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Prophix

Prophix

Overview

What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation…

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Recent Reviews

Prophix for us

8 out of 10
September 12, 2023
Incentivized
We use it for forecast, reporting and budgeting in our company that turns out monthly, quarterly and yearly reports. We also have a very …
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Awards

Products that are considered exceptional by their customers based on a variety of criteria win TrustRadius awards. Learn more about the types of TrustRadius awards to make the best purchase decision. More about TrustRadius Awards

Popular Features

View all 40 features
  • Management Reporting (168)
    9.0
    90%
  • Financial budgeting (177)
    8.6
    86%
  • Management reporting (174)
    8.6
    86%
  • Forecasting (169)
    8.5
    85%

Reviewer Pros & Cons

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Pricing

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What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and…

Entry-level set up fee?

  • Setup fee optional
For the latest information on pricing, visithttps://www.prophix.com/blog/how-much…

Offerings

  • Free Trial
  • Free/Freemium Version
  • Premium Consulting/Integration Services

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What is Kepion Planning?

Kepion is a cloud planning & analytics software company that connects all organizations' teams under a single view of their business performance. We enable more intelligent decisions to be made by companies about their financial and operational future. Kepion global offices and partners deliver…

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Features

BI Standard Reporting

Standard reporting means pre-built or canned reports available to users without having to create them.

8.3
Avg 8.3

Ad-hoc Reporting

Ad-Hoc Reports are reports built by the user to meet highly specific requirements.

8.5
Avg 8.4

Report Output and Scheduling

Ability to schedule and manager report output.

8.4
Avg 8.2

Data Discovery and Visualization

Data Discovery and Visualization is the analysis of multiple data sources in a search for patterns and outliers and the ability to represent the data visually.

7.4
Avg 7.8

Access Control and Security

Access control means being able to determine who has access to which data.

8.5
Avg 8.8

Mobile Capabilities

Support for mobile devices like smartphones and tablets.

8.3
Avg 7.9

Budgeting, Planning, and Forecasting

These activities are designed to assist with both data-driven operational, short-term planning and strategic long term planning

8.4
Avg 8.4

Consolidation and Close

Consolidation of data from multiple entities with currency management, reporting and audit trails.

7.9
Avg 8.1

Financial Reporting and Compliance

Financial statements and regulatory filings

7.7
Avg 8.3

Analytics and Reporting

Dashboards and scorecards for KPI monitoring and benchmarking

7.7
Avg 8.1

Integration

Ability to integrate with external applications.

8.7
Avg 8.4
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Product Details

What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. The company states they currently have more than 2,500 active customers across the globe using Prophix to support organizational success. Prophix is a private company, backed by Hg Capital, an investor in software and services businesses. For more information, visit www.prophix.com.

Prophix Features

Budgeting, Planning, and Forecasting Features

  • Supported: Long-term financial planning
  • Supported: Financial budgeting
  • Supported: Forecasting
  • Supported: Scenario modeling
  • Supported: Management reporting

Consolidation and Close Features

  • Supported: Financial data consolidation
  • Supported: Journal entries and reports
  • Supported: Multi-currency management
  • Supported: Intercompany Eliminations
  • Supported: Minority Ownership
  • Supported: Local and consolidated reporting
  • Supported: Detailed Audit Trails

Financial Reporting and Compliance Features

  • Supported: Financial Statement Reporting
  • Supported: Management Reporting
  • Supported: Excel-based Reporting
  • Supported: Automated board and financial reporting
  • Supported: XBRL support for regulatory filing

Analytics and Reporting Features

  • Supported: Personalized dashboards
  • Supported: Color-coded scorecards
  • Supported: KPIs
  • Supported: Cost and profitability analysis
  • Supported: Key Performance Indicator setting
  • Supported: Benchmarking with external data

Integration Features

  • Supported: Flat file integration
  • Supported: Excel data integration
  • Supported: Direct links to 3rd-party data sources

BI Standard Reporting Features

  • Supported: Customizable dashboards
  • Supported: Report Formatting Templates

Ad-hoc Reporting Features

  • Supported: Drill-down analysis
  • Supported: Formatting capabilities
  • Supported: Predictive modeling
  • Supported: Report sharing and collaboration

