Our One Source Of Truth
Tom Samuelson | TrustRadius Reviewer
Updated September 16, 2020

Our One Source Of Truth

Score 10 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

We use Prophix for all of our financial reporting, forecasting, and budgeting across the whole organization. It is used for all of our month-end reporting, our quarterly re-forecasting, and our yearly budget process. It is also used for any ad hoc reporting requested by our executive/management team. It is our one source of truth for all financial data.

We have just started using Prophix to review our customer profitability. It allows us to analyze each customer and how we can improve their profitability and in turn the companies profitability.
  • It allows us to compile ad hoc reporting easily for execs/management.
  • Monthly reports can be set up to distribute automatically.
  • Allows us to get more people involved in the planning/re-forecasting process
  • Setting up a report in Prophix to match something that you were doing in Excel can be a challenge sometimes. The CSP team helps us with those things though.
  • Setting up data connections between Sage and Prophix can be a challenge for those of us that are not IT gurus. Prophix team has to help us out with those connections.
  • It has allowed us to better oversee and streamline our budgeting and re-forecasting process.
  • It allows us to distribute financial information much quicker than in the past.
It has allowed us to do away with almost all of our Excel based budgeting. As I said before it also gives us one source of truth so you do not have to worry about who has the most current version of an Excel spreadsheet. Prophix does allow you to export files to Excel or PDF for non-Prophix users.
Prophix has allowed us to greatly reduce our Excel dependency for budgeting, planning and re-forecasting. It has also made it much easier to get input from more people during the budgeting, planning and re-forecasting process.

The ease of distributing month end reports or any reports is also a great advantage.

Lastly being able to drill down into an account to see the specific expenses is also a great plus.
We use Prophix in the personnel realm to calculate and track headcount. We also use it to track proposed additional personnel needs and the cost of those additional personnel.
We have a data feed from Sage every hour for our revenue, expenses, depreciation, etc. We have it set up so if there is a problem with the data feed that it alerts us with an e-mail. This allows us to address that error if and when it occurs.
We are presently on-premise. We are, however, looking at moving it to the cloud so having the availability of that functionality is very important to us.
We have been using Prophix for a little over two years. The implementation team was great to work with. They understood the capabilities of Prophix and how to incorporate it with our needs. Once we were up and running the customer service team was a great resource to bounce questions off.
I was not employed at my present company when the search process was conducted so I was not involved in the initial search process.
Prophix does a nice job on the reporting, forecasting and budgeting side. It allows us to get information in a report form to our executives and management team very quickly. Where we found a challenge was on the personnel and headcount side. Planning compensation increases for the out years has been a bit of a challenge for us.

Prophix Feature Ratings

Long-term financial planning
10
Financial budgeting
10
Forecasting
10
Scenario modeling
8
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
10
Detailed Audit Trails
10
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
10
Personalized dashboards
10
Color-coded scorecards
Not Rated
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
7
Drill-down analysis
8
Formatting capabilities
Not Rated
Report sharing and collaboration
10
Publish to PDF
10
Report Versioning
Not Rated
Report Delivery Scheduling
10
Predictive Analytics
Not Rated
Multi-User Support (named login)
10
Role-Based Security Model
Not Rated
Multiple Access Permission Levels (Create, Read, Delete)
10
Responsive Design for Web Access
Not Rated

Using Prophix

We have used line item detail a great deal in our budgeting/forecasting process. It allows us to capture and highlight all of the detail that goes into the plan/forecast for each account. Line item details allows us to convey all of the details that make up an accounts budget or forecast. It also allows us to track any changes that are made to the budget/forecast during the process.
We use the automated report distribution. Each month end we have it set up to send out all financial reports to the appropriate person or persons.

