Prophix

Score8.5 out of 10

431 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

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.

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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.

XBRL support for regulatory filing
Support for the XBRL standard reporting format for exchanging financial data.
Category average: 7.2
Responsive Design for Web Access
Web design aimed at producing easy-to-read sites across a range of different devices.
Category average: 7.2
Local and consolidated reporting
Ability to report against individual business entities and the consolidated umbrella entity.
Category average: 7.8

KPIs
Select from a library of more than 6,000 key performance indicators, and incorporate KPIs into your planning process.
Category average: 7.8
Scenario modeling
Financial or operational modeling of alternate future states and planning for each.
Category average: 8.1
Formatting capabilities
Ability to format output e.g. conditional formatting, lines, headers, footers.
Category average: 7.6

#1 most frequent

Manufacturing

18.6%

128 installations of 689

“Budgeting”
— Controller, Furman Foods (201-500 employees)

#2 most frequent

Health Care and Social Assistance

11.2%

77 installations of 689

“Streamlined Budgeting.”
— Senior Data Analyst, NOVO Health Services (1001-5000 employees)

#3 most frequent

Professional, Scientific, and Technical Services

10.6%

73 installations of 689

“Our primary use of Prophix is for budgeting and forecasting.”
— VP Finance, Numeris (201-500 employees)

Pros

Streamlining budgeting and forecasting processes with centralized control
Providing an intuitive interface and simple data input screens for users
Generating robust financial reports and dashboards for consolidated data

Cons

Limited flexibility in report design and visualization options
Complex initial setup and a learning curve for formula syntax and workflow configuration
Occasional performance issues, including slow system response and data publishing

Corey Hager View profile

CFO (Chief Financial Officer) in Finance and Accounting at Miller Insulation Co., Inc. (501-1000 employees employees)

Use Cases and Deployment Scope

We are using Prophix for our monthly financial reporting, annual budgeting and monthly WIP reporting. We're also creating dashboard reporting for everyone from our PM's to our executive C-Suite and Board of Directors. The time it takes to create these deliverables has been shortened significantly through the efficiencies gained using the Prophix solutions.

Pros

Financial Reporting
Consolidations
Budgeting and Personnel Planning
WIP Reporting

Cons

Flexibility of sorting data within the finished reports
More intuitiveness in the cube and model building process
Upgraded dashboard templates

Return on Investment

Took our internal WIP process from a week down to 1 day
Automated financial reporting deliverables eliminate the need for multiple emails
We're now able to create a slick board package automatically every month

Usability

Alternatives Considered

Briq and Vena

Other Software Used

Viewpoint Vista, TValue, Asset Keeper

Michelle Lindsay, CPA View profile

Assistant Controller in Finance and Accounting at St John Fisher University (501-1000 employees employees)

Use Cases and Deployment Scope

Prophix was implemented to assist with financial reporting and budgeting. We currently use it specifically for pushing out reports to our budget managers as well as collecting their OpEx budget requests for our budget. We also use a revenue planning model and a personnel planning module. It helped address the human error of working strictly in excel.

Pros

Robust financial reporting
Ease of use/mimicking excel for formulas
CSP is clutch when we have questions

Cons

Moving us around in our pods for CSP is frustrating
Implementation needs to make sure to pair team with knowledge of industry, seems like Higher Ed is a struggle
Cater this conference to not just decision makers in the room. Some of us are the users/super users and want more hands on sessions

Return on Investment

Faster year end audit workbook prep
Streamlined budget process
Eliminate a lot of human error

Usability

Other Software Used

Ellucian Banner, Balance, Unimarket

Stephen Crowley

Controller in Finance and Accounting at Furman Foods (201-500 employees employees)

Use Cases and Deployment Scope

Furmano’s currently uses Prophix as a centralized repository for actual financial results, forecasts, and budgets, as well as a platform for building comparative analytics and preparing financial statements. The system supports the company’s need to develop presentations, analyses, and reporting for both internal leadership and external stakeholders. Our primary use case is within the finance function, where the platform is used to organize and consolidate financial data across multiple reporting needs. At present, however, the team primarily uses Prophix for data management and extraction. Data is frequently exported into Microsoft Excel and Microsoft PowerPoint for additional manipulation, reporting, and presentation development. One of the key opportunities for improvement is additional user training and adoption. Our finance team would benefit from a deeper understanding of the platform’s full capabilities so we can better utilize Prophix as a true single source of truth and integrated reporting solution, rather than relying heavily on downstream manual reporting processes.

Pros

Financial Statement modeling.
Budgeting
Comparative analysis.

Cons

Provide preexisting templates that can be modified rather than build from scratch.
Provide more hands-on training for beginner and advanced users.

Return on Investment

Standardized reporting.
Efficient way to aggregate data.

Usability

Other Software Used

BNA, Avalara

Matt Thomas

Senior Tax Manager in Finance and Accounting at Encore Electric, Inc. (1001-5000 employees employees)

Use Cases and Deployment Scope

We use Prophix for financial reporting, budgeting, and job cost tracking. Prophix provides much more flexible report building and presentation than our ERP. The product is extremely flexible and we are looking to increase our usage of it for a variety of different financial initiatives within our organization.

Pros

Pulling data from our ERP into excel like templates that streamlines processes such as job forecasting
Centralized budgeting that gives organizations financial leaders one version of the truth
Workflow visibility that allows managers to track progress on items such as financial reconciliations that require multiple people to perform tasks to complete such reconciliations

Cons

Current AI copilot in FPA plus is useful but could do things better such as creating templates or completing specific tasks (agentic features). However, in fairness, these features do not perform well across most AI platforms (such as Microsoft's regular Co-pilot AI

Return on Investment

Streamlining our budget process has been a nice ROI. Look forward to how FPA+ further streamlines the process in the initial budget cycle after the upgrade

Usability

Melissa Kiral

Financial Reporting Accountant in Information Technology at Farmers Holding Company (1001-5000 employees employees)

Use Cases and Deployment Scope

Prophix is used a reporting tool for our organization. The product addresses the complexities of our multi entity company with helpful ways to see our entities at a glance. The scope is that we can have separate financial models to distinguish between our large companies in order to adjust for our unique accounting records.

Pros

Allows to be built with more than one financial model.
Reports can be generated fast with many users in the system at the same time.
Support tickets are answered quickly with detail.

Cons

The Help function for guidance on how to use the system could be better. It often doesn't address the key issue at hand.
Some of the tutorials appear to be at an IT perspective which most people who use the product are not involved in IT and do not understand the language.
The AI function is difficult to use and understand.

Return on Investment

Positive business impact since converting from FP&A to FP&A+ has been significant in time saved each month. Previously many hours were spent generating the reports by all of the users. After converting to FP&A+, a report can be generated in seconds.
Positive business impact is the ability to customize reports based on complicated organization structures.
Negative business impact is the lack of trust due to the issues with FP&A in the past.

Prophix

What is Prophix?

Categories & Use Cases

Media

Prophix Key Features

Top Performing Features

XBRL support for regulatory filing

Responsive Design for Web Access

Local and consolidated reporting

Areas for Improvement

KPIs

Scenario modeling

Formatting capabilities

Most Frequent Users

Manufacturing

Health Care and Social Assistance

Professional, Scientific, and Technical Services

Prophix Reviews

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Cons

Use Cases and Deployment Scope

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Cons

Return on Investment

Usability

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

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Return on Investment

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Other Software Used

Use Cases and Deployment Scope

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Use Cases and Deployment Scope

Pros

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Return on Investment

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Prophix Alternatives