Report Output and Scheduling Features

  • Supported: Publish to PDF
  • Supported: Report Versioning
  • Supported: Report Delivery Scheduling

Data Discovery and Visualization Features

  • Supported: Predictive Analytics
  • Supported: Support for Machine Learning models

Access Control and Security Features

  • Supported: Multi-User Support (named login)
  • Supported: Role-Based Security Model
  • Supported: Multiple Access Permission Levels (Create, Read, Delete)
  • Supported: Report-Level Access Control

Mobile Capabilities Features

  • Supported: Responsive Design for Web Access

Prophix Screenshots

Screenshot of Chart Insights, one of the AI Insights capabilities that utilizes Artificial Intelligence and Natural Language Processing to provide enhanced business awareness.  Chart Insights extends the important details contained within dashboards, and analyzes the complete dataset behind the dashboard, automatically surfacing the data relationships not obvious in dashboard visualizations alone. It then provides an efficient summary of key performance metrics found buried within Prophix charts.  It also summarizes the important insights in plain English.Screenshot of Prophix's self-serve dashboards and visualizations, directly integrated with data, workflow tasks, announcements, and external URLs and databases.  Dashboard Studio helps users to be informed and make better business decisions.Screenshot of detailed interactive charts and graphs that Prophix offers to uncover insights. Prophix’s visual analytics are linked directly to data with transaction details.  There is no need to input the numbers.  Prophix does this tedious work, automatically.Screenshot of Prophix’s Workflow Manager, used to assign tasks to users and facilitate approvals across the business.  Stakeholder input can be captured directly with the ability to add comments and notes in a single unified database.Screenshot of Cell Comments allow users to add supporting details like notes and attachments to data.  Since comments are stored with the data, they can be viewed in any template along with their trailing history. Cell Comment Reports can also be generated to show all comments from any data view in one convenient report.

Prophix Videos

Prophix is a cloud-based financial performance platform that streamlines processes, accelerates insights, and promotes collaboration. This video demonstrates how Prophix can: - Automate budgeting, planning, reporting, and forecasting processes - Empower business leaders wit...
 Show More
Hear From FP&A Executives | Prophix User Testimonials

Watch Prophix customers share how Corporate Performance Management (CPM) software helped them get off of Excel and transform the way they budget, plan, and report.

Watch Hear from Prophix customer Rain for Rent, which provides liquid handling solutions and oversees flood relief projects, and how they use Prophix to automate their budgeting and reporting, and to model the usage of the company's inventory.

Watch Leiah Hampton from Alterman Inc. shares how Corporate Performance Management software has reduced Alterman’s reporting and analysis time, and given them the ability to deliver quality projects on-budget and on-schedule.

Prophix Technical Details

Deployment TypesOn-premise, Software as a Service (SaaS), Cloud, or Web-Based
Operating SystemsWindows, Mac
Mobile ApplicationMobile Web
Supported CountriesDenmark, United Kingdom, Germany, Brazil

Frequently Asked Questions

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.

Workday Adaptive Planning, Vena, and Wolters Kluwer CCH® Tagetik are common alternatives for Prophix.

Reviewers rate Financial data consolidation highest, with a score of 9.4.

The most common users of Prophix are from Mid-sized Companies (51-1,000 employees).

Prophix Customer Size Distribution

Consumers0%
Small Businesses (1-50 employees)0%
Mid-Size Companies (51-500 employees)5%
Enterprises (more than 500 employees)95%
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Comparisons

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Reviews and Ratings

(272)

Attribute Ratings

Reviews

(1-25 of 200)
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February 13, 2024

Prophix... Worth It!

