Prophix

Prophix

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Top Rated
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Score 7.6 out of 10
Top Rated
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Prophix

Overview

What is Prophix?

Prophix offers a Corporate Performance Management (CPM) software that enables budgeting, planning, and reporting. Prophix emphasizes the software’s ability to automate data management and reporting tasks.
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Recent Reviews

Prophix is great!

10 out of 10
February 08, 2023
We use Prophix to house large sets of data so that we can easily manipulate that data into excel-like formats. We then use those formatted …
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Prophix for us

9 out of 10
January 19, 2023
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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Budgeting Process Made Easy

10 out of 10
December 30, 2022
Our business problem that Prophix resolved was to make the budgeting process easier for the end user. We wanted a system that will be easy …
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How Prophix Differs From Its Competitors

Annual Budget Planning

We still rely heavily on excel, but the contributor and analyzer tools have helped us more efficiently and accurately get information into the system. It also allows us to work as a team to collectively compile data with helps eliminate bottlenecks. The reporting capabilities have much of the same …
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Annual Budget Planning

Prophix has helped the company spend much less time manipulating data in excel to find the correct formats if we were to data dump from say a general ledger. Prophix easily lets you create sort of a pivot table inside the software so that you can directly export that in an excel-like format.
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Annual Budget Planning

Prophix has allowed us to transition from excel for the most part. We still complete some complex consolidation entries in excel but rather than aggregating all company data in a massive excel sheet, we now are able to upload into Prophix which stores data more securely and reduces time waste each …
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Annual Budget Planning

Prophix has made it easier to combine various budget components in a much simpler fashion than in the past. In that sense it has allowed somewhat of a transition away from Excel based budgeting and planning. However a lot of the individual budget components are still developed within Excel before …
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Annual Budget Planning

We now use Prophix exclusively for budgeting instead of Excel. This has allowed department managers to obtain direct control and oversight of their budgets and visibility into real-time data to compare actual expenses to budget. The move away from Excel into Prophix has reduced our budget process …
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Data Integration

Data integration is complex but easier if you can write SQL queries. We have myriad data sources we use to import into Prophix - SQL queries, Excel files, text files, etc. Data Connectors are easy to setup once you've done a few. You can setup processes to automate the import of data which really …
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Lessons for Success

Budgeting and Reporting are our biggest wins so far. I would definitely recommend having at least one or two 'super users' get to know the product inside and out so your organization can handle report building and troubleshooting most issues on their own. It also helps to have someone …
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Innovative Uses

We use Prophix to track chemical usage and expense, as this is one of the biggest inputs into our final product (sales). This has allowed us to compare chemical usage among our three locations and identify trends over time. The visibility into this data has really helped us as we make decisions …
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Journey Experience

Our only hangup with Prophix (and I've implemented it twice at two different companies/industries) is that implementation does take longer than planned. To be fair, I think this is fairly common for any software project of this scope. As for the finished product and ongoing performance, we are …
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Reporting Capabilities

We utilize workflow to streamline our budget process, and it works quite well. We use cell comments to communicate variances and worthwhile notes to management and other users. This feature has proven very useful!
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Annual Budget Planning

Our budgeting process has not evolved, and we are still using excel for the majority of our business units. We have a lot of individuals responsible for budgeting which are not users within Prophix based on our licensing, so at the present time, there is no way around this.
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Annual Budget Planning

we used Excel a lot less for our most recent budget. The biggest benefit was seen with personnel planning which is easy to use, yet very customizable. It would be very challenging for us to budget headcount in Excel given our structure.
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Annual Budget Planning

It has made our users be able to save different version, not copy over each other, make the finance team more involved in decisions and less in maintaining reports. It makes management have time to make decisions and not have to look for the correct report because it is already in Prophix.
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Annual Budget Planning

It helped us tremendously when it came to transitioning from excel based budgeting to web-based budgeting. Made for more accurate, trustworthy reporting now that it streamlined the budgeting process. It gives finance complete control and transparency into the numbers as well.
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Annual Budget Planning

