Prophix Reviews

We still use Excel, but in sync with Prophix. Having this synergy is perfect as it allows us to constantly stay updated with our information. This is crucial for the strength of our organization now and in the future (as we begin to streamline and automate features). There has been a change in the way that Moneris has adapted the Prophix philosophy and we are meeting with consultants to become even more customized!

It has allowed us to do away with almost all of our Excel based budgeting. As I said before it also gives us one source of truth so you do not have to worry about who has the most current version of an Excel spreadsheet. Prophix does allow you to export files to Excel or PDF for non-Prophix users.

Prophix reports can easily replace periodic replicating of spreadsheets. Actual performance is easily tracked and compared against budgets. budgets can be easily flexed and/ or rolled forward. Workflows can optionally be set up which formalise the process and allow for appropriate levels of review and approval as required.

We have gone from working 50+ hours for our accountants during budget season to instead working our traditional 37.5 hours

We have increased end used collaboration and accountability.

We have decreased our month end close due to being able to run multi tiered allocations much quicker.

We have the ability to really understand both big picture and fine detail because we spend less time creating data and reports and more time analyzing.

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 financial statement preparation.

We are still adjusting to using Prophix more, but the move from excel to Prophix for most users has been relatively smooth. The software allows version control and the ability track changes easily, which cannot be done in excel. Templates can easily be created, meaning information is submitted in a structured way allowing for multiple departments to be consolidated to a master budget quickly

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.

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 still more of a universal tool to use compared to Prophix

We're able to open processes to multiple users (finance owners of each of our multiple product lines) so that they are able to submit budgets and forecasts within Prophix. My team then consolidates all submissions within Prophix and works through high level adjustments/consolidating changes. It's easier than asking for excel templates from all areas and can all be done within Prophix. We can also save prior versions so that we can do detailed level comparisons of prior version vs. current version to be able to explain the changes from one month to the next.

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

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.

Prophix has helped significantly shorten our budget process to complete in just under 2 months. Budget managers are able to utilize the Prophix workflow to input their specific areas and the results consolidate automatically and populated onto our financial reports for further analysis. Budget approvers can easily pull up individual or roll-ups and drill down to the GL level if needed.

Prophix has allowed Ohio Northern to transition from a very centralized budget process to one that involves nearly 100 budget managers across campus. This has improved communication and transparency in the budget development process. Budget managers now feel far more ownership of their budgets, which has helped improve overall financial performance. Senior leadership has been able to review budget requests in a much more efficient manner.

It has completely solved this issue for us. We were able to convert from our Excel-based reporting, forecasting and budgeting model and no longer have to maintain that file. We were able to reduce our need to maintain multiple data files and account mappings.

Oh, wow. I may run out of words for this one. We went from combining multiple versions of excel templates for 60+ offices and/or departments. Every year there were complaints about the end result not containing their most updated submissions. There was a mistrust of the finance team for "changing their numbers" when in reality it was usually that in combining the 60+ spreadsheets a mistake was inevitably made. Not only has the process been shortened by at least 1 month, but we are also able to show who inputted what numbers and when. There is a transparency that was not there before Prophix and that has been huge in building trust between our end users and the finance team.

Prophix is much more flexible and robust than excel. I recommend every organization uses Prophix for budgeting/reporting to ensure the data is accurate and to save time. The Board Report and other reports can be done automatically every month by Prophix, which ensures accuracy and saves a tremendous amount of time.

This was our prime reason we got it, and it delivered perfectly. We have a number of terminals across the country, and the terminal manager used to input into an excel spreadsheet along with the assistance of my predecessor. we've now spun out input templates in prophix to each of these terminal managers, and loaded in 'starting data' for them, such that they only have to go in and look, and then make any changes they see fit. from there the data of course is available real-time, rather than having to go through some crazy process to consolidate 20-30 excel spreadsheets. that old consolidation process was at least 3 days. now it's instantaneous. plus it enables us to slice and dice in 1000's of ways to the data to make sure it makes sense, and to see how we're tracking through the year.

Excel is the preferred, however, not everyone has a historical background in the Excel abilities ... for the non financial manager ... a very simple way to access information in the current. Instead of Excel templates (decentralized info sharing) the more stable and scheduled Prophix templates creates better communications in the scheduling and the tracking and tracing of timeliness. A well documented process that is centralized and easily observable by the decision makers.

We use Prophix solely for our budgeting. We do still use Excel when it is easier or less time consuming to configure a solution in Excel rather than try to build it in Prophix.
We have not been using Excel for budgeting but just for a supporting tool.

Prophix allows managers access to their departmental data to easily see trends, review comparatives to plan and forecast, last year, etc. It has drill down capability as well. Data can easily be downloaded or copied and pasted into excel and vice versa. Data can be spread via a number of different methods and % applied to increase or decrease results. Line item detail and notes can be added to fully communicate reasoning behind financial figures. Templates are used to input data and personnel can be budgeted using the detail planning module.

We no longer use Microsoft Excel for any of our financials are forecasting. All of this is done through Prophix which helps increase track ability, multiple users, and forecasting. It’s the middle approval process between management, and the day to day operations team. The transition was fast and easy and most users are able to understand its purpose.

We have moved away from Excel for personnel planning, budgeting/forecasting, and financial reporting. It was error prone and cumbersome doing this work in Excel.

Prophix has freed us from multiple workbooks, broken links, and circular references. The line item detail feature gives us all the detail we need.

We have used it to integrate with our Excel models for much faster and more accurate budgeting and forecasting. The system once fully implemented has saved us a tremendous amount of time.

Prophix has allowed our company to transition 95% from excel workbooks to the system. We now are able to have templates and ad hocs that allow for easy data entry along with calculations. Since we are not relying on excel to house our budget, we no longer have to be concerned with files not opening and data being lost or accidently changed.