Experienced user
August 14, 2017
Experienced user
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
We use Prophix for our annual budget (including personnel), monthly financial statement preparation, exception reporting, departmental reporting. Currently only the accounting department is using the tool and generates reports for all departments within the organization. Some of the problems Prophix addresses: once data has been uploaded and verified, all reports are up to date - no more updating various spreadsheets, helps identify variances quickly, one place with all the data.
- Calculations (i.e. formulas) are created once and they always work. You don't have to worry about someone breaking or modifying the formula.
- It will hold numerous years of data enabling good trending analysis.
- Enables us to load data once, and then it's available for all required reports.
- We find that speed of loading (data views, templates) and data entry is slow at times. It would be nice to know exactly what and where the problem is so that we can fix it.
- Budgeting process is streamlined while providing great analysis on the fly. Being able to add notes and detailed schedules or links to detailed schedules is great.
- Central location for all of our financial data.
- Instant consolidation upon data load.
Once we understood and defined which financial data we wanted to import, there was a little discussion with Prophix on how to do this. Given the cost associated with this we tried to do it ourselves. This worked out great. We got it to work fairly quickly and have leveraged this knowledge to create another import. We are using standard off the shelf accounting software which definitely help with the import process.
Currently we don't need this flexibility as we only have two users for the organization. It is nice to know that we have options and flexibility if we decide to make a change in the future.