals you set are irrelevant to individual team members, 93 percent of your employees will not be able to translate them into actions. It’s important when you set goals for your team that they are meaningful to those who will be responsible for executing on them. Make the goals meaningful to each AP team member responsible for achieving them
When using a SMART framework, work with your AP team to make sure your goals are clear and reachable. While SMART has been around for over three decades, it maintains relevance in goal-setting today. The SMART goals (Specific, Measurable, Achievable, Realistic, Timely) framework is most often attributed to Peter Drucker's Management by Objectives concept, and the term was first used in a public forum in the November 1981 issue of Management Review by George T. Consider eliminating goals that do not comply. Consider using the SMART goals framework when setting your AP department goalsĪfter you’ve completed your brainstorming session, look at your list of goals and see if they fall under the SMART guidelines.
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Gather with your team and engage in a free flow of ideas, pare your ideas down to a reasonable number, and create a shared document to use as a reference point throughout the year. There are great tools like Miro and Figma for shaping your brainstorming, which will give you a fun and engaging interface and allow everyone to participate including team members working remotely. Host a brainstorming session with your AP team to develop team goalsĬonsider hosting a goals brainstorming session with your AP team. If every department in your organization has those top level goals in mind and maps back to them, there is increased likelihood overall company goals will be achieved. You will want to set up your departmental goals in alignment with and cascading down from overall organizational goals. To set goals for your department, first look at what overarching company goals have been put in place. Start with your organization’s goals to build your AP department goals Sixty-nine percent of high-achieving companies surveyed said that creating and working towards business goals is the most effective way for any company to build a high-performance team. In a recent study, Inc Magazine found that 21 percent of organizations who used goal-setting tools and processes were more productive than their counterparts.
One way to shape your AP department to operational excellence is through goal-setting and the performance review process.
How do we set the right goals to achieve AP departmental success? Keep accurate books, ensuring that cash forecasts are accurate and that working capital can be optimized.Pay suppliers on time and develop collaborative and positive relationships with suppliers to gain favorable payment terms and discounts.Develop and maintain good relationships with suppliers by keeping accurate and up-to-date supplier information in the company’s systems.If an AP department is running with a high level of functionality, it will: The AP function is central to how every business operates. Ensuring payments to those suppliers are approvedĭocumenting and disseminating accurate information within the accounts payable function is a requirement to producing an accurate balance sheet, which is why accuracy, efficiency and adaptability are all essential to the success of your AP organization.Keeping track of what a company owes to suppliers.The accounts payable department’s three biggest areas of responsibility are: Read Now What are the most important things for an Accounts Payable (AP) department to achieve? Explore further with our " Setting AP goals and measuring performance" Infographic.
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