Score 8 out of 10
Vetted Review
Verified User
Incentivized
The main reason I use Prophix is for building financial reports and consolidation headcount data. This software makes it extremely easy for me to get specific data points out to various stakeholders, as well as a quick and easy way for me to view financial stability in our market. The dashboards have been a very helpful tool for checking statuses.
  • Report customization
  • Easy to use interface
  • Support
  • Within the Template studio, great ability for customization would be nice.
  • DPM schedule inputs have been reported hard to use.
  • Greater flexibility with dashboarding.
A scenario where is it well suited is during month end. The ability to drill across into SAP to see direct journal entries, makes variance analysis easier to complete in a timely fashion. A scenario where it is not suitable is be able to filter between various cost centers or a specific group of cost centers (non-alternate hierarchy) within a dashboard or report.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Prophix has been a key part of our company's monthly reporting through the efficiency gains and ease of use of the software. Our team now has the capabilities to review operating expenses on a daily basis and make the operational changes if necessary to achieve our financial goals and milestones. Also, the additional flexibility of budgeting and forecasting within Prophix has moved forward our analytics by light years. These advancements give our Management team the best possible decision-making tools to navigate our business through any challenging situation.
  • Forecasting
  • End User Reporting
  • Budgeting
  • Price points
  • Import functionality
  • Template Updates
Our company has had great experience with Prophix in regards to our budget process and model. We are looking to expand those capabilites. Each year within our budget cycle, we are able to provide additional detailed information with regards to our budget assumptions and gain more insight in how to achieve our companies financial goals.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for some month-end close processes, releasing monthly internal financial binders to senior leaders, quarterly re-forecasting of all business units, and completing our annual budgeting process.
  • Ad hoc analysis is a useful tool to quickly look things up.
  • Info flexing information between forecast versions is a great tool.
  • Microsoft 365 integration has been a great addition as well.
  • Report Binders - more filtering options.
  • Making dashboard building simpler.
  • More flexibility in template building (less rigid).
Prophix is well-suited for organizations wanting to build forecast models beyond one year. The ability to also have multiple forecast iterations within a year to compare against has proved to be valuable. We have found that "preliminary" internal statement reviews each month have sped up using Prophix. We load in all supporting data/financials and review the preliminary statements before closing our ERP for the month. Prophix would be less appropriate if you wanted a tool that encompassed all your month-end processes, including working papers (this may exist, but we haven't utilized it).
January 05, 2024

Prophix is the BEST!

Thomas Scott, MBA | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix to consolidate financial data from several locations each currently on different ERP systems. We heavily rely on Prophix for reports within their platform but also use their excel add-on (analyzer) to create custom reports in excel. It has been great! The reporting and functionality can be tailored to our exact needs. We also use their workflows and report binders to help guide out month-end close process and automatically send out reports.
  • Consolidate trial balances with multiple currencies
  • Dynamic reporting capabilities in Prophix and in excel
  • Workflows and Report Binders
  • Financial Planning with their Detail Personnel Manager and CAPEX modules
  • Recommended dashboards
  • Improve excel formulas; they can be difficult to remember what dimensions go where in the formula
Consolidations, reporting, dashboards, and planning are all great tools. They bring everything together into one system. It would be great to see some balance sheet reconciliation tools added as your trial balance data is already in the system. I love the ERP integration as well. Data is uploaded to Prophix at your desired interval.
November 28, 2023

