Need something more powerful than a spreadsheet to develop your budget?
December 26, 2018
Need something more powerful than a spreadsheet to develop your budget?
Score 10 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
Currently, we use Prophix to produce financial statements, forecast revenue monthly, forecast salaried personnel, and update quarterly and annual budgets. Prophix is being used by the entire organization at the management level. Prophix helps us to focus on where our revenue is currently coming from and helps us to focus on where the needs are in the future for additional personnel based on growth forecasts for our jobs.
- Prophix provides us a place to drive specific data out of our ERP into a format where it can be analyzed in many different ways (across time, across departments, across accounts, etc.).
- Prophix gives us multiple ways to analyze the data that we have chosen. Along with data entry points for items in our goals or budgets, there are also ways to use formulas of different types to project future costs or revenues based upon assumptions that you program into the system. The "What If" can be built and then switched on or off to see the changes.
- Prophix doesn't limit the types or volume of data you want to analyze. If you have multiple years of data, it doesn't slow down because you have to keep using the same formulas over and over to churn out results. The formulas are separate from the data which allows the results to flow much faster than spreadsheets.
- I think that Prophix could structure their support and offerings based upon the needs/skill level of their customers. Customers that don't have the expertise on staff could be given additional help to develop their use of the software. Those with a higher skill level could be shown the depth of the product to gain additional ideas on different ways or items to analyze. Thus, increasing their own knowledge base as a springboard for additional customers.
- It has allowed us to keep to a one-day financial close, along with a shortened budgeting process.
- Our monthly revenue forecast is quick and painless. Completed by the entire operations group within 36 hours of our financial close.
Data integration is easily done via SQL tables and views and Excel files (I am sure there are other options but haven't needed to use any others). You can connect that data into Prophix and update it manually as often as needed or set it to auto-update on any type of schedule you would like.
We have moved our data onto a private cloud environment. This has helped us on an IT spend level. We moved it from an on-premise location. The flexibility of how we can hold our data and the software to analyze it takes one less thing out of the worry column.