Prophix is a very good alternative for flexible reporting
Paul Ryan | TrustRadius Reviewer
April 10, 2020

Prophix is a very good alternative for flexible reporting

Score 10 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

We use Prophix as our main Financial Reporting tool. It's being used by our entire finance and corporate accounting team. We were previously using Microsoft's FRx (which has long been unsupported by MS), and we found the combination of price and functionality of Prophix were very hard to beat. In choosing Prophix, we looked at not only a good replacement for FRx, but a product that would be able to enhance our reporting tools.
  • Flexibility to include accounts that are not part of the accounting software gives us the ability to include non-financial information on our standard reports. Examples that we use in our industry are unit count and $ volume (we are in financial services, so each product has a $ amount that is not necessarily tied to revenue).
  • The way the account model is set up allows us to add accounts to all reports at once - we don't need to recreate each report just because there's a new account being used.
  • The ability to slice reports on any combination of account, department, company code, etc. gives us flexibility in reporting that was never possible in FRx. We sometimes need a store-by-store report, which in FRx was never practical. In Prophix, it's as simple as dragging "StoreID" into a column or row.
  • We have had some difficulty in setting up the link to our general ledger. This has led to some project delays, but we have been able to resolve all of our issues to this point.
  • It's not really easy to set up a report where comparative months are in columns. We do have a report set up, but it's not as intuitive as I would like to see.
  • It's really hard to think of any real drawbacks or areas for improvement, especially since Prophix is continuing to provide additional functionality with new releases.
  • Streamlined budgeting and Planning will save us hundreds of hours per year of intensive work
  • Streamlined monthly and annual reporting already saves us 3-5 days per month of headaches.
  • Prophix is very simple to use for our end users, so required training time has been near zero for each employee.
We had some initial difficulty in setting up automated data imports. But once we got the queries working, the import routine runs quite well. We set it up to run 3x a day (once overnight and twice during business hours). There is also a way to "import now". So during the month-end close, we can refresh the data on demand as many times as necessary (it usually takes 5-10 minutes to refresh).
The flexibility of on-prem and cloud is not that important to us, as we just need a cloud-based solution. The fact that it's flexible meant that we didn't need to go back to the drawing board because cloud wasn't available. We are finding that it's really nice to have the ability to see reporting from any system - really makes working remotely a much better experience!
I mentioned that we had some initial difficulty in setting up automated import routines. Prophix support did everything in their capability to make sure that we would be able to make the import routines work. This included having the Prophix support team on a conference call with our ERP support team, so that they could directly get the info needed to make the import routine work.
Any company that has multiple entities and/or stores would see an immediate benefit, as Prophix has the ability to slice and dice the financial and non-financial data on any dimension (whether it's company code, store code, etc.) Multiple entity reporting is extremely easy, and also very flexible. Our organization has 140 stores in 1 entity, and 3 other entities that don't have stores. With Prophix we are able to generate reporting that gives us both consolidated and consolidating financials with 1 click.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
8
Forecasting
8
Scenario modeling
8
Management reporting
10
Financial data consolidation
10
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
10
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
9
KPIs
10
Cost and profitability analysis
10
Key Performance Indicator setting
Not Rated
Benchmarking with external data
10
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
10