Budgeting Game Changer

Score 10 out of 10
Vetted Review
Verified User
Incentivized
We implemented Prophix to help with the roll up issue of too many excel worksheets during budget season. It was a game changer to our day to day budgeting processes. We continue to add additional reporting, data sources and labor information to continue to grow with our day to day use.
  • Data Roll Up within multiple companies/departments
  • Workflow Management for Regular or Seasonal Tasks
  • Budget building
  • The dashboard functionality is very elementary.
  • Stock reporting to help get things going would be helpful.
Prophix has saved our accounting team hours of data checking from when we used to use Excel. The budget piece alone is worth every bit of having the software. But the ability to continue to grow into it is also huge.
Colleen Hansen, CPA | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for developing our budget, forecasting, and reporting. We are finding additional uses for allocating expenses and end-user budget status reporting.
  • Reporting in multiple ways without much extra effort
  • Budgeting for personnel
  • Most allocation uses are easy, but allocating from one account to multiple accounts is difficult
  • Sometimes, formatting a report after changing something is annoying, but it has gotten better
It is an amazing tool for personnel planning and budgeting. It isn't as useful for a form/process that requires a lot of writing; it works well for smaller bits of writing, example: justification of purchase, but for something like submitting a large project plan for approval, not so much in my opinion.
Leszek ( Lester ) Walkowicz | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
We use it for annual budgeting process. We mainly were looking for a new product to make it easier for end users to go through the planning process. We wanted a robust simple to use tool and we felt like Prophix was a great fit.
We also use it for monthly financial reports to management. Monthly reporting to the board.
We have now started to look into the new functionality of Predictive Forecasting. It is still in early stages but it has great potential.
Prophix also gave us the ability to analyze data much quicker. Ad hoc functionality is a great tool for slicing and dicing data.
  • Integrates with Sage X3
  • Workflow functionality
  • Quick reporting of data without any lag in time
  • Provides tools to create many custom reports
  • Editing functionality of charts and graphs in dashboard
  • Ability to process higher combinations of data in Predictive Forecasting
Prophix is a great tool and perfectly suited for planning and forecasting. It provides many tools to create templates, scenarios and different workflows to accomplish a successful planning/forecasting process. It is great for reporting financials. You have a great tool to create/edit custom reports for any user in the company. It also provides the tools to share consolidated reporting for users, for example a division manager might want to look at the individual departments and a division roll up. All of it can be automatically distributed from Prophix. Prophix is great at providing the ability to slice and dice or analyze data that is within the cube.
October 13, 2023

Prophix

Score 9 out of 10
Vetted Review
Verified User
Incentivized
We are a non-profit organization that uses Prophix for expense forecasting across multiple grants and contracts. We also track FTE projection for employees across projects and plan to begin expanding our use of revenue projections in the coming months.
  • Ad Hoc reporting allows the user to look at data in a variety of ways
  • Once the templates are set up correctly, there is little maintenance and a low chance of accidentally changing formulas
  • Processes are great for efficiently moving data
  • We have struggled with slow load times due to the complexity of our set up but are working with Prophix to resolve this.
It works well for expense and FTE projections.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We currently use Prophix for out monthly finance reports for budget holders and are creating the reports for the Board to be able to review. We have used Prophix to create budgets for the first time this year and although it was time consuming to set up the process we saved a lot of time in the review and amending process and now that we have set up the process it will be really easy to use the templates for our reforecasting and the next budget setting process. The next steps are to start using Prophix for other processes such as calculating profitability on contracts and going concern.
  • Personnel Planning
  • Report creation
  • Budget setting
  • Finding answers to questions can sometimes be difficult but I haven't found it impossible - yet
  • The colour palette for charts and graphs in Dashboards could be bigger - allowing us to choose colours that match our company colours.
Being able to allow all budget holders access to their reports via Prophix and having charts on the dashboards which give an image of where we are financially as a company each month is really helpful, our users appreciate the access and not receiving emails with reports. The drill down in the reports provides much more detail for the budget holders and going forward we are going to try to use the line item details to provided a greater amount of information. Using the Detailed Planning Manager for Personnel Planning during budget setting was a game changer - being able to view the costs and being much more accurate with regard to start and end dates and applying a cost of living increase which we could adjust to see how it would affect the budget overall was really helpful.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Prophix is used to create the annual budget for our organization. It is the market leader in using different modules to budget both personnel and revenue.
  • Budget personnel
  • Budget revenue
  • Budget depreciation
  • formatting of upload files can be tricky
  • error messaging could be better
  • there can be a lag when cycling through data
Prophix is perfect for budgeting individual headcount for medium sized companies. Also very good at budgeting revenue based on individual leases with specific escalation dates. Finally, very good at budgeting depreciation based on a loaded capital plan and implementation date.
September 12, 2023

