Overview
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.
Flexible Reporting Tool
Perks of End User Engagement with Prophix
Innovative Budgeting & Forecasting Tool
Great software for saving time
Mild improvements as far as the eye can see...maybe as we get new glasses, things will change...
Ease of Use with Prophix.
Love Prophix
Prophix Recommendation
Prophix is simply AMAZING
Prophix for us
Prophix - the perfect match
Rich's Review
Modernized Budgeting, Planning, and Reporting
Prophix - Rich Features & Functionalities.
How Prophix Differs From Its Competitors
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Lessons for Success
Journey Experience
Reporting Capabilities
Automation Capabilities
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Lessons for Success
We have also used the detailed planning manager for setting budgets and for our Going Concern calculations, …
Innovative Uses
We have managed to incorporate access to other software using the iFrame in the dashboard so that sales reports can be seen by …
Journey Experience
Reporting Capabilities
Automation Capabilities
We have not yet used workflow but plan on …
Annual Budget Planning
Lessons for Success
-Utilizing workflows to ensure timely submission of requests from departments
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Innovative Uses
Journey Experience
Reporting Capabilities
Automation Capabilities
Annual Budget Planning
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Data Integration
Deployment
Lessons for Success
Innovative Uses
Journey Experience
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At the same time it provided the …
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Data Integration
Deployment
Lessons for Success
Journey Experience
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
- Management Reporting (176)9.494%
- Management reporting (182)9.393%
- Financial budgeting (185)9.292%
- Forecasting (177)8.787%
Reviewer Pros & Cons
Pricing
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…
Entry-level set up fee?
- Setup fee optional
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…
Features
BI Standard Reporting
Standard reporting means pre-built or canned reports available to users without having to create them.
- 7Customizable dashboards(10) Ratings
Customizable dashboards are dashboards providing the builder some degree of control over the look and feel and display options.
- 7.1Report Formatting Templates(10) Ratings
Ad-hoc Reporting
Ad-Hoc Reports are reports built by the user to meet highly specific requirements.
- 9.6Drill-down analysis(92) Ratings
Drill down analysis is the ability to get to a further level of detail by going deeper into the hierarchy.
- 8.5Formatting capabilities(90) Ratings
Ability to format output e.g. conditional formatting, lines, headers, footers.
- 8.8Report sharing and collaboration(87) Ratings
Report sharing and collaboration is the ability to easily share reports with others.
Report Output and Scheduling
Ability to schedule and manager report output.
- 9.3Publish to PDF(80) Ratings
- 8Report Versioning(60) Ratings
Report versioning is the assignment of version numbers to each version of a report to help in tracking.
- 9.2Report Delivery Scheduling(72) Ratings
Report Delivery Schedule is the ability to have reports delivered to a destination at a specific data and time.
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.
- 6.6Predictive Analytics(33) Ratings
Predictive Analytics is the ability to build forecasting models based on existing data sets.
Access Control and Security
Access control means being able to determine who has access to which data.
- 9.4Multi-User Support (named login)(86) Ratings
Named model access means that users have access based on name and password.
- 8.8Role-Based Security Model(86) Ratings
Role-based access means that access to data is determined by job or position in the corporation.
- 8.8Multiple Access Permission Levels (Create, Read, Delete)(89) Ratings
Multiple access permission levels means that different levels of users have different rights.
- 8.6Report-Level Access Control(31) Ratings
Report-level access control means that the type of report determines who has access to it.
Mobile Capabilities
Support for mobile devices like smartphones and tablets.
- 9.5Responsive Design for Web Access(44) Ratings
Web design aimed at producing easy-to-read sites across a range of different devices.
Budgeting, Planning, and Forecasting
These activities are designed to assist with both data-driven operational, short-term planning and strategic long term planning
- 9.3Long-term financial planning(156) Ratings
3-5 year financial plan with cashflow.
- 9.2Financial budgeting(185) Ratings
Annual budget for revenue and operating expenses, headcount/compensation, capital expenses, projects, etc.
- 8.7Forecasting(177) Ratings
Combining actuals and budgets, rolling forecasts, driver-based models.
