Modernized Budgeting, Planning, and Reporting

Prophix is being used across the organization for budgeting, planning, and reporting. It provides a single location to house all financial budgets and plans, as well as supporting information for those plans. It is also our company's financial reporting tool. It integrates well with our current ERP system, Great Plains. It is easy to maintain, not requiring support from our Technical Services department.

Rather than distributing templates to each person responsible for inputting budgets and forecasts, templates are built once in Prophix and then scheduled for each planning period. This has removed the burden of uploading data from the finance team. There is also an approval process within the system so the finance team expects that VP's have reviewed their respective plans once approvals have been submitted. Making adjustments to plans is much easier and so much more efficient. Once changes have been made, the impact is available to view immediately. The use of Prophix for planning has significantly reduce the time spent on data entry.

Importing data from systems that are not directly integrated is very easy. The user is able to select the data fields they wish to import and then align them to data fields in Prophix. We do this for payroll data as the cost for direct integration was too high. We have not integrated with any systems other than our ERP. Data is not imported from the ERP; it is only a viewpoint.

Our company was looking to move our ERP and Financial budgeting and reporting tools to a cloud environment. It was vey important that Prophix was available in a cloud environment. All maintenance is provided by Prophix, eliminating the need to rely on our Technical Support team. By having Prophix hosted in a cloud environment, the need to upgrade and replace hardware has also been eliminated. The burden of maintenance has been transferred to the provider.

We have successfully transitioned all of our financial reporting needs to Prophix. A lot of this was previously done in excel. The most important lessons we have learned along the way is not to try and do everything by ourselves. The customer success team is very helpful and great for brain storming with. Things we thought might be too complicated, actually were not.

At this time we only use Prophix for financial reporting, although we were successful in setting up a forecasting model for number of subscribers. We are also able to track FTE's more efficiently through reporting. We are in the process of building dashboards to highlight various non-financial items to managers that would otherwise be distributed by multiple department groups.

Prophix has been excellent to partner with right from the start. The sales team is very knowledgeable and was able to present a customized demo for our team. Implementation was straight-forward and hands-on. A great way to learn how the system works! They have an excellent training platform online where you can learn at your own pace and refer back any time you need a refresher. The customer service team is very knowledgeable about the system and if the person you are working with is not sure about something, they will bring in another consultant to help out. We just experienced Prophix's annual conference, and although it was virtual this year, we were very impressed with how well it was organized and how much they communicate in regards to innovation. We are continuing to build upon the foundation we have built in the system. The learning curve was a lot smaller than other systems that I have been exposed to.