Prophix Financial Reporting-Budgeting-Forecasting Improves our Business
Updated December 27, 2022

Prophix Financial Reporting-Budgeting-Forecasting Improves our Business

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

Overall Satisfaction with Prophix

Users are currently all in the Finance Department but we issue reports to all company managers. We use it for financial reporting, personnel planning, and budgeting/forecasting. We also use it to consolidate our four separate entities into one consolidated financials Statement. In addition, we use it for financial analysis reporting by Product and by Market.
  • Our monthly financial reporting was a key reason we purchased Prophix.
  • Consolidations for financials reporting with records of eliminations is a key thing we use it for.
  • We use Prophix for all our annual budgeting. We can export "offline templates" for Managers to complete for departmental budgets and then we can re-import their data without having to manually input the data.
  • Throughout the year, we can do several iterations of forecasts to provide management very detailed year forecast results.
  • I would like to see improvements in the area of report templates so when a change is made the system keeps better track of formulas. Right now, even though the system asks you if you want to maintain formulas, some stay, and some have to be added back in.
  • We have found Prophix to have a solid payback for the way we use it. Hard to put a number on it but budgeting has become much easier and much more detailed.
  • Detailed planning personnel is a large reason budgeting has become easier and more accurate.
Our budgeting used to be entirely in Excel. Prophix has allowed us to keep departmental managers using Excel but allowed us to import the documents we get in and export out Excel documents that users are used to working with.

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

IFS Applications, Microsoft 365 (formerly Office 365)
Very well suited for a company of our size (400 people). I'm not sure if they can handle data for very large companies. We have to keep trimming our Imports back to only bring in the last couple of years to keep performance working well.

Prophix Feature Ratings

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