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Prophix

Prophix

Overview

What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation…

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Recent Reviews

Prophix... Worth It!

8 out of 10
February 13, 2024
Incentivized
The main reason I use Prophix is for building financial reports and consolidation headcount data. This software makes it extremely easy …
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Prophix

9 out of 10
October 13, 2023
Incentivized
We are a non-profit organization that uses Prophix for expense forecasting across multiple grants and contracts. We also track FTE …
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Prophix for us

8 out of 10
September 12, 2023
Incentivized
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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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 40 features
  • Management Reporting (169)
    9.3
    93%
  • Financial budgeting (178)
    9.0
    90%
  • Management reporting (175)
    9.0
    90%
  • Forecasting (170)
    9.0
    90%

Reviewer Pros & Cons

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Pricing

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Unavailable

What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and…

Entry-level set up fee?

  • Setup fee optional
For the latest information on pricing, visithttps://www.prophix.com/blog/how-much…

Offerings

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

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Alternatives Pricing

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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 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…

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Features

BI Standard Reporting

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

7.6
Avg 8.1

Ad-hoc Reporting

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

8.8
Avg 8.3

Report Output and Scheduling

Ability to schedule and manager report output.

8.8
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.

7.3
Avg 7.7

Access Control and Security

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

8.9
Avg 8.7

Mobile Capabilities

Support for mobile devices like smartphones and tablets.

9.6
Avg 8.0

Budgeting, Planning, and Forecasting

These activities are designed to assist with both data-driven operational, short-term planning and strategic long term planning

9.1
Avg 8.3

Consolidation and Close

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

8.4
Avg 8.1

Financial Reporting and Compliance

Financial statements and regulatory filings

8.4
Avg 8.3

Analytics and Reporting

Dashboards and scorecards for KPI monitoring and benchmarking

7.9
Avg 8.0

Integration

Ability to integrate with external applications.

9.1
Avg 8.3
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Product Details

What is Prophix?

Prophix helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. The company states they currently have more than 2,500 active customers across the globe using Prophix to support organizational success. Prophix is a private company, backed by Hg Capital, an investor in software and services businesses. 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
  • 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: 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 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 an efficient summary of key performance metrics found buried within Prophix charts.  It also summarizes the important insights in plain English.Screenshot of Prophix's self-serve dashboards and visualizations, 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 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.

Prophix Videos

Prophix is a cloud-based financial performance platform that streamlines processes, accelerates insights, and promotes collaboration. This video demonstrates how Prophix can: - Automate budgeting, planning, reporting, and forecasting processes - Empower business leaders wit...
 Show More
Hear From FP&A Executives | Prophix User Testimonials

Watch Prophix customers share how Corporate Performance Management (CPM) software helped them get off of Excel and transform the way they budget, plan, and report.

Watch Hear from Prophix customer Rain for Rent, which provides liquid handling solutions and oversees flood relief projects, and how they use Prophix to automate their budgeting and reporting, and to model the usage of the company's inventory.

Watch Leiah Hampton from Alterman Inc. shares how Corporate Performance Management software has reduced Alterman’s reporting and analysis time, and given them the ability to deliver quality projects on-budget and on-schedule.

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 helps finance leaders to improve the speed and accuracy of decision making. Prophix’s Financial Performance Platform enables finance teams to reduce complexity and uncertainty, and illuminate insights with access to AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.

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

Reviewers rate Responsive Design for Web Access and Financial data consolidation highest, with a score of 9.6.

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

(271)

Attribute Ratings

Reviews

(1-25 of 88)
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Score 10 out of 10
Vetted Review
Verified User
Incentivized
Rather than distributing templates to each person responsible for inputting budgets and forecasts, templates are built once in Prophix and then scheduled for each planning period. This has removed the burden of uploading data from the finance team. There is also an approval process within the system so the finance team expects that VP's have reviewed their respective plans once approvals have been submitted. Making adjustments to plans is much easier and so much more efficient. Once changes have been made, the impact is available to view immediately. The use of Prophix for planning has significantly reduce the time spent on data entry.
February 13, 2024

Prophix... Worth It!

