Oracle Financials Cloud (OFC), a software-as-a-service (SaaS) platform, is Oracle's contemporary financial system that provides significant usability and integration improvements, real-time integrated reporting capabilities, and an enterprise budgeting system.
OFC's capabilities support adaptable operations by capturing transactions with greater efficiency and reducing costs for resource-intensive tasks. As a SaaS, OFC typically has a lower operating cost than on-premise software, without compromising controls. In addition, real-time reporting, embedded machine learning and a modern user experience will help the UCSB campus pivot to next-generation finance quickly and cost-effectively, with less risk.
OFC boasts accounting, payment, and tax engines that meet a broad range of business needs, with features configured to meet unique campus requirements. Budgetary control and encumbrance accounting allow organizations to control spending by checking and reserving funds during transaction entry. A budget monitor allows budget managers to monitor consumption rates and review accounts that are close to overspending their budget, with dynamic drilldown to quickly view the transactions that contribute to the budget balances. For extended planning and budgeting, general ledger data can be seamlessly and automatically integrated. OFC's integrated purchasing capabilities will provide a common user experience and real-time integration with financial information.
Extensive spreadsheet integration across multiple finance functions allows finance users to work in their preferred environment. Spreadsheets are seamlessly integrated for high volume data entry and one-click uploads. Reports and transactional tables can be exported to Excel for further analysis and easier viewing of large amounts of data.
Benefits of adopting OFC
- Establish a strong foundation for financial processes, campus accounting, and financial reporting with this enterprise accounting and finance platform
- Opportunities to implement process efficiencies and eliminate manual and redundant tasks
- Create a single source of financial truth that departmental accounting teams can rely on
- Quickly adapt centralized accounting rules as University policies evolve and new accounting standards take effect
- Handle high transaction volumes with a powerful and centralized accounting engine that delivers unmatched processing speed
- Get timely answers with fast reports that are generated from pre-aggregated financial data
- Quickly assess the status of period close tasks, including ledgers and subledgers, subledger reconciliations, journal entries, and more, using real-time dashboards
- Eliminate external systems wherever possible, reducing remediation and integration efforts