TrustRadius Insights for Prophix are summaries of user sentiment data from TrustRadius reviews and, when necessary, third party data sources.
Pros
Cost Allocation Efficiency: Users have expressed that the system simplifies cost allocation between departments and divisions once the initial setup is done, aiding in budgeting efforts.
Personnel Planning Simplification: Reviewers have found personnel planning to be straightforward and easy to maintain, with all calculations set up and applied automatically for new staff additions.
Flexible Report Creation: Customers appreciate the system's flexibility for report creation, requiring basic parameters and accessing financial data via a data view, which helps save storage space.
End User Experience Enhancement: Users value the platform's ease of use in running allocations, personnel budgeting, management tasks, ad-hoc analysis, making budget streamlining and report building more manageable.
Efficient Financial Management Features: The system allows for easy structuring of legal entities, managing multiple currency organizations efficiently automating a large portion of monthly consolidation processes helping streamline financial management tasks.
We use Prophix as our data mining software for our institution. We use it as a consolidation tool for our financial statements.
Pros
Transactional Details.
Great support team.
Very Responsive.
Cons
N/A
Likelihood to Recommend
It is a great data mining and consolidation tool. It pulls the transaction details for the period. We use it as a main source for our budgeting process each year.
VU
Verified User
Professional in Finance and Accounting (201-500 employees)
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
Likelihood to Recommend
Again, early in the process but provides much needed depth to the analysis and automates many of the tasks we have done manually previously.
VU
Verified User
C-Level Executive in Finance and Accounting (201-500 employees)
We use Prophix for budgeting and forecasting. We were building 30+ budgets individually through excel and it was very time consuming to build and double check as each was different. Prophix brings our data into one place and allows for easier budgeting and forecasting for our organization. We plan to move forward with the account reconciliation piece next.
Pros
It consolidates data into one space very well.
It allows for flexibility when budgeting and forecasting
It also allows for scenario planning
The functionality that brings actuals into the budgeting process is very helpful
Cons
the formula syntax is hard to follow, wish it was more like excel
building out reports can be confusing and seems like it could be more straightforward
trying to follow why a number changed can also be troubling, especially if you weren't expecting it
Likelihood to Recommend
Prophix is great for consolidating data into one place and building a repeatable budgeting process when building out multiple budgets. Bringing in actual data which then can be pushed forward into budgets is very useful. The system isn't always flexible in one off scenarios or if there is a lot of variation between budgets or actuals.
VU
Verified User
Director in Finance and Accounting (201-500 employees)
We use Prophix Financial Consolidation and it has significantly improved our governance and control over the entire consolidation process. One of our biggest challenges was the lack of a reliable audit trail, and Prophix has addressed that —providing clear traceability from base data to final numbers. The automated foreign exchange calculations are a great bonus, and the user-friendly interface makes it easy to navigate and manage tasks efficiently.
Pros
Finance Consolidation
User Friendly system
Customer management
Likelihood to Recommend
It's a solid cloud-based financial consolidation tool that scales effectively as your business and its needs evolve.
VU
Verified User
Program Manager in Information Technology (1001-5000 employees)
Prophix is used as budget planning and consolidation tool within our organization. It is aimed to provide smooth budgeting process through different rounds of submission while ensuring robust data accuracy. We have used the tool at our team as a consolidation point and that can run our consolidation model and potentially connect to all of our other site's team Prophix model in the future
Pros
able to create automation process that allows uploading data in a fast manner
have a large "how to" library that is very helpful for beginners
the support team is always on point to provide real time answers
Cons
would be great to edit/add dimensions to cubes after they have been published
would be nice to have options to edit multiple dimension attributes at once
ability to connect to powerBI
Likelihood to Recommend
the Prophix is well suited for any budget related exercises, however, may not be best suited for building costing models where it would involve many ad hoc changes on rolling basis. For ad hoc changes, excel is still more flexible than Prophix models due to its less restrictions in nature
VU
Verified User
Employee in Finance and Accounting (5001-10,000 employees)
We use Prophix for our financial packages, budgeting, forecasting, and ad-hoc needs. We have been a customer for nine years and have been a beta tester for several occasions. Considering our diverse business, it makes us unique and helps Prophix build better products and provides excellent service. Our primary use of Prophix is for budget and forecasting. I would say Prophix is excellent at this. We are able to budget/forecast on the businesses leaf leaves and provide better insight into the numbers. This allows our business owners to make better and faster business decisions.
Pros
CSP
Budgeting
Forecasting
Cons
More template capabilities like excel
Processing power
Change licensing capabilities
Likelihood to Recommend
I can't recall a time where I've needed assistance and my CSP contact hasn't answered or delivered in getting me in contact with someone to answer my questions. On the flip side, anything back office, seems to get faster resolutions.
VU
Verified User
Administrator in Finance and Accounting (1001-5000 employees)
We use the system to generate our financial statements (Actuals, Budget, Rolling Forecast) using different layouts suitable for different needs and audiences, for preparing our annual budgets and for preparing and updating our monthly rolling forecast projections. Operational expenses are also determined using multiple cost models build within the system and this ensure and consistency across the organization when it comes to which assumptions are used for each working scenario planning.
Pros
generates financial statements
easy to use and implement
able to generate multiple planning scenarios
able to maintain and update monthly rolling forecast projections
Cons
summary report on workflow status - which will be user friendly and easily readily available
allow for more types of charts within a template studio report
allowing administrators view access to more dashboards
Likelihood to Recommend
Very well suited - prepare financial statements for multiple versions and multiple audiences easily and in quick time, very easy to maintain and update cube dimensions, prepare and be able to release and report on monthly rolling forecast projections, be able to plan and use multiple budget and/or forecast what-if scenarios
VU
Verified User
Director in Finance and Accounting (201-500 employees)
We use Prophix to create our yearly budget, forecast revenues and costs for our companies, and to obtain data from each of our teams into one singular platform. Prophix Software is great for managing multiple teams in our organization at once. It allows us to obtain a full data view of our company's financials and to find key areas of improvement or concern. We use Prophix daily and monthly for our monthly financial reports.
Pros
Fast, accurate, helpful customer service
Exceptional budgeting tools
Great for organizations of our size with many different smaller teams across the nation
Cons
Formula functionality and ease of use could be improved
Initially using the platform can be very difficult
Can be difficult to integrate with other platforms and to obtain data from other sources
Likelihood to Recommend
I think Prophix is great for medium/large - large companies. I would imagine that its software would be too much for that of a smaller company. It does a great job showcasing reports once reports are finalized and are easy to use. On the other hand, building reports can be very time consuming and confusing due to switching between tabs so often.
VU
Verified User
Employee in Finance and Accounting (1001-5000 employees)
Monthly & YTD Variance Analysis. Prophix allows up to create and automate reports so that department leaders are able to fully understand what there expenses are for the month end close process. We are also able to streamline the yearly budget entering process in a easy to follow way that the Prophix software provides all users.
Pros
Dashboarding
Data Entry
Reporting
Cons
Line-Item Reporting
Sandbox Environment
Likelihood to Recommend
Prophix is well suited for almost all FP&A scenarios relating to month-end close. Dashboards are particularly important to our dept owners and with Prophix creating dashboards is easy to follow and customize.
Another great thing with Prophix is the CSP team. They are always very helpful and attentive to your questions. I know if i encounter any issues they have always helped me in a timely manner.
VU
Verified User
Analyst in Finance and Accounting (1001-5000 employees)