- 8.8Scenario modeling(143) Ratings
Financial or operational modeling of alternate future states and planning for each.
- 9.3Management reporting(182) Ratings
Budget vs. actual or forecast, P&L’s, performance over time, between products etc.
Consolidation and Close
Consolidation of data from multiple entities with currency management, reporting and audit trails.
- 9.6Financial data consolidation(126) Ratings
Consolidating data from several entities into a single statement using US GAAP, IFRS or other standards.
- 9.2Journal entries and reports(79) Ratings
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
- 7.7Multi-currency management(62) Ratings
Ability to handle foreign currency conversions during consolidation.
- 8.7Intercompany Eliminations(72) Ratings
Matching and elimination of intercompany revenue, expenses, and balance sheet accounts.
- 6.9Minority Ownership(28) Ratings
Consolidate financials full or partial ownership of subsidiaries, equity pick-up.
- 9Local and consolidated reporting(108) Ratings
Ability to report against individual business entities and the consolidated umbrella entity.
- 7.4Detailed Audit Trails(88) Ratings
Tracing changes to data and processes that were run.
Financial Reporting and Compliance
Financial statements and regulatory filings
- 9.3Financial Statement Reporting(165) Ratings
Creation and production of balance sheets, income statements, cash flows, other schedules
- 9.4Management Reporting(176) Ratings
Tools facilitating creation of internal ad hoc or standard reports.
- 9.2Excel-based Reporting(160) Ratings
Ad hoc or formatted reports using MS Excel.
- 9Automated board and financial reporting(138) Ratings
Tools to help automate creation of regulatory reports such as SEC filings and board books.
- 5.2XBRL support for regulatory filing(5) Ratings
Support for the XBRL standard reporting format for exchanging financial data.
Analytics and Reporting
Dashboards and scorecards for KPI monitoring and benchmarking
- 8.6Personalized dashboards(145) Ratings
Create custom dashboards and reports without the help of IT or administrators.
- 7.9Color-coded scorecards(104) Ratings
Track and analyze performances with interactive, color-coded balanced scorecards.
- 7.7KPIs(114) Ratings
Select from a library of more than 6,000 key performance indicators, and incorporate KPIs into your planning process.
- 7.6Cost and profitability analysis(115) Ratings
Cost and profitability analysis provides data for business decision making.
- 7.4Key Performance Indicator setting(93) Ratings
Ability to set key performance indicators for measuring progress towards goals.
- 7.3Benchmarking with external data(63) Ratings
CPI, daily exchange rates, industry KPIs. with scheduled data refreshes.
Integration
Ability to integrate with external applications.
- 9.2Flat file integration(142) Ratings
Integration of flat files like text documents and comma separated files
- 9.2Excel data integration(156) Ratings
Ability to integrate directly with Excel data.
- 9.5Direct links to 3rd-party data sources(136) Ratings
Integration with external applications like ERP, CRM, HCM
Product Details
- About
- Integrations
- Competitors
- Tech Details
- Downloadables
- FAQs
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. Prophix is a private company, backed by Hg Capital, an investor in software and services businesses. Additional information can be found at 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: Pixel Perfect reports
- 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
Prophix Videos
Prophix Integrations
Prophix Competitors
Prophix Technical Details
Deployment Types | Software as a Service (SaaS), Cloud, or Web-Based |
---|---|
Operating Systems | Unspecified |
Mobile Application | Mobile Web |
Supported Countries | Denmark, United Kingdom, Germany, France, Benelux, Italy, Brazil |
Supported Languages | English, French, German, Italian, Spanish, Portuguese |
Prophix Downloadables
- 7 Ways to Reduce the Time Spent on Budgeting
- Guide: ERP and FPM (Financial Performance Management) Systems - The Similarities and Differences
- Faster Year-End Close eBook
- A CFO’s Guide To Optimal Cash Flow Planning - Moving Beyond Stand-Alone Spreadsheets
- A Guide to Scenario Planning - examines the applications of scenario planning, best practices, and how to apply the insights to business
- Guide: Consolidations in a spreadsheet vs investing in a consolidation solution
Frequently Asked Questions
Prophix Customer Size Distribution
Consumers | 0% |
---|---|
Small Businesses (1-50 employees) | 0% |
Mid-Size Companies (51-500 employees) | 5% |
Enterprises (more than 500 employees) | 95% |
Comparisons
Compare with
Reviews and Ratings
(286)Attribute Ratings
- 10Likelihood to Renew16 ratings
- 10Availability26 ratings
- 8Performance25 ratings
- 8.8Usability44 ratings
- 8.1Support Rating120 ratings
- 8.7Online Training12 ratings
- 8.3In-Person Training10 ratings
- 8.9Implementation Rating19 ratings
- 8.7Configurability11 ratings
- 9Product Scalability23 ratings
- 9Ease of integration28 ratings
- 8.8Vendor pre-sale18 ratings
- 9.1Vendor post-sale20 ratings
Reviews
(1-5 of 5)- Prophix software is a unified solution for our financial reporting needs. It is relatively easy solution to implement, cost effective and requires little upkeep maintenance.
