Prophix - By Finance for Finance
Anonymous | TrustRadius Reviewer
December 17, 2018

Prophix - By Finance for Finance

Score 8 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

Prophix is used by our entire organization to varying degrees. The whole organization uses it for our annual budget, but we're in the process of making elements of Prophix easier to use so that the rest of the organization (outside of just Finance) have a desire to use it year-round. Various Finance teams use it year-round already and it's become our preferred way of reporting financial results internally.
  • Pivot table like ability to view and adjust information via ad-hoc.
  • Prophix uses processes called infoflexes which are extremely flexible and enable you to easily automate very complex allocation logic.
  • Provides the ability to drill into sub-detail via their "Drill Across" functionality.
  • The built-in report builder is clunky and limited in terms of ability to format reports.
  • The performance (on-premise, not cloud) can be slower than users would like, particularly when dealing with lots of data within DPM.
  • Error messages are not particularly helpful, even for the administrators. Still have to frequently contact Prophix to understand what an error message means.
  • Workflow functionality is extremely limited and minimally customizable.
  • Ability to control aspects of security is limited, and requires creative workarounds in order to meet the required internal review structure.
  • Cut down on the time spent aggregating and reviewing budgets by a wide margin. No longer reliant on hundreds of Excel workbooks and relinking them together to aggregate data.
  • One source for all financial information and ability to tie in other key sources that have financial impacts.
We link Prophix to our General Ledger, Peoplesoft Financials, as well as some custom built SQL tables with Insurance claims data. I don't have experience integrating data into other systems as a comparison, but I believe Prophix makes the process reasonably simple.
Deployment flexibility was not initially important to us, but now is. We are moving away from our on-premise solution and to the cloud solution. This will allow us to take advantage of the latest Prophix releases as soon as they're available and should result in a more stable and fast environment.
Support for Prophix has been tremendous. They are always willing to assist, even when the issues are caused by something our side did (or didn't do). The only complaint I have is that I'm usually unable to get on a call/screenshare with their support team until 1 day later. I would like to address all of the issues on the same day, but I recognize that's unrealistic, and don't hold this against them too much. But it would be nice to have same-day support availability most of the time.
Prophix has allowed us to easily recreate some of our complex allocations so we can manage our whole budget process within Prophix. It also provides a very clean and easy to use interface for accessing financial information quickly. Unfortunately, we have not been able to completely eliminate our reliance on Excel. Some on my team still prefer building/formatting their reports in Excel because of the limited functionality and formatting available in Prophix's built-in report builder.

Prophix Feature Ratings

Long-term financial planning
Not Rated
Financial budgeting
8
Forecasting
8
Scenario modeling
7
Management reporting
7
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
Financial Statement Reporting
6
Management Reporting
6
Excel-based Reporting
8
Automated board and financial reporting
7
Personalized dashboards
7
Color-coded scorecards
7
KPIs
7
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
10
Excel data integration
8
Direct links to 3rd-party data sources
9