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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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Recent Reviews

Prophix.

9 out of 10
May 30, 2024
Incentivized
Our company is relatively new to Prophix. We currently use it for financial reporting and budgeting. Now that financial information is at …
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TrustRadius Insights

Cost Allocation Efficiency: Users have expressed that the system simplifies cost allocation between departments and divisions once the …
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Love Prophix

10 out of 10
April 08, 2024
For now operating expense budget and financial reporting. Looking forward to growing our usage of Prophix. The team is so accommodating …
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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 41 features
  • Management Reporting (180)
    9.5
    95%
  • Management reporting (185)
    9.3
    93%
  • Financial budgeting (190)
    9.3
    93%
  • Forecasting (182)
    8.7
    87%

Reviewer Pros & Cons

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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…

Entry-level set up fee?

  • Setup fee optional

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.

7.9
Avg 7.9

Ad-hoc Reporting

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

9
Avg 8.2

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.

6.6
Avg 7.5

Access Control and Security

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

8.9
Avg 8.6

Mobile Capabilities

Support for mobile devices like smartphones and tablets.

9.5
Avg 7.7

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.

8.5
Avg 7.9

Financial Reporting and Compliance

Financial statements and regulatory filings

8.7
Avg 8.2

Analytics and Reporting

Dashboards and scorecards for KPI monitoring and benchmarking

7.9
Avg 8.0

Integration

Ability to integrate with external applications.

9.3
Avg 8.2
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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...
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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

(292)

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.

Attribute Ratings

Reviews

(1-24 of 24)
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Score 10 out of 10
Vetted Review
Verified User
Incentivized
We have the ability to add to the functionality of Prophix if we need to and to request additional licences if we need to have additional users. There is a cost associated with this but at least we don't have to change our supplier as I don't think that we will outgrow Prophix.
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We currently use Prophix as a budgeting tool. We're looking into expanding the use of the system, knowing that we've only scratched the surface of what Prophix has to offer.
Joe Scheidecker | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Incentivized
We use Prophix for reporting in all our departments and across 3 sites and one management entity. This allows us to scale our reporting as needed and gives us exactly the data we need to make decisions and plan.
Score 10 out of 10
Vetted Review
Verified User
Incentivized
Our company's revenue has significantly increased as well as our goal, within 5, to double. Prophix has been able to sustain and increase our overall productivity and provide helpful hints on how to create and plan, using their platform, to increase our overall profitability.
February 28, 2022

Easy to Administer

Score 10 out of 10
Vetted Review
Verified User
Incentivized
so easy to customize and flexibly implement changes.
I built a totally new revised Income statement cube and populated it under 3 hours!
Kevin Warnick | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User
Incentivized
We are a medium sized company, but the structure of Prophix would seemingly adapt to whatever sized organization you have. It also can be applied in any area of an enterprise that needs performance management, whether it involves financial data or not. The potential for application within the enterprise is really only limited by you imagination.
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