Prophix Review
Updated July 17, 2018
Prophix Review
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
Prophix is used across the whole organization for budgeting and financial reporting purposes. We first built out Prophix as a financial reporting tool. All financial statements are in Prophix and individual users can access monthly statements and view detail. Users also use Prophix to enter budget information as well as payroll forecasting.
- Headcount and payroll forecasting is a bright spot for Prophix. Definitely beats managing payroll budgets in Excel.
- The use of Workflow Manager for the annual budget helps move the process along smoothly.
- The ability to develop and run ad hoc reports on the fly.
- Continue to drive Template Studio more in the direction of Excel, continue to build out Excel-like functionality. I still use Prophix 11, I always want to highlight a row of numbers and have it sum in my report like Excel, but it doesn't.
- DPM should have more standard calculations without requiring the use of a consultant to build out calculations that are pretty standard and shared among most companies (FICA, FUTA, 401K Match...etc.)
- The ability to drill to detail in calculated fields. I have some custom time perspectives that I can never drill to the detail.
- Much better insight by management into the transaction level detail of their expenses. The ability to have the user grab the info on their own, as opposed to requesting the data from accounting, has helped everyone save time.
- Budgeting process is much smoother and far more accurate.
- Prophix is much easier to use and to modify than previous financial reporting software. Allows for quicker edits and month end close when changes need to be made.
SQL data import is smooth and easy. Flat file imports can be a bit clunky. It would be nice to have a bit more functionality with mapping tables. I usually map things out in excel and just copy and paste.
We currently have on-premise set up, I could see the benefits of cloud based deployment. We will be looking into upgrading to Prophix 12 after 2018 budget is complete and after year end audit.
I used Prophix at a previous employer as well. Both the previous employer, as well as Alliance Franchise Brands were heavily dependent on Excel for budgeting/reporting/forecasting, prior to implementing Prophix.