We also use template pre-population for our budgeting/forecasting process to give our users a starting point for their budgets/forecasts.
25 - We have almost every department in our organization that has someone that has access to Prophix. This includes Accounting, Finance, IT, Operations, Sales, Marketing and the Executive team.
5 - We have 3 Administrators in the Finance department that help train all users, answer their questions, develop reports, etc. We also have 2 people or more, if needed, in our IT department that assist with setting up data connections for importing data, and they assist when we update the version as Prophix develops updates quarterly.

Integrating Prophix

Our IT took care of the integration but it did not seem to be too difficult.
  • Sage X3
We use Sage for our hourly imports that bring in revenue, expenses and Cap Ex charges.
  • Paylocity
I believe they do but not 100% sure.
  • File import/export
There are no others.
Prophix does a nice job assisting with the integration.

Using Prophix

Once you learn the system, it is quite easy to use and develop further within your organization.
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
  • Developing Reports
  • Model Maintenance
  • Ad Hoc reporting
  • None that I can think of
Sage Business Cloud X3 (formerly Sage ERP X3)

Prophix Reliability

We have found it easy to add new departments, new sites and develop scenarios at any level of our organization.
We have Prophix on premise so the only time we have issues with availability it was due to an internal issue and that has only happened once. So very few and far between.
The performance was outstanding in the beginning but as our database has grown, the report loading has slowed down a bit. We are looking at migrating to the Cloud soon which should help the performance. In the mean time, Prophix offers a couple of processes that we need to run to improve performance.

Relationship with Prophix Software

We worked through a third party for the sales piece and it has slowed down the process some especially when we need to add new licenses.
They have been really good to work with after the sale. The implementation was very good. We are part of the Customer Success Package so we can reach out to them when we have a questions or a problem that we cannot solve and we setup a 30, 45 or 60 minute session to work through it.
I was not with the company when this was done so cannot answer this question.
They are very good to deal with so not sure it needs to be improved in my opinion.

Prophix Support

ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Immediate help available
Support understands my problem
Support cares about my success
Quick Initial Response
None
Yes - We are part of the Customer Success Program. It is money well spent. They are available to us if we have a questions or a problem that we cannot solve. We sent up a 25, 45, or 60 minute call to work through our question or problem.
We had a problem with our database one time right in the middle of our forecast process. They were there to offer solutions to our IT team and be available as the problem was solved.

Prophix Training

  • in-person training
During the implementation process we covered a lot of material in a short period of time. Our trainer was available via phone or e-mail for several weeks after our initial training for any questions that we had. After about 3 months on the system we brought our trainer in for additional training and model development.
They have pretty good help screens within Prophix. I have sued them a lot because the Customer Success Program is so easy to use.
Prophix has a lot of people that know their system very well. I would suggest that you use them instead of trying to learn it without training.

Upgrading Prophix

Yes - Prophix puts out a new release quarterly. Our IT works with Prophix to do the update. They go off with out a hitch with only about 15 minutes of down time.
  • Dashboard Enhancements
  • Prophix Contributor
  • Further AI Capabilities
  • Prophix Analyzer
Yes - We are currently On-Premise and we are looking to move to the Cloud.

Evaluating Prophix and Competitors

  • Product Features
  • Product Usability
I was not part of the company when the decision was made to go with Prophix but I know product features where very important as well as adaptability with Sage.
Would not change anything.

Prophix Implementation

Our trainer did a nice job of showing us how to complete the tasks required for implementation, being there for questions and making suggestions on implementation based on her previous experience (i. best practices).
Change management was minimal - Change management played a very small role in our implementation.
  • The only small issue was it was a lot of information to absorb in a short period of time but we worked through it.

Configuring Prophix

It worked very well for us.
Be sure you include everyone that will use Prophix included in the pre-implementation meetings so you make sure you set it up the best for everyone's use.
Some - we have done small customizations to the interface - We set up different dashboards for different people. Prophix makes it easy to do that.

We also have different security parameters set up for each person so they can only see their particular areas of responsibilities.
No - we have not done any custom code
We have not added any customization or configurations to Prophix.