Great software - excellent for multi currency
Updated September 20, 2021

Great software - excellent for multi currency

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

We use Prophix across our business to assist with budgeting and forecasting as well as producing financial reporting. Our company reports in multi currency, so the software is used to convert across the currencies we use quickly and efficiently, allowing us to focus our time on analysis rather than production of the numbers. The ability to consolidate multiple branches and locations quickly is really changing the way we work
  • Consolidation
  • Currency conversion
  • Multi currency reporting
  • Budgeting
  • MDX requirements
  • Report formatting
  • Faster month end reporting
  • Streamlines budgeting
  • Version control
We are still adjusting to using Prophix more, but the move from excel to Prophix for most users has been relatively smooth. The software allows version control and the ability track changes easily, which cannot be done in excel. Templates can easily be created, meaning information is submitted in a structured way allowing for multiple departments to be consolidated to a master budget quickly

Do you think Prophix delivers good value for the price?

Yes

Are you happy with Prophix's feature set?

Yes

Did Prophix live up to sales and marketing promises?

Yes

Did implementation of Prophix go as expected?

Yes

Would you buy Prophix again?

Yes

Vena and Prophix are designed to target similar markets. In the end the ability to support globally in multiple locations, time zones and languages lead us to choose Prophix. We carried out reviews of demo environments of both systems and felt that Prophix was focused more on ease of use for the whole business rather than just the financial team.
Prophix is really easy to use once set up. It can take a while to understand things, but once up and running it is an intuitive piece of software and makes financial reporting much quicker for the company. Sometimes it can be frustrating that the reporting features do not completely mimic excel, but product exchange nets are always being released which allows users to work with the software in a way they are comfortable with.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
9
Forecasting
9
Scenario modeling
Not Rated
Management reporting
9
Financial data consolidation
9
Journal entries and reports
9
Multi-currency management
10
Intercompany Eliminations
9
Minority Ownership
Not Rated
Local and consolidated reporting
9
Detailed Audit Trails
Not Rated
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
8
Automated board and financial reporting
9
Personalized dashboards
10
Color-coded scorecards
9
KPIs
9
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
9
Flat file integration
9
Excel data integration
8
Direct links to 3rd-party data sources
8
Drill-down analysis
9
Formatting capabilities
7
Report sharing and collaboration
9
Publish to PDF
10
Report Versioning
10
Report Delivery Scheduling
10
Predictive Analytics
Not Rated
Multi-User Support (named login)
10
Role-Based Security Model
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Responsive Design for Web Access
Not Rated