Stanford Oracle Financials

Stanford University's financial management system, known as Oracle Financials, is a comprehensive platform designed to streamline and optimize financial operations across the institution. The system, which is part of the university's larger administrative computing environment, provides a wide range of tools and functionalities to support budgeting, financial reporting, procurement, and other related activities. By leveraging the capabilities of Oracle Financials, Stanford aims to enhance its financial stewardship, improve operational efficiency, and ensure compliance with regulatory requirements.

Overview of Oracle Financials at Stanford

Oracle Financials is a key component of Stanford’s administrative systems, enabling the university to manage its financial resources effectively. The system is used by various departments and units across the campus, including academic departments, research centers, and administrative offices. With Oracle Financials, users can perform a variety of tasks, such as creating and managing budgets, tracking expenses, processing financial transactions, and generating reports. The system also provides real-time access to financial data, allowing users to make informed decisions and respond to changing financial circumstances.

Key Features and Functionalities

Stanford’s Oracle Financials system offers a range of features and functionalities that support financial management and planning. Some of the key capabilities of the system include:

• General Ledger: provides a centralized repository for financial data, enabling users to track and manage financial transactions, accounts, and budgets.
• Accounts Payable: streamlines the process of paying invoices and managing vendor relationships.
• Accounts Receivable: facilitates the management of customer invoices, payments, and credit memos.
• Procurement: enables users to create and manage purchase orders, track inventory, and conduct procurement activities.
• Financial Reporting: provides tools for generating financial reports, including balance sheets, income statements, and budget reports.

Implementation and Support

The implementation of Oracle Financials at Stanford involved a collaborative effort between the university’s administrative and technical teams. The system was rolled out in phases, with extensive training and support provided to users. The university’s IT department continues to provide ongoing support and maintenance for the system, ensuring that it remains up-to-date and aligned with the institution’s evolving financial management needs.

Security and Compliance

Stanford’s Oracle Financials system is designed to ensure the security and integrity of financial data, with robust controls and safeguards in place to prevent unauthorized access or data breaches. The system is also compliant with relevant regulatory requirements, including the Generally Accepted Accounting Principles (GAAP) and the Financial Accounting Standards Board (FASB) standards.

The system’s security features include:

• Data Encryption: protects financial data both in transit and at rest.
• Access Controls: ensures that only authorized users can access financial data and perform financial transactions.
• Audit Trails: provides a record of all financial transactions and system activity, enabling the university to track and monitor financial activity.