Prophix is excellent!
Updated December 31, 2019

Prophix is excellent!

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

Overall Satisfaction with Prophix

Our Financial Planning and Analysis department uses it to report on home office expenses company-wide. We also use it for budgeting company-wide. It replaced previous software that we use for budgeting that was in an unstable environment and not user-friendly. Prophix is much more intuitive and has a modern look. Our users appreciate the ability to look at expenses at a high level, and then if they have questions, they can drill across on those sums for detailed transactions.The
Prophix Software is very versatile, starting with it creating a web-based
platform. This was important for our company and allows the software to be
updated quarterly without issue. We are able to use Prophix for Expense
tracking, Expense and Capital planning, reforecasting, Compensation planning, Project
tracking, Expense allocation, GAAP PLOB reporting, and still have several more tasks
to implement through Prophix. The data can be sliced and diced many ways, and
each user is able to do it however they like. It is easy to create or run
existing reports. We have made many of our processes more efficient, and
Prophix has allowed us to save more time than you can imagine.
  • Prophix allows non-finance employees to create their own reports so they can look at the expenses hitting their cost centers. They can view at a high level, or just click on the total to dive into the detailed transactions.
  • The Prophix consultants have been very patient and are extraordinarily knowledgeable about every aspect of the software. They can always answer our questions and if they aren't sure of the answer, they talk to their engineers and get back to us quickly.
  • We've had a few issues with our drill-across view being functional, but they are working to fix the issue.
  • There are so many options within Prophix that at times, it can be overwhelming. I think it’s necessary to have a few Admin to create reports and assist users, so that the users do not have to know how to use everything.
  • Streamlined budgeting and planning as well as many other internal processes.
  • Easier for non-financial users to grasp.
We have uploaded data via Excel flat files for building account and cost center hierarchies. Our company set up staging tables to combine expense and capital transaction detail that Prophix then pulls daily. A process was set up to run this import automatically. It also sends us an email to let us know if the process was successful. Importing data has been fairly easy.
We went straight for the cloud application that Prophix offered. We wanted to have the decreased security risk and not use up so much memory which is exactly what the cloud is for. The application runs quickly and we haven't had any connection issues. It has also been significantly easier when software updates occur. It's a seamless update and does not cause the system to be glitchy.
The consultants are CPA's, so they understand our accounting, finance, and reporting needs. They are able to talk our language and are very patient. They are very knowledgeable and if there's a question they don't know the answer to, they talk to their engineers and respond to us quickly. They are great to work with.
Prophix is much more user-friendly, significantly cheaper, and has better looking reports. It had the Cloud-based platform, has opportunities for training, and the consultants are very knowledgeable.
We
are able to use Prophix for Expense tracking, Expense and Capital planning, reforecasting,
Compensation planning, Project tracking, Expense allocation, GAAP PLOB
reporting, and still have several more tasks to implement through Prophix. Prophix is not built for detailed transaction information. You are able to "drill across" to see the transaction detail, but you cannot create reports from it.

Prophix Feature Ratings

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

Using Prophix

These options have definitely benefited our budget process. We issue cost center managers a workflow that lets them know when they can enter the budget, submit the budget, and then workflow moves it to their manager, all without needing us to manually send out notifications. The cell comments and row notes have also been valuable. Users can add comments about whey their budgets are increasing/decreasing and then their managers can read that, saving time on the analysis.
We use workflow for expense and compensation budgeting. For budgeting, we pre-fill prior year and current year actuals. Once we have all the budgets inputted, we run an allocation in Prophix to allocated to the correct Business Units. It has greatly automated the process and saved everyone a bunch of time.
150 - 4 Prophix Admins, Cost Center managers, project managers, senior manager, and the finance department.
4 - We have 4 Admin licenses. We had the initial training with Prophix consultants when we implemented and then we have all attended webinars, the annual Conference, Prophix client meet-ups, and we used Prophix Academy to learn how to do things. Prophix offers several excellent sources for information.

Integrating Prophix

Prophix consultants worked with us to determine the best way to get the data we needed and then helped us along the way until it was completed.
  • SAP
It wasn't difficult. We brought the SAP historical data and current data to a staging server that Prophix then draws from. It allows both systems to be stable and updates nightly.
  • File import/export
Use their consultants; they will have someone that has worked with your data system before and will use their knowledge to get you the data you need into Prophix.

Using Prophix

The
data can be sliced and diced many ways, and each user is able to do it however
they like. It is easy to create or run existing reports. We have made many of
our processes more efficient, and Prophix has allowed us to save more time than
you can imagine. We
are able to use Prophix for Expense tracking, Expense and Capital planning, reforecasting,
Compensation planning, Project tracking, Expense allocation, GAAP PLOB
reporting, and still have several more tasks to implement through Prophix.
ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • Using the reports
  • Slicing/dicing data and creating reports from them
  • Implementing workflow for large user groups
  • Building cubes, though we wanted to do it ourselves

Upgrading Prophix

Yes - Yes, the upgrades are incredibly smooth. They take place over a weekend and are back up and running by Monday. We have even been given the option to test out new releases in our Prophix Test Environment to make sure everything will work properly.
  • Security manager - Admins can now send a password reset email
  • journal entry manager was added
  • There aren't really any bug fixes, so the next upgrade will mainly be cool new features