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Great Budgeting Tool
Updated July 21, 2023

Great Budgeting Tool

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

Prophix is utilized mainly for budgeting purposes across the whole organization. Each department level has responsibility for their own budget, prepared within Prophix. The accounting department uses Prophix to consolidate all department budgets to create reports for upper management.
  • Ad-hoc analysis is a strength for Prophix. The ability to slice and dice information is a huge benefit.
  • The ability to enter line item details or attach spreadsheets through cell comments is helpful to department budget preparers and those analyzing budgets.
  • Having the ability to automatically schedule or run manually the process manager to pull in actual data from the accounting tables is another strength of Prophix.
  • Ability to choose select members from a dimension when using InfoFlex. For example, I would like to copy over line item details from a prior year budget for select departments rather than all.
  • Ability to copy over descriptions only, no dollar amounts, with InfoFlex.
  • In Line Item Details, keep the time range static when switching between accounts.
  • Streamlined budgeting
  • Transparency into departmental expenses
We currently do not utilize Excel for budgeting purposes. Our transition was from a home-grown system.
We have a few data integration pieces within Prophix. It is integrated with our accounting system to pull in actual amounts on a daily basis. We are also able to run the process to update the numbers real time. We also use data import with excel to update the Personnel DPM for budget purposes. Works great!
We made the switch to the Cloud environment and absolutely love it! No more waiting for IT to run updates and being multiple versions behind. The migration to Cloud was fairly seamless with the help of the consultant.

Do you think Prophix delivers good value for the price?

Yes

Are you happy with Prophix's feature set?

Yes

Did Prophix live up to sales and marketing promises?

Yes

Did implementation of Prophix go as expected?

Yes

Would you buy Prophix again?

Yes

Prophix has worked well for us from a budgeting perspective. It's been easy for budget preparers to use and has given analysts the information needed to prepare solid reports. Administering Prophix has a learning curve. We have increased our knowledge of the system and utilized additional functionality over the past 5+ years. We had planned to use Prophix for financial statement reporting, however, have not had the resources to get this set up in the system. We also use the personnel detailed planning manager and capital expenditures module. These are also areas that works well within Prophix.

Prophix Feature Ratings

9.0
Long-term financial planning
9
Financial budgeting
9
Forecasting
9
Scenario modeling
9
Management reporting
9
Not Rated
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
Not Rated
Financial Statement Reporting
Not Rated
Management Reporting
Not Rated
Excel-based Reporting
Not Rated
Automated board and financial reporting
Not Rated
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
9.0
Flat file integration
9
Excel data integration
9
Direct links to 3rd-party data sources
9
BI Standard Reporting ()
Not Rated
8.0
Drill-down analysis
8
Formatting capabilities
8
Report sharing and collaboration
8
Not Rated
Publish to PDF
Not Rated
Report Versioning
Not Rated
Report Delivery Scheduling
Not Rated
Not Rated
Predictive Analytics
Not Rated
9.0
Multi-User Support (named login)
9
Role-Based Security Model
Not Rated
Multiple Access Permission Levels (Create, Read, Delete)
9
Report-Level Access Control
9
Not Rated
Responsive Design for Web Access
Not Rated

Using Prophix

One of the main reasons we chose Prophix was for the cell comments and line item detail capabilities. This allows users the ability to budget on a detailed basis rather than an account level basis. Cell comments are used by users to document actual to budget variances and serve as a good communication tool to budget admins.
Of the list above, our company utilizes only the workflow functionality. Workflow is used to distribute tasks to users during the annual budget preparation and on a monthly basis to document variances. We use Prophix mainly for budget creation and tracking purposes rather than reporting. The workflow functionality is helpful in distributing templates and tracking the progress of budget users.
56 - We have two administrative users and four advanced users as part of our Budget Admin team. This team is responsible for administering the budget process, reviewing annual budgets and monthly variance reporting. We have 50 standard users which includes managers and other budget preparers. Each department within the company is responsible for creating their own expense budget.
4 - We have two administrators for the system and two IT resources available for support issues.

Integrating Prophix

The integration piece can be a bit technical. Definitely easier to have this set up during installation and to pay attention during the install.
  • FIS iWorks EAS
This integration is to connect to our GL system. It was set up during installation, but has been changed by Prophix Admins as needed. I feel that it does require some technical experience to manage integrations.
  • FIS iWorks Investments
Unknown at this time
  • File import/export
  • Single Signon
Again, pay attention and ask questions during the set up of the integration piece. Knowing some coding will help as well.

Using Prophix

ProsCons
Like to use
Easy to use
Technical support not required
Well integrated
Consistent
Feel confident using
None
  • Line item details
  • Cell Comments
  • Workflow
  • DPM -Personnel Module
  • Complex template creation
Yes, but I don't use it
Prophix is easy to use once you're established with the software. We use Prophix for budgeting purposes and have over 50 users that have very few problems using the software. We've experienced some issues with slowness, mainly with cell comments, which we are hoping to fix with an upgrade. For the most part, users are happy with the system.

Prophix Reliability

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.
We've never had an issue, outside of our IT department, with Prophix availability.
Increases in data do tend to make the system slower. We utilize cell comments frequently and this area in particular is very slow to load.

Prophix Support

Prophix support is helpful but not great. I think they are trying to improve this experience, however, I haven't noticed a benefit yet. I feel the administration of the system is somewhat complex and time consuming to research trouble spots.