- Prophix has an excellent detailed planning management tool that allows us to easily account for our personnel budget and forecasting needs, fixed assets, and other balance sheet items.
- Prophix has a line item detail feature that enables us to analyze down to the lowest detail level for our ease of financial and account reporting.
- We are able to easily create multiple templates for financial reporting and answer the needs for our many individual business units.
- Excellent tool to manage the workflow for the budget process.
- Prophix has done an excellent job of continuous improvement of their product. They have addressed almost all of our concerns and issues over the 6+ years we have been on the product. Prophix can still improve performance when using large sets of data dimensions and multiple shared dimensions.
- Enhancement to system to manage the complete accounting close workflow process.
- Long-term financial planning
- 80%8.0
- Financial budgeting
- 90%9.0
- Forecasting
- 80%8.0
- Scenario modeling
- N/AN/A
- Management reporting
- 80%8.0
- Financial data consolidation
- 80%8.0
- Journal entries and reports
- 80%8.0
- Multi-currency management
- N/AN/A
- Intercompany Eliminations
- N/AN/A
- Minority Ownership
- N/AN/A
- Local and consolidated reporting
- 80%8.0
- Detailed Audit Trails
- 80%8.0
- Financial Statement Reporting
- 90%9.0
- Management Reporting
- 80%8.0
- Excel-based Reporting
- 90%9.0
- Automated board and financial reporting
- 90%9.0
- Personalized dashboards
- 70%7.0
- Color-coded scorecards
- N/AN/A
- KPIs
- N/AN/A
- Cost and profitability analysis
- N/AN/A
- Key Performance Indicator setting
- N/AN/A
- Benchmarking with external data
- N/AN/A
- Flat file integration
- N/AN/A
- Excel data integration
- 80%8.0
- Direct links to 3rd-party data sources
- 80%8.0
- We have gained incredible efficiences utilizing Prophix for all of our financial reporting, budgeting and forecasting processes.
- We are able to more quickly and accurately complete our month end financial reporting requirements, which allows us to spend more time analyizing the details and do a deeper dive into our key performance issues.
- Our whole organization is better served with quick and easy access to their individual profit center results.
- Adaptive Insights, SAP Business Objects and IBM Cognos
- Financial reporting
- Budgeting and forecasting
- Personnel management
- Integrating our personnel planning with budgeting and forecasting
- Creating entity financial package in lieu of general ledger coding
- Allocation of revenues and expenses across 400+ profit centers.
- multi year financial forecast modeling for balance sheet and income statements
- KPI modeling and dashboard reporting
One click to Reporting
- Revenue & Expense Budgeting
- Personnel Planning
- Financial & Management Reporting
- Ad-hoc Analysis
- Fixed Asset Management
- Row limitations on ad-hoc reporting when we want to use matrixes
- Not showing real data when building templates (at design mode).