Prophix for us

Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use it for forecast, reporting and budgeting in our company that turns out monthly, quarterly and yearly reports. We also have a very robust process that uses Detail Planning Manager, Capital and Depreciation as well as line item details. It has been a big upgrade over Excel which we use to use.
  • Budgeting
  • Forecasting
  • Reporting
  • Install for fat client
  • ease of use
  • better dashboards
We have found it to be more helpful for the planning where some Excel features were lacking. For instance calculations are something that it does well. The user interface is also something that is better for our users who are not in the finance world and we feel it is a better option
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for budgeting and monthly board and management reporting. We have a financial reporting and a personnel cube currently created and transiting to a fixed asset cube.
  • Easy Board reporting build
  • Access to information quickly after daily interface
  • Budgeting at a management level
  • Waterfall graphs could use improvement
  • Building Word documents with all the reviews
  • Formatting could be expanded
I would highly recommend for reporting and budgeting based on how robust your monthly financial reports are. There is a learning curve on how to use Prophix, but it is basic. The dashboards are great for things being up to date and at your fingertips.
Amie Roach, CMA, CSCA | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Prophix is being used for corporate financial budgeting, as well as month-end financial reporting and analysis. All corporate, branch and discipline leads use the data from Prophix for review. Prophix has helped to streamline the budgeting process and also allows for quick updates to monthly reports and annual forecasts.
  • Ease of data access - Prophix makes actual data easy to access and use in many ways.
  • Streamline processes - Prophix is great at helping to streamline processes and ensure good calculations.
  • Quick updates - Prophix allows for quick updates for monthly reporting, etc.
  • Report templates - All reports have to be built and without proper training they can be difficult to start.
  • Forecast updates could be a bit more streamlined if you had better access to updating current financial versions.
Prophix is great if you need flexibility in how to use and analyze data. You can virtually do anything with your actuals once you have them in Prophix.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix extensively for budgeting and variance analysis; it allows us to quickly execute both processes in a timely and efficient manner, while being effective. We are able to perform variance analysis on a monthly basis fast enough to enable leaders to make important decisions based on recent performances of the company.
  • Multiple scenarios for budgeting.
  • Automatic reports.
  • Analysis dashboards.
  • ERP integration.
  • Formatting changes when modifying a report.
  • Needs more user friendly interface for navigation to/from pages.
Well suited for budgeting and forecasting - allows for multiple scenarios to be created and analyzed also well suited for variance analysis as automatic reports can be created and generated on a timely basis. Allows for insights across the organization and details can be drilled into easily less appropriate for business case development.
CA.Siju George | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix to generate , Monthly performance & Variance analysis, with previous month , Budget and forecast both for the month and YTD position.
We use Prophix as budgeting and forecasting tool.
We use Prophix to prepare quarterly board pack for presentation in the board meeting.
We use Prophix for analysis of regionwise performance.
We use Prophix for group consolidation packs for consolidation of accounts at year end for closure of group accounts.
  • Monthly Performance reporting MTM & YTD
  • Group Consolidation
  • Revenue reconcilation
  • Board pack reporting
  • Uploading of financial information turnaround should be less than 1 hour
  • Cross check with Financial information to ensure zero error
  • Provision to input comments - actionable , for information
  • Provision to upload data thru excel templates
I think Prophix is well suited for Monthly performance reporting both MTM & YTD, also to do variance analysis with budget & forecast. It helps Board pack for quarterly presentation to the Board, and also its a great support for group consolidation.

It helps us in forecasting & Budget , but I think it still needs improvement in template to support based on existing data, to make analysis and also to input notes which will help respective departments to give their input with comments.
September 01, 2023

Prophix Supporter

Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix to prepare our month end finacial package, to create our annual budget, maintain dash boards, and assist with month end account reconciliations. The system has allowed us to stream line the consolidation of three operating entities and eliminate re-keying information into Excel. We rely on it heavily now and there are more potential uses cases that exist. After 2 years of use we are happy with our purchase look forward to utilizing more of the systems untapped potential.
  • Financial statements
  • Projecting costs / revenues
  • Budgeting
  • Dashboards
  • Report Distribution to non Prophix users
  • Better use case examples/support on the variety of automated processes
I think if anyone is still spending time manipulated data in excel in order to prepare financial statements, (including statement of cash flows) they should do a cost benefit analysis. The system allows for set and forget formats including standard finacial ratios/KPI's. Once the finacial model is implemented you can move onto to job cost/WIP, equipment and personnel planning and modeling.
August 27, 2023

