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Prophix

Prophix

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.

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Pricing

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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…

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  • Setup fee optional

Offerings

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

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Features

BI Standard Reporting

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

7.2
Avg 7.9

Ad-hoc Reporting

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

9.1
Avg 8.3

Report Output and Scheduling

Ability to schedule and manager report output.

8.9
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.

6.5
Avg 7.6

Access Control and Security

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

9
Avg 8.7

Mobile Capabilities

Support for mobile devices like smartphones and tablets.

9.5
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

9.2
Avg 8.3

Consolidation and Close

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

8.6
Avg 7.9

Financial Reporting and Compliance

Financial statements and regulatory filings

8.8
Avg 8.2

Analytics and Reporting

Dashboards and scorecards for KPI monitoring and benchmarking

7.8
Avg 8.0

Integration

Ability to integrate with external applications.

9.4
Avg 8.3
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Product Details

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

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

Prophix Videos

Prophix One, a Financial Performance Platform for the next generation of finance. This video describes: - How to achieve better financial performance, agility, and accuracy - The advantage of one integrated platform over disparate applications - New strategies for tackling eve...
 Show More
Prophix makes it easier to budget and plan. This video shows how to use Prophix to build OpEx budgets, drill into detailed planning, spread budgets over time for seasonality, and justify budgets to other users without all the back and forth.
Cash flow is more than just what's coming in and out of a business. Strategically planning a business's cash flow can take it to new heights.
Jackson Hole Mountain Resort, a world-class ski resort located in Teton Village, Wyoming, uses Prophix's software to automate their budgeting and build detailed forecasts - to the extent that they can predict their number of visitors and staff the resort accordingly.
Spacesaver Corporation, a custom manufacturer of mobile library shelving, art rack storage, and evidence lockers, uses software from Prophix to automate their budgeting, reporting, and profitability analysis.
Will-Burt Company, a manufacturer of integrated towers and masts, used Prophix's software to replace FRx, to automate their budgeting, reporting, and forecasting, and to develop advanced dashboards that highlight their company's performance at-a-glance.

Prophix Technical Details

Deployment TypesSoftware as a Service (SaaS), Cloud, or Web-Based
Operating SystemsUnspecified
Mobile ApplicationMobile Web
Supported CountriesDenmark, United Kingdom, Germany, France, Benelux, Italy, Brazil
Supported LanguagesEnglish, French, German, Italian, Spanish, Portuguese

Frequently Asked Questions

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.

Vena, Planful, and Jedox are common alternatives for Prophix.

Reviewers rate Drill-down analysis highest, with a score of 9.7.

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

(293)

Community Insights

TrustRadius Insights are summaries of user sentiment data from TrustRadius reviews and, when necessary, 3rd-party data sources. Have feedback on this content? Let us know!

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.

Slow Performance: Users have expressed frustration with slow loading times for large reports and multiple data views, necessitating dedicated training and consultants for initial setup. Some users find the MDX functionality challenging as well.

User Interface Issues: Several reviewers have highlighted the need for UI/UX updates in various modules like Process Manager and Template Studio. Formatting issues when adding or removing items in Template Studio have been noted, along with a desire for clearer explanations of new features by Account Managers.

Complexity and Connectivity Challenges: Users have mentioned difficulties with managing multiple platforms between FP&A and financial consolidations, suggesting a need for easier connectivity to Power BI. Additionally, some users feel there should be more bundled packages with add-on capabilities to streamline processes.

Reviews

(1-19 of 19)
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Great software for saving time

Rating: 10 out of 10
April 09, 2024
Verified User
Vetted Review
Verified User
Prophix
1 year of experience
The implementation was fairly straightforward, understanding how the hierarchy works in Prophix was the most important thing but once that was set up then creating reports and dashboards for the budget holders was just a little bit time consuming. Training our end users on the system was simple as we are not sharing the report creation or ad-hoc processes with them.

Our One Source Of Truth

Rating: 10 out of 10
September 13, 2021
TS
Vetted Review
Verified User
Prophix
1 year of experience
Our trainer did a nice job of showing us how to complete the tasks required for implementation, being there for questions and making suggestions on implementation based on her previous experience (i. best practices).

Prophix 12 Review

Rating: 9 out of 10
March 29, 2021
WV
Vetted Review
Verified User
Prophix
1 year of experience
Know your requirements. Make sure you are on the same page as your consultant with cost and expected return. Know how much training will be involved and plan for it both in time and $. The implementation will be the responsibility of management, don't expect the consultant to do everything!

Prophix - Top notch assistance with budgeting and forecasting

Rating: 10 out of 10
March 25, 2021
Planning, planning, planning. Prophix will send you some Excel spreadsheets ahead of implementation. If those spreadsheets are complete, implementation will be smooth. Also, set aside some time during implementation to work with the Prophix staff and ask lots of questions. The knowledge they share is invaluable.

Prophix User for Budget Purposes

Rating: 8 out of 10
October 02, 2020
NC
Vetted Review
Verified User
Prophix
3 years of experience
Since company's IT department was not part of the implementation and it was done only by an executive assistant who did not have extensive knowledge about finance and accounting it was done VERY Poorly and haphazardly. Nothing was done properly and it was not planned correctly. It worked for short term but after 2 years we had to re-do all the cubes and it was very hard to fix and correct things

Prophix in a nutshell

Rating: 9 out of 10
July 18, 2018
AB
Vetted Review
Verified User
Prophix
2 years of experience
There were no issue with the implementation. Because we did the implantation in phases, we quickly figured out that we knew more than the consultant after they came out the 3rd time.

Prophix brings Power to the User

Rating: 8 out of 10
January 23, 2016
CE
Vetted Review
Verified User
Prophix
3 years of experience
Prophix Consulting should bring, in house, chargeable expertise in Oracle EBS table access for Drill Across and provide reasonable limits on dimension member combinations so there are no unreasonable expectations about the application of multi dimensional cubes to detail, such as revenue by product and customer.

An affordable, customizable and effective CPM Tool!

Rating: 9 out of 10
September 23, 2015
SA
Vetted Review
Verified User
Prophix
5 years of experience
Make sure you have a good thought process for a well laid out general ledger structure. Prophix works like a powerful pivot table, so having data that can be analyzed well in that format will allow for much more useful reports. The implementation team will do what you request, but take the opportunity to review your data structure as you begin implementation.

Very ease to use CPM software

Rating: 8 out of 10
July 08, 2015
BN
Vetted Review
Verified User
Prophix
3 years of experience
Very professional, took their time to understand the company and the business requirements
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