- Long-term financial planning
- 90%9.0
- Financial budgeting
- 90%9.0
- Forecasting
- 90%9.0
- Scenario modeling
- 80%8.0
- Management reporting
- 90%9.0
- Financial data consolidation
- 100%10.0
- Journal entries and reports
- 100%10.0
- Multi-currency management
- N/AN/A
- Intercompany Eliminations
- 90%9.0
- Minority Ownership
- N/AN/A
- Local and consolidated reporting
- 90%9.0
- Detailed Audit Trails
- 90%9.0
- Financial Statement Reporting
- 90%9.0
- Management Reporting
- 100%10.0
- Excel-based Reporting
- 100%10.0
- Automated board and financial reporting
- 80%8.0
- Personalized dashboards
- 70%7.0
- Color-coded scorecards
- 70%7.0
- KPIs
- 80%8.0
- Cost and profitability analysis
- 80%8.0
- Key Performance Indicator setting
- 90%9.0
- Benchmarking with external data
- 90%9.0
- Flat file integration
- 90%9.0
- Excel data integration
- 100%10.0
- Direct links to 3rd-party data sources
- 90%9.0
- Net Asset Ratio to total Revenue
- Budget Spend Trend
- Salaries to Benefits Ratio
- The need for accurate reporting
- Tool that fits to the agency in Budgeting process
- The need for Personnel management and planning
- Dashboard reporting
- Data reporting in Graphs and charts
- Purchasing management
- Budget control before the fact (eg. email notifications).
- Product Features
- Product Usability
- Analyst Reports
- Third-party Reviews
- Professional services company
- System Integration with our accounting system, project cost system, and HR system.
- Level of details in creating Dimensions.
- Budgeting
- Building Template
- Ad hoc analysis
- Setting up workflow task
Prophix brings Power to the User
Data integrity was a serious issue before Prophix. Significant time was wasted monthly reconciling various versions of the financials and maintaining report definition. Implementation of Prophix forced a fresh start using a streamlined set of template reports; drawing data from a single Financial cube for near flawless integrity. I never worry that the amount for a given Dimension member combination will not match from report to report.
- Organization dimension modeling is a simple and visual drag and drop.
- All displayed data comes from one source (of the truth). The same measure will match from report to report with integrity.
- Ad Hoc analysis on Dimension hierarchies and amounts for the member combinations facilitates data mining and analysis.
- Detail Planning Modules posted directly to the Financial Cube gives seamless Drill Through to detail of Plan and Forecast.
- Delta Analysis tools are an attractive way to enter data within the model and without Excel hell.
- Smart Monitor makes available meaningful balanced score card dashboards; with performance parameters controlled by the business owner.
- Drill Across to transaction detail is dependent on the customer's technical ability and capacity to export from ERP to tables. Prophix Consulting should invest in an expertise and service offering to make Drill Across work by fetching transactions directly from the ERP tables themselves. We have a wide user group that views Drill Across Journal Line detail, but must move into inadequate ERP functionality in order to see further into transactions.
- There should be what if Organization hierarchies for Planning and Forecasting (Alternate Hierarchies based on update of individual member properties is too hard to maintain) .
- Work Flow Activities and underlying Tasks should be movable by drag and drop and the Task due dates should, optionally be set as business days before or after the start of the month. Without that the due dates are requiring review and refinement each month to allow for weekend and holidays.
- Rolling 12 month Time Perspective member should come standard.
- Prophix Consulting has advised that a combination of sales by product and customer is just too much to handle. This is an important dimension combination not to have in the model.
Product support responsiveness and personalization is superior.
Product designers are responsive to feedback.
User empowerment within the functionality is fostered by ease of use and online training.
However Prophix:
- Does not integrate seamlessly with the ERP for transaction detail (not with Oracle at least)
- Does not have capacity for Sales by Product and Customer
- Long-term financial planning
- 80%8.0
- Financial budgeting
- 80%8.0
- Forecasting
- 80%8.0
- Scenario modeling
- 60%6.0
- Management reporting
- 90%9.0
- Financial data consolidation
- N/AN/A
- Journal entries and reports
- N/AN/A
- Multi-currency management
- N/AN/A
- Intercompany Eliminations
- N/AN/A
- Minority Ownership
- N/AN/A
- Local and consolidated reporting
- N/AN/A
- Detailed Audit Trails
- N/AN/A
- Financial Statement Reporting
- 80%8.0
- Management Reporting
- 80%8.0
- Excel-based Reporting
- 80%8.0
- Automated board and financial reporting
- 80%8.0
- XBRL support for regulatory filing
- N/AN/A
- Personalized dashboards
- 80%8.0
- Color-coded scorecards
- 80%8.0
- KPIs
- 70%7.0
- Cost and profitability analysis
- 80%8.0
- Key Performance Indicator setting
- 70%7.0
- Flat file integration
- 80%8.0
- Excel data integration
- 70%7.0
- Direct links to 3rd-party data sources
- 60%6.0
- Required administrative attention to data integrity has improved to eliminate one contractor and redistributed full time administration to more value added activities.