Review of Prophix

Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for our reporting, budgeting and forecasting within the accounts department. It successfully captures the different currencies we use as we are a global organization and have to consolidate 6 sets of books from across the globe into US dollars for our management reporting. Prophix is great for people who are familiar with Microsoft Excel. By using their Excel contributor function this alleviated the pain of people having to learn Prophix or for the accounts department to manually enter data into the system during budgeting season and our monthly sales forecasts saving us a considerable amount of time and data entered being subject to human error. These templates are delivered by email across the globe and received back directly to Prophix. It also is excellent with security in that we can pinpoint certain reports for certain people at different levels throughout the organization and they are kept well-informed to assist budget holders in making key business decisions.
  • Converts currencies
  • Automatic reporting
  • Professional looking management reports
  • The ability to slice and dice information
  • Connection to other Cloud based software
  • Accounts Receivables/Payables reports
  • Fixed Asset Register
Security management has always been a priority to us and Prophix has an excellent feature for this.
Reports look professional and overall Prophix is very intuitive
Translating different currencies to USD but also being able to report to managers across the globe in their native currency
Speeds up the process of budgeting and forecasting.
Reduces the human error aspect from manually entering data into a system
Connecting data from our ERP system so we can create management reports and send them out directly from the system
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for budgeting and reporting purposes. Previously, budgets were developed in Excel for about 40 departments, which created significant efforts to reconcile and manage changes. Using the budgeting workflows in Prophix, we are able to develop a zero based budget with line items schedules, approver notifications, utilize version control and manage adjustments in a controlled environment. From the reporting standpoint, progress against budget is monitored easily and a number of financial reports are used for forecasting and management review.
  • Line item details/drill across feature to quickly learn what is behind the numbers.
  • Workflows
  • Logical report contruction
  • Flexible report design features
  • Proactive reach out to ensure you are maximizing the use of Prophix for the organization.
  • Improvement in the performance when updating data cubes
  • More forecasting options
  • More flexibility for vacancies in personnel planning - move to position control model
Using the Prophix system to develop our annual budget was a game changer for our organization. The use of their workflows to move budget submissions through the approval process and provide line item details with different spreading options, improved the quality of our zero-based budget development. Supplemental reports provide our staff with real-time spending against their budgets, with summary level reporting being of great use to our management team. Having a chart of accounts that allows for logical drill downs and roll ups is essential for quality reporting and analysis.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix to consolidate financial results of the companies within our group on a monthly basis. We also use Prophix to assist our group in the annual budgeting and forecasting period. Our group has 9 operating companies and 2 holding companies, and the product works great for our needs and size.
  • Allows for easy structuring of a groups legal entities and business units
  • Manages multiple currency organizations
  • Automates a large portion of the monthly consolidation process
  • Processing speed
  • Ability to edit templates doesn't function exactly as an excel sheet would
  • Import processes should automatically update for the following year if user selects 'no changes'
Prophix would be well suited for an organization that has many contributors to the annual budgeting process. A great feature about the product is numerous individuals can be setup as contributors to the software which allows them to input basic financial information (such as business unit revenue and costs) and not rely as much on the finance team to input all information received from BU's. Companies with massive amounts of data and assumptions driving their financials might not be a fit for Prophix as processing speeds can be slow.
August 01, 2023