Prior to Prophix we were Excel based when budgeting which was hard to match formats and accounts between business units. When converting to Prophix we were able to allow for manager login and take full ownership of their departments and budgets. Overall, the process was easier, and everyone was on …
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Annual Budget Planning

Prophix has significantly helped with this as we have essentially moved all Excel-based budgeting and planning processes to Prophix. There are some supporting spreadsheets that we still use Excel for and then enter the data manually into Prophix, but there as been no need to fill out budget …
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Annual Budget Planning

Our budgeting used to be entirely in Excel. Prophix has allowed us to keep departmental managers using Excel but allowed us to import the documents we get in and export out Excel documents that users are used to working with.
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Annual Budget Planning

We now utilize Prophix as our 'Source of Truth' for all core Financial information, including monthly actuals and plans (Budget & Forecast). This has allowed us to migrate away from multiple versions of data within disparate spreadsheets that may or may not be the most current information, and …
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Annual Budget Planning

Prophix allows for the integration of financial and personal data which makes it easy to review and make adjustments during the budget process. It is also better than Excel as multiple inputs can be made at the same time and the changes can be seen reflected in real time.
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Annual Budget Planning

It's added lots of flexibility in creating models & organizing our workforce for keeping track of where we are in the month end close process and planning cycle. The monthly planning cycles are much easier to close and ensure all formulas are accurate & consistent
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Data Integration

We import data from 10 different sources, easily. The flat files let us provide non-standard data feeds from various places (HR, Operations teams). The direct SQL lets us query simply & efficiently. Excel Imports let us bring data in from all the other places we need. The scheduler work great, and …
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Deployment

This is not important at all. We prefer to have our financial information deployed private network with no external cloud access.
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Lessons for Success

Consolidating P&L from three different source Accounting systems.
We had one go down due to corrupted backup and were able to close the month using a manual upload with existing template in a matter of hours

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Reporting Capabilities

The Cell comments are tremendously helpful - we use them for monthly reviews of each client + team performance.
Importing data from our other EDW systems to create productivity measures help quantify changes in financial performance
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Annual Budget Planning

We have not completely moved away from Excel-based Forecasting, the only reason being that our Revenue Cube is still under construction. We use DPM to plan our Personnel and CAPEX Planning and that has helped us considerably. We use Generic cubes to Forecast our Lease Expenses, Loan Liabilities, …
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Annual Budget Planning

With our first-year budgeting completed in Prophix, we are starting to see employees buy into the reliability of the software. Users are starting to move away from excel and asking for reporting to be made in Prophix. This is helping with planning and budgeting ensuring fewer human error mistakes …
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Annual Budget Planning

It helped with bottoms up planning with business units and instead of using excel template, we were able to use the tool to get the budgeting summited by them and roll up the budget at a faster pace.
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Lessons for Success

Prophix has helped us achieve a streamlined efficient budget process which involves the entire company through workflows and direct input templates. Its controlled and clean as well as Prophix has simplified our internal reporting based of the General ledger. The DPM module is quite efficient in …
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Journey Experience

The first and every interaction with Prophix has been pleasant. They whole notion is to help you see the how they can add value to you and your organization instead of being a pushy sales pitch team. There consulting or audit engagements go in the same way, where the prophix staff is prompt to …
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Annual Budget Planning

We continue to use Excel, however integration with Prophix is easy since it can be integrated and even can copy and paste from Excel into Prophix. That being said, [from my experience] Excel is used across the organization and comes with unlimited licenses for our organization and therefore it is …
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Annual Budget Planning

Prophix has helped us completely move our annual operating budget and major grant budgets out of the Excel Workbooks and into their cloud-based platform, which provides easier access for our end users and a central location for the most current, up-to-date budget. no more wondering if everyone is …
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Annual Budget Planning

Rather than multiple tabs and spreadsheets, prophix has helped us consolidate our information. We are able to only send relevant information to the directors, which is easily accomplished. Dashboards can be updated for quick access to specific users.
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Lessons for Success