- Dimension hierarchy and member selection changes are fast, reducing decision makers wait time for presentation, allowing for more what if.
- Forward thinking plan and forecast activities come first in modeling, with historical actual brought in for comparison and management reporting.
- Annual Planning
- Monthly Forecasting
- Consolidating Management Reporting
- Consolidating Legal Entity Reporting
- Easy commonly available source of account and organization dimension member information and their hierarchies
- KPI collections
- Calculated version members for consistent variance analysis and presentation
- Detail employee planning
- Product sales and profitability
- Dash-boarding with Balanced Score Cards of KPI collection types
- Migration from disconnected spreadsheet analysis for driver based planning and foreacasting
- Ease of use
- Dimension hierarchy flexibility
- Responsive and personalized customer support
- Ad Hoc ability
- Price
- Product Features
- Product Usability
- Third-party Reviews
- Vendor implemented
- Training (user focus)
- Drill Across (client data table access)
- Dimension member combination capacity (for Revenue by Product & Customer)
- Ad hoc Analysis
- Smart Monitor
- Template Studio
- Delta Analysis
- Model Manager
- Alternate Hierarchy
Prophix - To buy or not to buy, that is the question!
- The workflow within Prophix is good. You can set up an owner, alternate owner, approvers and observers for each budget task. This helps any stakeholders for each task stay abreast of the budget data being input. The alternate owner feature is nice in case someone is on vacation or out of the office.
- The email reminders function is nice as well. You can set up various reminders throughout your budget cycle.
- The drill across feature into the actual activity in our accounting system is nice. As people are preparing their budgets they can drill into actuals to help with any trends, details, etc. about their activity.
- The line item details reporting is not flexible enough. I would like to be able to tailor the report output more and I can't because of the limitations of the system.
- We didn't realize when we purchased Prophix that it would really be customized to our needs, we thought we were purchasing a more off the shelf system. This is an issue when you call Prophix for support because our system is our system and I have to spend time every time I call just to explain how are system is set up and how it is supposed to function for us.
- Thankfully, I don't have to access the server ofen, however, when I do I have to rely heavily on our internal technology team when I have an issue to resolve. Usually involves a webex meeting with me, my internal technology person and the Prophix member. Can be time consuming to get issues resolved because of the coordination and effort, usually more an internal issue to coordinate time not an issue with Prophix.
- Long-term financial planning
- N/AN/A
- Financial budgeting
- 90%9.0
- Forecasting
- N/AN/A
- Scenario modeling
- N/AN/A
- Management reporting
- 90%9.0
- Financial data consolidation
- N/AN/A
- Journal entries and reports
- N/AN/A
- Multi-currency management
- N/AN/A
- Intercompany Eliminations
- N/AN/A
- Minority Ownership
- N/AN/A
- Local and consolidated reporting
- N/AN/A
- Detailed Audit Trails
- N/AN/A
- Financial Statement Reporting
- N/AN/A
- Management Reporting
- 90%9.0
- Excel-based Reporting
- N/AN/A
- Automated board and financial reporting
- N/AN/A
- XBRL support for regulatory filing
- N/AN/A
- Personalized dashboards
- N/AN/A
- Color-coded scorecards
- N/AN/A
- KPIs
- N/AN/A
- Cost and profitability analysis
- N/AN/A
- Key Performance Indicator setting
- N/AN/A
- Benchmarking with external data
- N/AN/A
- Flat file integration
- N/AN/A
- Excel data integration
- N/AN/A
- Direct links to 3rd-party data sources
- 100%10.0
- From an administrator perspective I don't know that it has saved me more time but my time is spent more on reporting and analysis, than set up and manipulation of spreadsheets. As long as your system is setup correctly the roll over process from one year to the next can be quite easy.
