Great Tool
November 06, 2019

Great Tool

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

Overall Satisfaction with Prophix

We utilize Prophix across the organization, though it is most actively used by Finance and Accounting. The department heads utilize Prophix both at budget time and to review each month's financial results. Information is pushed to the department heads, but they also have the ability to log-in any time and utilize more advanced features of the software, such as drilling down to the details that make up a given P&L balance.
  • Process streamline: the financial information distribution process can be automated.
  • Easy design: the concepts behind the report design are straightforward, and lead to quick creation of additional reports.
  • Offers cloud version: there is no issue with running updates, as they are done behind the scenes.
  • Less reliance on Excel: the budget is now housed within Prophix rather than within multiple spreadsheets.
  • Graph editing: for advanced graph editing, Excel is still more capable.
  • More time analyzing our budget and less time checking that it is calculating correctly (like with Excel).
  • Less time physically providing information to department heads each month; everything is distributed electronically now by Prophix.
  • Certain budget calculations are still done outside of Prophix, but overall, it's much improved.
We had Prophix hooked up to our system by our Prophix consultant. We had to do a bit of prep work for that in terms of setting up a virtual server for it to link to. The import process is set up to run every evening and can also be run on-demand. We currently import statistics from a flat-file once a month, and that process is pretty streamlined.
It was important to us to deploy the cloud version, as we did not want to have to handle the version updates; also, it is much easier this way for our foreign users to gain access, as I can create their profile and send them the link in a matter of minutes without them needing to download any software.
Prophix support has always been very timely. They are willing to schedule "GoToMeetings" to fully understand the issue and help find a solution. They always check in after the fact to see if I am fully satisfied. Their support individuals seem knowledgeable and are willing to check with others to ensure the best solution when needed.
FRX is the software that we previously used. It is difficult to edit and does not contain any of the advanced features of Prophix. FRX is solely a report writing tool. Also, FRX is not supported and does not work for us on the newer version of windows. Prophix is a very big improvement.
This is very useful for entities with many companies and departments in their structure. Access can be granted to users for only the areas they are responsible for. These permission settings can be updated by the Administrator Users (of which I am one) directly without the involvement of IT. Some of the benefits/features may not be as necessary for smaller entities.

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
Not Rated
Multi-currency management
7
Intercompany Eliminations
5
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
9
Personalized dashboards
Not Rated
Color-coded scorecards
8
KPIs
8
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
Not Rated
Direct links to 3rd-party data sources
Not Rated