Tool for a small to mid-size company
September 18, 2015

Tool for a small to mid-size company

Karina Rimas, CPA | TrustRadius Reviewer
Score 5 out of 10
Vetted Review
Verified User

Modules Used

  • Budgeting

Overall Satisfaction with Prophix

We used budgeting tool by Prophix. Our company assigned budgeting responsibilities to managers for their respective areas. It was very time consuming to consolidate multiple budgets into one final company plan, as well as maintain version control over the multiple Excel spreadsheets updated and submitted over the e-mail, so we made the decision to purchase Prophix.
  • Allocation of budgeted amounts: enter 1 total number for certain expense, or sale, and Prophix will allocate it into departments, months, clients or any other dimension depending on company configuration. You also have a choice of how to allocate the number - straight line, proportionally based on some criteria, proportionally based on prior year. Very convenient.
  • Good consolidating tool - system completely eliminated all the work necessary to put all the individual budgets together once managers submitted their budgets; there were no version control issues
  • What-if planning and ability to generate multiple scenarios and save them on user level and re-submit the scenario that was deemed final. Our process involved many discussions between the budgeting manager and reviewing director and it was very convenient for managers to generate multiple versions of budget in preparation for discussions.
  • System is not always user friendly - for example, our managers could not understand submit process. I was managing the process for the company from technical perspective and ended up just doing those technical steps on their behalf.
  • Managerial responsibilities must be assigned very carefully. Person having access to multiple areas of budget can over-ride scenarios submitted to them by managers at lower steps.
  • Navigation was not always most efficient. For example, copy-and-paste function shortcut was Ctrl+R for pasting to the right. It felt like we had to retrain ourselves from all the common computer skills just to use Prophix.
  • more efficient budget process
I started with the company during the selection process and did not have much insight what other systems lacked compared Prophix. We reviewed BudgetMaestro and some other system.
Think carefully what kind of forms you want to work with and whether Prophix can provide them. Insist on Prophix sales people generating this view for you in the presentation environment. For example, we wanted to be able to view: Prior Year Actuals, Prior Year Budget, Current Year Actuals and Current Year Budget all on one screen and have 5th row to enter next year budget. Turned out, Prophix could not do it - you'd have to be switching screens and dimensions to view all this data. Somehow we missed this major point and had to find serious workarounds the issue.

Prophix Feature Ratings

Long-term financial planning
5
Financial budgeting
7
Forecasting
7
Scenario modeling
9
Management reporting
7
Financial data consolidation
Not Rated
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
Not Rated
Financial Statement Reporting
Not Rated
Management Reporting
Not Rated
Excel-based Reporting
Not Rated
Automated board and financial reporting
Not Rated
XBRL support for regulatory filing
Not Rated
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Not Rated
Flat file integration
Not Rated
Excel data integration
Not Rated
Direct links to 3rd-party data sources
Not Rated