- Once you get your reports and templates set up, it's pretty easy to produce reports for various departments, business units, etc. quickly.
- I think using Prophix has saved the end users time, because I have the templates set up in a way that the data has to be entered a certain way and only certain cells are accessible by the end users, so I don't have the issue anymore of the end users messing up the templates like they did in Excel.
- Annual operating budget
- Monthly department reporting, budget vs actual
- Annual Personnel budget
- Travel input, the travel is setup in such a way that the users can only select from a drop down list of conferences which force users to reach out to the administrator to add a new conference, also helps with consistency of conference titles. Also is setup to actually calcuate the cost of the travel, this helps with consistency of pricing travel.
- We will be implementing a rolling/forecast budget within the next several months.
- We will be implementing dashboards/KPI's in the next several months.
- Price
- Product Features
- Product Usability
- Vendor implemented
- Internal staff resources and time
- The nightly process to pull actual data from our accounting system is seemless, it is scheduled to run every morning and only alerts me if there is an issue. Which is usually a customer has been added in our accounting system that is not in Prophix, we simply add the customer in Prophix and run the process again.
- Changing the dimensions for a report is easy, i.e. you have a report that is for a particular dept and you want to change to a different dept, takes seconds to do this.
- Sending out monthly reports to the depts is seemless when the reports are distributed using report binder.
- On the rare occasion that something on the server side needs to be changed, that involves coordination of my internal technology person and the Prophix consultant.
An affordable, customizable and effective CPM Tool!
We utilize Prophix for all of our financial reporting and budgeting needs. The financial reporting module within our ERP is clunky and hard to work with - Prophix's cube based reporting system allows for me to create dynamic reporting that fits both my team's needs, and the needs of my organization. We run 100% of our budget through Prophix, from the sales planning, personnel planning and expense planning. Prophix allows for direct interaction with our managers, and is able to aggregate and report on budget information in real time as we make updates.
From a reporting standpoint, we use Prophix for our summarized sales and financial reporting. We perform our consolidation in Prophix, and distribute our financial packets in both excel and .pdf format directly from the software.
In 5 years with Prophix at two different companies I haven't found a report that I couldn't program, or an item that I couldn't budget.
- Prophix is 100% controlled by the accounting department, the only time we need IT involvement is when we need to setup a new data source to bring into Prophix, or when we need to upgrade versions. All of the reporting, data maintenance and data manipulation are completed by Accounting.
- Prophix's cube based system emulates a pivot table, and allows for easy and straightforward report creation. The use of dynamic members and named sets allows for us to roll forward months in one step for all reports, and change underlying hierarchies without having to update reports.
- Prophix's ad-hoc reporting functionality allows for quick access to our financial data, and can be tailored to whatever quick reporting needs to be created.
- Prophix's process manager allows for mass manipulation of data, which is very handy when moving data from one model to another.
- Prophix is based on Microsoft platform functionality, so my users can become proficient relatively quickly.
- Prophix takes customer feedback seriously with their customer feedback portal. I am able to go online and submit specific areas for improvement - if enough other users agree with the request, Prophix will build the request into future updates. This is in stark contrast to our ERP, which sends us a listing of 500 potential improvements that we get to vote on.
- Prophix has a built-in Microsoft interface, so we can distribute our financial statements into excel, word or powerpoint. We can also distribute in .pdf format or can post directly to sharepoint.
- When it comes to crunching big data (many millions of combinations), Prophix's performance isn't as strong as the BI tools that I have used before (IBM Cognos and QlikView). I find that we will utilize those tools for crunching big data.
- There are some Excel functions that would be handy to have as part of the report writer that aren't currently included in the software (some have been already addressed).
- It is unfortunate that a couple of features are only accessible by our administrative users (financial consolidation and model manager) - it would be nice if our advanced user class could access those functions.
