Must Have Financial Tool
August 30, 2017
Must Have Financial Tool
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
Prophix is used for budgeting, financial statements, DPM and various ad-hoc queries/reports for analysis. Prophix is being used across the whole organization (managers and above). Managers of business units review financial data monthly as well as monitor budgets and adjust forecast three times throughout the year.
Prophix helps the organization identify trending patterns, manage costs and analysis of financials. The Prophix budgeting tool has also been extremely helpful to our organization.
- Prophix budgeting and financial tools are easy to use.
- Scorecards/Dashboards
- Drop and drag files into a table, similar to Tableau
- More formating functionality similar to excel (for both reporting and graphing)
- Budget Process has been streamlined by pushing out templates to business unit owners. Details whether attached or online items have been extremely helpful.
- Currently in early stages of analyzing cost versus revenue by individual products. Calculated decisions can now be made on a product basis - huge bonus for this organization.
- Utilizing Prophix's graphing functionality when monitoring trends has helped business unit owners better forecast product ROI.
Data imports are seamless. With Prophix, our organization easily imports data from various systems (GP, ConCur, Personify, Aptify, etc.). I am not the person who directly handles this aspect of Prophix but have been a part of the process in prior years. But I do recall the ease of setup and getting the process to run.
I believe our organization's plan is to move Prophix to cloud based. I do not know enough about this topic to comment.
Although the products mentioned above don't directly correlate with Prophix, they do have similarities. For example, report creation, design and ad-hoc data analysis in Prophix is more intuitive than the mentioned products. The ability to drill into accounts to monitor revenue and expenses has been tricky in the past with other systems and time-consuming. Prophix is straight forward and easy to use - even for beginners.