Prophix - good fit for small/medium sized fast growing companies
Updated July 17, 2018

Prophix - good fit for small/medium sized fast growing companies

Rob Strothkamp | TrustRadius Reviewer
Score 10 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

Prophix is being used by our entire organization for P&L budgeting, personnel planning, monthly budget to actual analysis and financial statement reporting/consolidation. We are a small company but have some complexities due to our model of growth by acquisition. In addition, we have an unusually large number of cost centers and Prophix is a great tool for helping us manage our reporting hierarchy.
  • Personnel planning and budgeting - enables more accurate personnel budgeting by using rates and rules to drive out detailed benefit costs.
  • Managing hierarchies such as accounts, cost centers and companies easily and in one spot.
  • Ad Hoc Reporting - slice and dice data by accounts, cost centers, companies, etc., with the easy to use ad hoc tool.
  • Would like an easier way for a budget manager to budget to a new account.
  • Would like a way to set up rounding factors when entering/loading budgets.
  • Would like the building of report templates to be easier.
  • Improved accuracy of budgeting & forecasting is a major positive result from implementing Prophix.
  • Improved efficiency of finance/accounting personnel is another positive result from implementing Prophix.
  • Prophix is very intuitive and most people in the organization can be trained in a reasonable time on its usage.
We are currently importing data from both Oracle and SelectLine ERP systems. Everything is working well!
We are using Prophix from a hosted in-house server currently.
We've had good experience with Prophix support.
Hyperion was cost prohibitive for a company our size, and was eliminated early in the process. We evaluated Budget Maestro and Adaptive Planning prior to purchasing Prophix, but decided on Prophix due to combination of lowest cost to implement/maintain, most intuitive application along with a rapid implementation timetable.
Prophix is best suited for companies that are rapidly growing and require applications that are used by a variety of financial and operational users for planning and reporting purposes. In addition, the costs to support are dramatically less than Hyperion and similar applications. Consulting is available remotely and at a reasonable cost.

Prophix Feature Ratings

Long-term financial planning
Not Rated
Financial budgeting
10
Forecasting
10
Scenario modeling
10
Management reporting
10
Financial data consolidation
10
Journal entries and reports
10
Multi-currency management
10
Intercompany Eliminations
10
Minority Ownership
10
Local and consolidated reporting
10
Detailed Audit Trails
10
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
Not Rated
Automated board and financial reporting
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
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
Not Rated

Using Prophix

We use cell commentary to record the logic behind certain budget assumptions
We have automated our global consolidation process allowing us to report global results on a monthly basis (used to be quarterly).
30 - Finance, operations and executive management

Integrating Prophix

Did not have any technical issues integrating Prophix
Integration of the GL modules from Oracle Financials (US) and Select Line (non-US) was achieved. Non-US was more of a challenge due to communication globally is a bit more difficult.
  • File import/export
  • ETL tools
Map out integration plan in detail

Using Prophix

Easy to learn the basic functionality including reporting and hierarchy maintenance.
ProsCons
Like to use
Relatively simple
Easy to use
Well integrated
Consistent
Quick to learn
Convenient
Familiar
Requires technical support
  • Reports
  • Hierarchies
  • Adhoc
  • Adding new accounts to budget worksheets

Prophix Reliability

Have not had any scalability issues to date
We rarely encounter application errors or outages
To date, we have not had any issues with Prophix performance

Relationship with Prophix Software

Vendor has been easy to work with.
Only issue that we encountered is that we weren't able to get enough of our preferred consultant's time for the first phase of the project, resulting in time overruns
We negotiated the hourly consultant rate with the vendor
Getting a consultant that totally understands the software and is an effective communicator is critical to the project success.

Prophix Support

ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Immediate help available
Support understands my problem
Support cares about my success
Quick Initial Response
None
No - I have not paid for premium support
Yes - We've encountered just a few bugs, but no showstoppers

Prophix Training

  • Online training
  • Self-taught
Online training not company specific
The product is easy to pickup on your own with a bit of training.

Evaluating Prophix and Competitors

  • Price
  • Product Features
  • Product Usability
  • Product Reputation
  • Prior Experience with the Product
  • Vendor Reputation
Would not change the evaluation process

Prophix Implementation

Implementation was very succesful
  • Third-party professional services
Tomas Filipuzzi
Yes - 

Phases were:

1) Cost Center Budgeting

2) Financial Reporting

3) Global Consolidations

4) Value Stream Reporting

Change management was a small part of the implementation and was well-handled - A little more frequent communication prior to implementation could be helpful

Configuring Prophix

Just right. Not too many options.
Utilize a top notch third party consultant
No - we have not done any customization to the interface
Some - we have added small pieces of custom code