Need something more powerful than a spreadsheet to develop your budget?
Andrew Commons | TrustRadius Reviewer
December 26, 2018

Need something more powerful than a spreadsheet to develop your budget?

Score 10 out of 10
Vetted Review
Verified User
Review Source

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.
Every time I have had a need to get support, whether it was a reminder on how to complete something or an urgent request, Prophix has been there with a knowledgeable person to help get us on track. We are not a heavy user of support, but when we have needed it, Prophix has come through every time.
Prophix gives you a great ability to use your current financial data and forecast future revenues and expenses. This, by itself, is a great selling point alone. The additional level of data analysis ability pushes it over the edge. If the data is in your ERP and you want to know something about it, Prophix gives you a way to get that answer.

Prophix Feature Ratings

Long-term financial planning
10
Financial budgeting
10
Forecasting
10
Scenario modeling
10
Management reporting
10
Financial data consolidation
10
Journal entries and reports
10
Multi-currency management
Not Rated
Intercompany Eliminations
10
Minority Ownership
Not Rated
Local and consolidated reporting
10
Detailed Audit Trails
Not Rated
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
10
Personalized dashboards
10
Color-coded scorecards
10
KPIs
10
Cost and profitability analysis
10
Key Performance Indicator setting
10
Benchmarking with external data
Not Rated
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
10