Change is good. It's hard to move beyond our comfort zone and explore new territory. Prophix is user friendly, and honestly can be frustrating at times to find files or manipulate data. The more you use it, the more comfortable you become.
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Annual Budget Planning

We were able to move from spending an inordinate amount of time collecting and consolidating Excel files to a single unified platform for ledger consolidation, reporting and analysis. It greatly increased the quality of our data, time to turn around budgets and forecasts and streamlined our annual …
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Data Integration

Integration is possible. We used a Prophix consultant to set up a links to the local systems our company uses. We have connected to 3 different systems which we import ledger data daily. It is also possible to import data files if a direct connection is not possible. Once established, the process …
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Deployment

Cloud is very important based on how our organization is structured. We also use on-premise (hybrid solution) due the functionality we require but our aim is to make the switch to cloud only at some point. We are currently on prem and system locks and performance can be an issue but we expect that …
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Reporting Capabilities

We use line item details to provide context to numbers which saves time from having to reach out of the details. Cell commentary use has been limited. We are not using workflow commentary at the moment.
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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 37 features
  • Management Reporting (146)
    9.1
    91%
  • Management reporting (151)
    8.9
    89%
  • Financial budgeting (153)
    8.8
    88%
  • Forecasting (146)
    8.8
    88%

Reviewer Pros & Cons

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Video Reviews

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Pricing

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What is Prophix?

Prophix offers a Corporate Performance Management (CPM) software that enables budgeting, planning, and reporting. Prophix emphasizes the software’s ability to automate data management and reporting tasks.

Entry-level set up fee?

  • Setup fee optional

Offerings

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

Would you like us to let the vendor know that you want pricing?

56 people want pricing too

Alternatives Pricing

N/A
Unavailable
What is Vena?

Vena Solutions provides a financial process automation solution to automate Corporate Performance Management, accounting and budgeting, Regulatory & Compliance, and other finance-related processes. It is scaled for medium to large-sized organizations.

What is Budgyt?

Budgyt is a platform made to simplify business budgeting. With built-in functions designed for data integrity, team collaboration, and scenario planning & analysis, Budgyt is presented as an optimized budgeting experience that rids users of complex, error-prone spreadsheets and the time-consuming…

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Features

Ad-hoc Reporting

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

8.6Avg 8.4

Report Output and Scheduling

Ability to schedule and manager report output.

8.6Avg 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.

7.4Avg 7.6

Access Control and Security

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

8.7Avg 8.7

Mobile Capabilities

Support for mobile devices like smartphones and tablets.

8.5Avg 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

8.7Avg 8.5

Consolidation and Close

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

7.7Avg 8.3

Financial Reporting and Compliance

Financial statements and regulatory filings

7.8Avg 8.4

Analytics and Reporting

Dashboards and scorecards for KPI monitoring and benchmarking

7.3Avg 8.0

Integration

Ability to integrate with external applications.

8.6Avg 8.5
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Product Details

What is Prophix?

To empower mid-market companies to achieve their goals, Prophix provides an integrated, cloud-based platform to the Office of Finance; one that delivers planning, budgeting, reporting, forecasting and consolidation solutions. Prophix helps finance leaders improve profitability and minimize risk and puts the focus back on uncovering business opportunities. Prophix supports the future by adapting to meet companies' strategic realities, today and tomorrow. The solution boasts over 2,500 active customers currently around the globe.

Whether in the cloud or on-premise, Prophix promises to support the user's future with a platform that flexes to suit strategic realities, today and tomorrow. 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

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

Ad-hoc Reporting Features

  • Supported: Drill-down analysis
  • Supported: Formatting capabilities
  • 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

Additional Features

  • Supported: Profitability Analysis
  • Supported: Personnel Planning
  • Supported: Sales & Revenue Planning
  • Supported: Cash Flow Planning
  • Supported: Cross Company Planning
  • Supported: CapEx Planning
  • Supported: Reporting
  • Supported: Project Planning
  • Supported: Scenario Planning
  • Supported: Financial Consolidation & Close
  • Supported: Anomaly Detection
  • Supported: AI (Artificial Intelligence)
  • Supported: Visual Analytics

Prophix Screenshots

Screenshot of Prophix software balances simplicity and depth of functionality, delivering a CPM solution that enables collaboration. Prophix provides a unified CPM solution for budgeting, planning, forecasting, reporting, and financial consolidation.Screenshot of Prophix Visual Analytics makes working with data easier and more intuitive for CPM users. With one click information access and structured visual data discovery users can see the value in their data.