Score 8 out of 10
Vetted Review
Verified User
Incentivized
Prophix has taken a lot of our work in the FP&A department and switch it from Excel to Prophix. It has made it extremely easy to produce P&L statements as well as Balance Sheet statements. There is no longer time spent on aggregating data from many people across the world (Global business) to populate a single excel sheet and have that sheet be useless a month or two later. All of the data is brought together by Prophix.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
The analyzer tools with Excel has increased the number of individuals who use Prophix within our company. These add in's help our board reporting and SEC teams gain access to company results quickly and efficiently. These data views allow our teams to have a consistent format each reporting period to help turnaround times.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
Prophix has allowed the finance team to spend more time analyzing data, locating trends, and populating meaningful budgets and less time rolling forward Excel schedules, validating formulas, and checking historical numbers.
January 05, 2024

Prophix is the BEST!

Thomas Scott, MBA | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use to have a million tab excel file that consolidated trial balances, converted the currencies, and eliminated intercompany balances. It was prone to errors and was never correct. Prophix helped make those steps easy and we close the books with confidence now. I highly recommend.
Leszek ( Lester ) Walkowicz | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
It has provided a tremendous help if it comes to the transition away from excel. Excel process was a long inefficient way and prone to errors. Prophix has helped us increase the end user satisfaction to where we constantly hear how easy to use and robust it is.
At the same time it provided the ability for finance to put together results of submitted data at a faster rate. We can analyze and make changes on a fly, where with excel it took hours if not days to complete the same task.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
We have moved all of our budget setting processes, going concern calculations and profit margin workings to Prophix, we also use Prophix for all of our monthly finance reporting and management/board reports. Our forecasting will be done in Prophix this year and going forward we will be working out how to use Prophix for our cash flow and rolling out the reporting workflows to our budget managers in order to automate as much as possible.
September 12, 2023

Prophix for us

Score 8 out of 10
Vetted Review
Verified User
Incentivized
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.
Score 8 out of 10
Vetted Review
Verified User
Incentivized
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
CA.Siju George | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
Prophix has helped to use data which has been uploaded thru Accounting systems , to use historical information to do analysis of data to make sensible analysis to do a good budgeting and planning of cost & revenue with less effect of data getting manipulated on spreadsheets
September 01, 2023

Prophix Supporter

Score 10 out of 10
Vetted Review
Verified User
Incentivized
We did not have a budget process before Prohix. It allowed us to build one fairly quickly. Year one we worked with an implementation consultant and year 2 we were able to tweak the process and run it ourselves. We have run 3 different budget scenarios which were all presented and approved by our board of directors.
August 27, 2023

Review of Prophix

Score 10 out of 10
Vetted Review
Verified User
Incentivized
We use the Excel Contributor functionality and this works brilliantly between departments based at head office but also overseas and in different currencies.
Using this functionality meant no additional training for people to learn a new platform. Those familiar with Excel quickly grasped the new way of completing templates they received directly to their mailbox and were able to complete and return the templates straight back to Prophix too so there was no need for human intervention from the Finance department either. It meant we had a good idea of where we were with the budget in much more real time than waiting for items to be entered by a person.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Our organization moved away from having to manually consolidate approximately 40 departmental budgets in Excel to a streamlined workflow model. We were able to replicate the Excel based templates that staff were comfortable with in Prophix so the look and feel were similiar. With some custom training for staff, the learning curve was not too steep. Investigating budget details at the line-item level occurs in one view as opposed to navigating between workbooks and sheets in Excel. This past year we had an unusally tight turnaround to develop our budget. We would not have been able to generate a quality budget in that timeframe without Prophix.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
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 month.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
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 that were often seen on excel spreadsheets.
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