Prophix For Budgeting. Results, and Operations
April 01, 2021

Prophix For Budgeting. Results, and Operations

Michael Senchuk | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Prophix

We use Prophix in three ways: (1) as an integral part of our budgeting/forecasting process; (2) to report monthly financial results; and (3) for other reporting purposes, like headcount and turnover, and operations-related information.
  • Budgeting and forecasting; it's built with a workflow and input capabilities to make these 10X more efficient than through collecting spreadsheets.
  • Reporting financial results; it's vastly improved our reporting capabilities, both in terms of looks and ease of use for the end-user, and the capability to distribute them on a much quicker basis.
  • Their dashboard capabilities are very impressive; we use this on a regular basis as well, and I'm regularly tweaking the dashboard for different parts of the organization.
  • Some Excel feature aren't available in their templates, or are a slightly different format.
  • I'd love to see template reporting be able to focus in on specific cross-combinations.
  • The dashboard graphs aren't as flexible as excel graphs.
  • Not only did it cut significant time off our budgeting cycle, but it allowed us to do things we couldn't even do in excel versions (i.e., load in another month of data for comparables three days before presenting to executive team).
  • Month-end reporting has resulted in the ability to continually tweak reporting to focus end-users on what's important; our previous reporting package (inside our accounting software) was far too cumbersome to make this work.
  • Moving all of my other data functions inside Prophix has resulted in not only a lot more efficiency for me, *but* it allows me answer about 95% of ad hoc questions coming at me with the data I now have stored, as opposed to starting from scratch by extracting raw data out of our original systems every time.
This was our prime reason we got it, and it delivered perfectly. We have a number of terminals across the country, and the terminal manager used to input into an excel spreadsheet along with the assistance of my predecessor. we've now spun out input templates in prophix to each of these terminal managers, and loaded in 'starting data' for them, such that they only have to go in and look, and then make any changes they see fit. from there the data of course is available real-time, rather than having to go through some crazy process to consolidate 20-30 excel spreadsheets. that old consolidation process was at least 3 days. now it's instantaneous. plus it enables us to slice and dice in 1000's of ways to the data to make sure it makes sense, and to see how we're tracking through the year.

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

At the end of the day we felt like all three could probably do what we wanted - one was considerably more expensive than where Prophix came in at, so we eliminated it. The other would've been a cheaper solution, but we felt like it was a bit of a downgrade, and we liked the feature set we were getting with Prophix. We also really liked the people we were interacting with as well - we felt they were the type of people we wanted to partner with.
Probably a 9. I don't know if it would be the best solution for EVERYONE, but it sure would be a great solution for most in my opinion. I think most small-medium and medium-sized organizations would be perfect for it.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
10
Forecasting
9
Scenario modeling
8
Management reporting
9
Financial data consolidation
9
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
9
Detailed Audit Trails
Not Rated
Financial Statement Reporting
9
Management Reporting
9
Excel-based Reporting
7
Automated board and financial reporting
Not Rated
Personalized dashboards
9
Color-coded scorecards
Not Rated
KPIs
8
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
9
Excel data integration
9
Direct links to 3rd-party data sources
9
Drill-down analysis
10
Formatting capabilities
8
Report sharing and collaboration
9
Publish to PDF
10
Report Versioning
9
Report Delivery Scheduling
9
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