Must Have Financial Tool
August 30, 2017

Must Have Financial Tool

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

Overall Satisfaction with Prophix

We have had several Prophix employees to our office for training and development projects. We have been really impressed with their knowledge and attentiveness to our needs (and truly understanding and questioning our intentions). Prophix staff has guided us towards our end goals and continually pointed us in the right direction.
Also, we have always been able to get a Prophix tech on the phone or online when we have been stuck on an issue.

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.
Prophix is well suited for:
  • Financial reporting
  • Sending/creating/designing reports
  • Creating ad-hoc reports/Analysis
  • Drill down feature (into accounts) for analysis

Prophix Feature Ratings

Long-term financial planning
7
Financial budgeting
9
Forecasting
9
Scenario modeling
6
Management reporting
9
Financial data consolidation
8
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
8
Detailed Audit Trails
Not Rated
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
7
Automated board and financial reporting
7
Personalized dashboards
5
Color-coded scorecards
5
KPIs
7
Cost and profitability analysis
7
Key Performance Indicator setting
7
Benchmarking with external data
Not Rated
Flat file integration
Not Rated
Excel data integration
Not Rated
Direct links to 3rd-party data sources
Not Rated