Prophix

Christa Lerch | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix to aggregate the data from our multiple lines of business for reporting. Also, we use it for budgeting and planning, and forecasting. We have many automated reports that go out to users that are extremely helpful, and once they are set up, we never have to think about them again. Prophix generates most of our reports for our close and budget process.
  • Automated reporting
  • Intuitive design
  • Collaborative features
  • more tips in the modules
Prophix is great for creating high level reports and sharing useful data with user. I would not recommend Prophix to a very small company, because they probably do not need something as robust, but larger organizations can definitely benefit from Prophix intuitive interface to share and aggregate data.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Prophix is being used for multiple purposes. Currently we are using it as a budgeting tool, reporting tool and analyzing tool. The products helps to provide a real time view of where we stand in the organization. It also provides us with the capability to automate more reporting.
  • Detail Planning Calculations for Personnel
  • Validation of transactions through drill across
  • Reporting for monthly reviews.
  • Integration clean up.
  • Process maintenance
Prophix has helped pinpoint areas for review and create discussions around efficiencies.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
I first learned how to build reports for the leaders in the company. Then processes, workflows, and building Cubes came next. I'm mostly responsible for report building, validating data, and distribution.
  • template studio
  • report distribution
  • certain publishes slow down functions for other users at the same time.
  • the undo button in template studio is in a drop down menu. It would be much faster if it was a single click.
I have been using Prophix for about 6 months. Others in my department have much more experience with Prophix and have told me that it's one of the best. I have noticed that their service is great. Prophix Academy was very helpful.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Prophix is used within our organization as a consolidation and budgeting software solution. It does both of these very well. We found it difficult to find a software solution that addressed our needs and was user-friendly until we found Prophix.
  • Budgeting
  • Forecasting
  • Consolidation
  • Reporting
  • Dashboards
  • More Chart options
Prophix is very good at forecasting, the ease of use is unmatched. It is also very good at reporting. Building reports in Prophix is very user-friendly and easy to learn.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Prophix is utilized mainly for budgeting purposes across the whole organization. Each department level has responsibility for their own budget, prepared within Prophix. The accounting department uses Prophix to consolidate all department budgets to create reports for upper management.
  • Ad-hoc analysis is a strength for Prophix. The ability to slice and dice information is a huge benefit.
  • The ability to enter line item details or attach spreadsheets through cell comments is helpful to department budget preparers and those analyzing budgets.
  • Having the ability to automatically schedule or run manually the process manager to pull in actual data from the accounting tables is another strength of Prophix.
  • Ability to choose select members from a dimension when using InfoFlex. For example, I would like to copy over line item details from a prior year budget for select departments rather than all.
  • Ability to copy over descriptions only, no dollar amounts, with InfoFlex.
  • In Line Item Details, keep the time range static when switching between accounts.
Prophix has worked well for us from a budgeting perspective. It's been easy for budget preparers to use and has given analysts the information needed to prepare solid reports. Administering Prophix has a learning curve. We have increased our knowledge of the system and utilized additional functionality over the past 5+ years. We had planned to use Prophix for financial statement reporting, however, have not had the resources to get this set up in the system. We also use the personnel detailed planning manager and capital expenditures module. These are also areas that works well within Prophix.
Jessie L Williams | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Hello - Here at Precinmac we are a private equity group that purchases other manufacturing companies under our umbrella. We have 6 US based businesses and 2 CA based. Inside of Prophix we have designated cubes for each of our businesses as well as a consolidated Precinmac model. Each model is designed for reporting that goes to various individuals whether its auditors, CFO's, Banks, Ect. We serve a large and diverse group of people through our models as well as using our models to eliminate GL accounts between the different business units. Prophix helps Precinmac with the follow - Standardizing data between multiple ERP systems - Intercompany Eliminations - Consolidating - Variance analysis - Power BI We have gotten very creative in how we do things inside of our environment which has helped our department contain the mass of data that we come across.
  • Reporting
  • Info flexing Data
  • Mapping Tables
  • Process Manager - Single Threaded
  • Journals manager - Bugs, Named sets
Prophix excels in simplifying the data cleaning process and extracting meaningful information from massive queries. Its intuitive interface and robust functionality make it a valuable asset in streamlining data management tasks. By leveraging Prophix, users can derive valuable insights and make informed business decisions based on the accurate and reliable information it provides. That said, larger organizations with more complex data needs may find Prophix limited in terms of scalability. As their data grows, they may require a more comprehensive solution that can handle increased volume and complexity effectively. It's worth mentioning that while Prophix may not be primarily focused on dashboarding, it still offers efficient data visualization capabilities. Users can generate reports and visual representations of their data to communicate insights effectively, even if it may not offer the same level of advanced dashboarding features
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