Prophix works best where you have a relatively strong finance team that knows what it wants to do from a reporting or budgeting standpoint. It is possible to program almost anything in Prophix, which is something I have found very valuable. In instances where small to mid-size companies don't have a very large IT team, Prophix doesn't lean heavily on those resources (so I have always had strong IT support).
Prophix works well when complimented by a BI tool, although it can stand alone with a lot of data scenarios. Implementation and configuration were complete within weeks, and the administrator training equipped me to manage the software myself without having to buy costly consulting hours.
It is very important that during the implementation of the software, you really take the time to identify the reporting you want to create, and have the implementation team show you how to program it. Don't fall into the trap of duplicating your existing reporting and budget in a new software that can do so much more.
- Long-term financial planning
- 90%9.0
- Financial budgeting
- 100%10.0
- Forecasting
- 90%9.0
- Scenario modeling
- 90%9.0
- Management reporting
- 90%9.0
- Financial data consolidation
- 90%9.0
- Journal entries and reports
- 90%9.0
- Multi-currency management
- 90%9.0
- Intercompany Eliminations
- 100%10.0
- Minority Ownership
- N/AN/A
- Local and consolidated reporting
- N/AN/A
- Detailed Audit Trails
- 90%9.0
- Financial Statement Reporting
- 100%10.0
- Management Reporting
- 90%9.0
- Excel-based Reporting
- 90%9.0
- Automated board and financial reporting
- 90%9.0
- XBRL support for regulatory filing
- N/AN/A
- Personalized dashboards
- 70%7.0
- Color-coded scorecards
- 90%9.0
- KPIs
- 90%9.0
- Cost and profitability analysis
- 100%10.0
- Key Performance Indicator setting
- 80%8.0
- Benchmarking with external data
- N/AN/A
- Flat file integration
- 90%9.0
- Excel data integration
- 90%9.0
- Direct links to 3rd-party data sources
- 90%9.0
- We were 9 months live with a new ERP and were struggling to get timely and effective reports out of the ERP when I was hired, I had Prophix installed within a month, and we were able to run a full budget through the software within 1-2 months.
- We are able to create customized reporting that can be distributed with one mouse click. That significantly reduces the time it takes to distribute our financial statements.
- We use Prophix for our detailed sales budgeting, where we need to budget by market, by product and by customer all on a monthly level. Prophix aids in the aggregation of that data, and allows for quick reporting as the budget is entered.
- Prophix has an affordable price tag for implementation, and the annual maintenance is very affordable. Once we bought the software, we get all upgrades for free, and if we need service help, we are not charged per call.
I brought Prophix to Spacesaver from my former employer, where I was part of the selection team, and led implementation. There were two main factors in our decision:
- Prophix was significantly cheaper than TM1 in all ways, the cost for each user license, cost of implementation, and overall software costs
- Prophix doesn't rely on an IT department to program reports within the system. That is a significant benefit to keep control in accounting, and to reduce the burden on other departments.
- We use Prophix for all our financial reporting needs.
- We utilize Prophix for our Budgeting and Forecast modeling.
- We utilize Prophix for our Sales Budgeting, Analysis and Reporting.
- Prophix's Standard toolkit of features is sufficient for our needs (Reporting/Budgeting/Consolidation/Forecasting/Analysis).
- We would like to use Prophix for KPI reporting and dashboarding in the future - this has not been a priority for our Finance organization.
- Prophix's Ad Hoc analysis makes it very easy to slice and dice your financial information without creating a report. If you have an analysis that you like, it is quite easy to turn that into a report that can be distributed.
- Prophix has just upgraded its consolidation model, the old model could be touchy. It has satisfied our needs, but we are looking forward to the new model.
- Price
- Product Features
- Product Usability
- Prior Experience with the Product
- Existing Relationship with the Vendor
- Vendor implemented
- Implemented in-house
- We were unable to program our consolidation as part of the initial implementation. This was partially due to the timing of the implementation (we needed to budget immediately), and partially due to some complications with translating our existing model. Prophix allowed us to formalize our consolidation, and we have a much improved process now.