Prophix

Score8.2 out of 10

332 Reviews and Ratings

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Prophix

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What is Prophix?

Prophix One, a Financial Performance Platform, is used to improve the speed and accuracy of decision-making within a harmonized user experience. To reduce complexity and uncertainty, the software offers automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.

Categories & Use Cases

Media

Prophix One Portal: One single point of entry into Prophix One through its portal simplifies access and authentication but also allows seamless movement between applications.

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 a summary of key performance metrics found buried within Prophix charts. It also summarizes the important insights in plain English.

Prophix One Financial Planning & Analysis: Prophix's self-serve dashboards and visualizations are directly integrated with data, workflow tasks, announcements, and external URLs and databases. Dashboard Studio helps users to be informed and make better business decisions.

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.

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.

Cell Comments, that 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 One Account Reconciliation: Software that streamlines financial close, empowering the Office of the CFO to make data-informed decisions. The centralized platform ensures an efficient process for reconciling dispersed data.

Prophix One Financial Consolidation: Developed to meet the unique requirements for a streamlined month-end close process. Leveraging best practices, it removes the complexity of consolidation by automating processes like multi-currency translations and sub–consolidation, ensuring multi-GAAP and IFRS compliance to reduce the need for expensive customizations. Regardless of group structure, depth, or unique chart of accounts, Prophix can execute complex account consolidations.

Prophix One Intercompany Management: Eliminates manual data collection hassles and errors involving multi-entities and multi-currencies by integrating disparate data sources into Prophix One and automatically structuring the data to elevate financial accuracy. By automating data imports and using intelligent data mapping with built-in validation rules, Prophix One ensures a smooth and reliable data collection process.

ESG Reporting: For addressing NFRD regulations, GRI standards or preparing for CSRD requirements, Prophix One reporting centralizes data from diverse environmental, social, and governance business systems.

1 / 10

Local and consolidated reporting
Ability to report against individual business entities and the consolidated umbrella entity.
Category average: 8
Drill-down analysis
Drill down analysis is the ability to get to a further level of detail by going deeper into the hierarchy.
Category average: 8.3
Publish to PDF
Category average: 8.4

Customizable dashboards
Customizable dashboards are dashboards providing the builder some degree of control over the look and feel and display options.
Category average: 7.6
XBRL support for regulatory filing
Support for the XBRL standard reporting format for exchanging financial data.
Category average: 6.9
Pixel Perfect reports
Pixel Perfect reports are highly-formatted reports with graphics and ability to preview the report before printing.
Category average: 7.4

Michael Hokanson

Controller in Finance and Accounting at Newtown Savings Bank (201-500 employees employees)

Use Cases and Deployment Scope

We use Prophix to complete our annual budget including personnel planning (salary & benefits) as well as capital expenditures. We also complete quarterly actual vs budget reporting on a cost center basis in order to validate expenditures and budget alignment and analysis. Using the Row notes on this report allows us to download the report and summarize the responses.

Pros

There is a wonderful end user adoption of the solution due to is ease of use and simple data input screens.
The solution does consolidations very well without the need to export to Excel to get a total view of the budget.
The data storage and retrieval (drill across manager) makes variance analysis simple through having the data all in one location.

Cons

I always struggle with the name sets and verifying that we have the right time values for the cubes. I am always afraid that I will lose data if I don't have them set correctly.

Return on Investment

Budgeting is a simple task once the end users enter the information. It is easy to update or edit and get real time updates based on changes.
It definitely sped up the Budgeting Process.

Usability

Alternatives Considered

Axiom Software by Syntellis Performance Solutions, Vena and Fiserv Prologue Financials

Other Software Used

FloQast, Ascend

Amanda Sabido, MBA View profile

Assistant Controller in Finance and Accounting at Royal Electric Company (201-500 employees employees)

Use Cases and Deployment Scope

We have implemented Prophix just over the past 6-7 months. We are using the platform for financial reporting, budgeting, WIP (construction) reporting and people planning. We are looking forward to be able to get rid of all excel processes within our business and do account reconciliations in the platform as well.

Pros

User Friendly Platform
Great Customer Service
Security Features

Cons

Template Studio - Building from scratch
Data Integration
Excel features - not all available in Prophix

Return on Investment

Positive - Workflow of Annual Budget Process - Approvals more efficient
Positive - Steamlined Monthly Financial Reporting
Negative - The formatting of monthly financial reporting

Usability

Alternatives Considered

Viewpoint Spectrum

Other Software Used

Viewpoint Spectrum, Procore, monday.com, Oracle Textura Payment Management, Navan, Levelset

Asish Tumulu View profile

FP&A manager in Finance and Accounting at Armstrong Fluid Technology (1001-5000 employees employees)

Use Cases and Deployment Scope

Before to Prophix we were using a very outdated application called COGNOS. Now after getting into Prophix it makes life easier for Month end consolidation, reporting in Actuals + Finance planning, revenue planning, Capex and Opex planning and personnel planning. One application for all what we need with flexibility

Pros

Plan consolidation, Allocation rules, Integration of Personnel planning to Finance post

Cons

Reporting and functionality if possible for new users

Return on Investment

A good and quick turnaround support team is a great plus
Planning and multidimensional structure is a add

Usability

Alternatives Considered

Board and OneStream

Other Software Used

Microsoft Power BI

Verified User

Analyst in Finance and Accounting (501-1000 employees employees)

Use Cases and Deployment Scope

Platform: Prophix One , Cloud Users: 4 admin and ~100 licensed users across Finance, FP&A, and selected business managers Coverage: Enterprise budgeting and forecasting across departments, cost centres, programs/projects, and funding streams; consolidated reporting for leadership and external stakeholders. Budgeting (annual & in‑year updates): Bottom‑up submissions with standard templates, driver‑based assumptions, and controlled rollups to divisional.

Workflow & controls: Guided task assignments, due‑date tracking, and audit trails for submissions, approvals, and late changes.

Pros

Calculating the salary grid involves incorporating three different pension plan structures, as well as applying the salary and wage increase rates defined in the union collective agreements for approximately 800 unionized employees. In addition, separate compensation adjustments are required for non‑union employees, including managers and above.

Cons

The reporting format in Prophix offers limited flexibility, and there are several constraints when designing reports

Return on Investment

We have not completed a formal ROI calculation for Prophix. However, based on day‑to‑day use, we have experienced some qualitative impacts. Prophix has helped streamline parts of our budgeting and forecasting processes, reduced manual spreadsheet work, and improved the consistency of financial reporting.

Usability

Other Software Used

Sage 300, Maestro

Verified User

C-Level Executive in Finance and Accounting (201-500 employees employees)

Use Cases and Deployment Scope

We are just starting our journey with Prophix but we will be using it for financial reporting, WIP reporting, budgeting/forecasting and ad hoc reporting.

Pros

Gathers data from multiple sources
Allows for cross sectional reporting with multiple variables
Provides detailed insights on specific data sets

Cons

will update as we go through the process

Return on Investment

Faster month and year-end close
More efficient board, lender and investor reporting
Real time data, no need to compile the report once it is built

Usability

Alternatives Considered

Vena, Cube and DataRails

Other Software Used

Sage Intacct Construction, ADP Workforce Now

Prophix

What is Prophix?

Categories & Use Cases

Media

Key Features

Top Performing Features

Local and consolidated reporting

Drill-down analysis

Publish to PDF

Areas for Improvement

Customizable dashboards

XBRL support for regulatory filing

Pixel Perfect reports

Reviews

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Use Cases and Deployment Scope

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Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

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Return on Investment

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Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

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Return on Investment

Usability

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Alternatives Considered

Other Software Used

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