Prophix is a great budgeting tool!
Ashleigh Arand | TrustRadius Reviewer
Updated September 29, 2020

Prophix is a great budgeting tool!

Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

We use Prophix for our budgets and reporting. Our entire organization uses Prophix for budgeting. Each department puts together their entire budget in Prophix and then I am in charge of all departments. I make sure their budgets were created and approved and then I monitor throughout the year. Prophix has helped us tremendously with staying organized and getting our budgets done timely.
  • Line item Detail is one of my favorite functions. It is such a simple, easy thing but helps a lot with staying organized.
  • Workflows are super easy to create and make the budget kickoff effortless.
  • Processes - I love being able to create a process that will flip all data from one version to the next. This is so helpful for companies like mine that do multiple forecasts per year.
  • Detailed Planning Manager could be a little more precise for our purposes. I wish it could easily calculate taxes based off of employee locations.
  • Detailed Planning Manger - wish I could set people up with different merit increases easily.
  • I wish Prophix and Workday spoke well to each other. We have Workday for accounting and it is a chore to get data from Prophix into Workday.
  • Prophix has really helped us make our budgeting process smooth and quick.
Prophix worked very well with our old accounting system. Data integrated with ease. Now that we changed accounting systems and have Workday, we have found it very difficult and manual to integrate data between the two systems. It takes a lot more time now than ever before. I have to do uploads instead of just having an easy integration with a click of a button.
If I am being honest, I do not know much about this topic so I don't really have any input.
Everyone from Prophix always seems ready and willing to help out when needed.
I have not used any other product like Prophix but I have looked at Adaptive and it seems to be very similar. I have only watched a video or two on Adaptive Insights, so I don't have a lot of data to compare the two. Adaptive's detailed planning did seem a little more in depth.
Prophix is a fantastic system and I really enjoy using it. However, some accounting systems don't work too well with Prophix logic and it can be extremely difficult at times to get the two systems to work together. I would just make sure Prophix integrated well with my accounting system before using. :)

Prophix Feature Ratings

Long-term financial planning
9
Financial budgeting
10
Forecasting
10
Scenario modeling
Not Rated
Management reporting
Not Rated
Financial data consolidation
5
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
7
Detailed Audit Trails
Not Rated
Financial Statement Reporting
Not Rated
Management Reporting
8
Excel-based Reporting
9
Automated board and financial reporting
Not Rated
Personalized dashboards
Not Rated
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
Not Rated
Excel data integration
8
Direct links to 3rd-party data sources
Not Rated

Growing with Prophix

Prophix has helped us become more accurate with our forecasting and has made it easier to complete monthly forecasts. Before, we would do an annual budget and then one large reforecast mid-year.
I am not sure if this would count as non-finance but we use the system to monitor statistics. It is also a great place to track and use reports based off of headcount or personnel which is more HR related. Other than those, I cannot think of another way we use Prophix that is not related to finance. :)
I have enjoyed using Prophix for the last few years. From the very beginning, Prophix was user friendly. I was not here for the sales piece of it and came along after implementation. With very little to no training, I have been able to run our budgets well and accurately for the last two years.

Using Prophix

We have benefited tremendously with line item details. It makes it so much easier to review budgets when you know what people budgeted for. We have a lot of departments in our company that put budgets together. I love that I can go into the line item detail and review what people have budgeted by vendor, etc. This makes our financial review processes so much smoother!
One thing I am very familiar with is the workflow. It is a process we use to kick off our budgets to the departments. It is very easy to set up and so helpful. It is nice to be able to assign specific tasks to certain people and kick it off with an automated email. They can then log into Prophix, pull up this task on their homepage and get started. As an Admin I get to see whenever budgets have been submitted by the budget owner and then approved by their manager. It is a great process that is very helpful to our organization.
100 - It is definitely a combination of functions. About a third of the people use Prophix to complete their budgets. I, the Admin, create a template for them to fill out. We then have a large group of people that utilize Prophix for reporting purposes. Ad hocs are wonderful and used daily by most of the users.
3 - There aren't many technical skills needed to support Prophix. As long as you dig a little and play around, it is a fairly simple software to use and figure out. I did not have much training at all when I began to use Prophix (about an hour or two) and I have been able to pick up on things quickly and figure it out on my own. I would say if you are a hands-on learner, you will do just fine. :)