Uncover powerful insights with stunning interactive charts and graphs
Accelerate the path to analysis
Quickly see data from various viewpoints and perspectives
Enable many users to interact and adjust data on-the-flyScreenshot of Ad hoc analysis and templates with Prophix have search capabilities for analysis and template creation so users can interrogate and navigate across multidimensional data to get to exactly what is needed in just a few clicks.Screenshot of Workflows with Prophix provide a quick, interactive overview of the tasks a user is responsible for, either as a direct owner, or something that has to be approved. Workflow allows users to filter and show the tasks that are in progress, past due or finished with a clean interface, showing relevant, important items right away.

Prophix Videos

Prophix develops Corporate Performance Management (CPM) software that integrates financial budgeting, planning, reporting, forecasting, consolidation, analytics, scorecards and dashboards in a single, unified application budgeting software tool.
In less than 2 minutes see how Prophix offers the ability to tailor financial statements and management reports so that information is delivered in a way that’s both insightful and meaningful. Prophix provides structure reports around business requirements in a dynamic environment.
A short 1.5 minute overview about how Prophix gives a clear picture of operational costs and connects them with key factors that drives revenue. That increased line-of-sight is made possible because Prophix tracks and monitors all day-to-day operational planning activities. Im...
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See a short 1.5 minute overview about how Prophix gives you a clear picture of all your operational costs and connects them with key factors that are driving your revenues. That increased line-of-sight is made possible because Prophix tracks and monitors all day-to-day operati...
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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 offers a Corporate Performance Management (CPM) software that enables budgeting, planning, and reporting. Prophix emphasizes the software’s ability to automate data management and reporting tasks.

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

Reviewers rate Financial data consolidation highest, with a score of 9.3.

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

(1-16 of 16)
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Score 6 out of 10
Vetted Review
Reseller
Product support could be better, some very basic features(copying, pasting etc) would make the product much more easier to work with.

We implemented Prophix for over 25 clients and all of them renewed their licenses and I think will continue to do so.
Score 9 out of 10
Vetted Review
Verified User
We like the workflows and how it can manage our workload for getting the expense (including capital and headcount) and revenue forecast/budget. The expense forecast We also have a separate workflow for the month end process to complete the financial package.
Score 8 out of 10
Vetted Review
Verified User
We have purchased the system and as I learn more about the functionality of the system and see how other customers use Prophix, I think it will continue to meet our needs. I am trying to learn as much as possible to fully utilize the features and improve our efficiency of using the product.
Score 10 out of 10
Vetted Review
Verified User
The system works well for us, and meets all of our needs. All of our future plans can and will be achieved within Prophix, so there is no need to pursue another product. Prophix has continuously proven to improve their product over the years, which provides an even higher level of confidence in this tool, and future developments.
Score 7 out of 10
Vetted Review
Verified User
A decision was made by upper management to try and remedy the issues we were having with Prophix by getting a different accounting program, but Prophix is still used for product level budgeting due to the ability to plan at the SKU level.
Michael Pasquinelli | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
I believe we will continue services with Prophix because they always focus on improving the current system. They have great ideas and if you are fortunate enough to attend the user conferences, the workshops definitely help you to expand the use of Prophix. They have great ideas which can help improve the productivity within your organization.
Score 5 out of 10
Vetted Review
Verified User
Despite some of my negative feedback on this tool, I actually do quite enjoy the general intuitiveness of the product. I believe that this can be a very effective tool if design requirements are clearly defined from the implementation phases and the limitations of the system are well understood so that expectations can be managed. My opinion is that Prophix may be a tool that is better suited for small to mid-sized companies instead of a large company.
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