Prophix Review
February 03, 2021
Prophix Review
Score 9 out of 10
Vetted Review
Verified User
Overall Satisfaction with Prophix
Prophix is being implemented for budgeting and forecasting. It is being used in Finance and Accounting Department. It helps to address detail budgeting and forecasting processes, like Operational expenses line items, Personnel related costs (Salaries, Bonuses, Commissions, T&E, and so on), Depreciation and Amortization for Fixed Assets, as well as Balance Sheet and Cash Flow, etc.
- Personnel Cube allows you to well budget for employee related expenses - salaries, bonuses, etc.
- CapEx Cube helps to track capital purchases was well depreciation and amortization.
- Personnel Cube is also a good tool when there are a lot of new hires activities.
- When updating data, sometimes I forgot to put zero's in the account which no longer needed to have values. With "replacing existing" feature, I assume those accounts would automatically become 0, but they need to be assigned with 0's.
- It is hard to apply seasonality for sales trend, the formulas are not easy as Excel.
- Sometimes it is hard to identify the errors since the downloads are values and hard to trace back the formulas.
- Prophix is being used for annual budgeting.
- Prophix hasn't been used for monthly forecasting yet since there are always issue to import actual data from QuickBooks to Prophix.
- After data integration between Prophix and QuickBooks, Prophix should be a nice forecasting tool.
Multiple cubes - revenue, cogs, personnel, capital expenses, and so on, were set up in Prophix by mimicking our Excel Budget model. However, due to the data integration issue between Prophix and QuickBooks, the monthly actual data can't be automatically pulled. So Prophix hasn't been implemented for monthly forecast process yet.
Do you think Prophix delivers good value for the price?
Not sure
Are you happy with Prophix's feature set?
Yes
Did Prophix live up to sales and marketing promises?
I wasn't involved with the selection/purchase process
Did implementation of Prophix go as expected?
Yes
Would you buy Prophix again?
Yes
I don't have experience with any other similar products.