Great tool for budgeting and variance analysis
Updated January 27, 2025

Great tool for budgeting and variance analysis

Anonymous | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

We use Prophix extensively for budgeting and variance analysis; it allows us to quickly execute both processes in a timely and efficient manner, while being effective. We are able to perform variance analysis on a monthly basis fast enough to enable leaders to make important decisions based on recent performances of the company.

Pros

  • Multiple scenarios for budgeting.
  • Automatic reports.
  • Analysis dashboards.

Cons

  • ERP integration.
  • Formatting changes when modifying a report.
  • Needs more user friendly interface for navigation to/from pages.
  • Streamlined budgeting and planning.
  • Streamlined variance analysis.
  • Faster month end reporting.
We continue to use Excel, however integration with Prophix is easy since it can be integrated and even can copy and paste from Excel into Prophix. That being said, [from my experience] Excel is used across the organization and comes with unlimited licenses for our organization and therefore it is still more of a universal tool to use compared to Prophix

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?

I wasn't involved with the implementation phase

Would you buy Prophix again?

Yes

Microsoft 365 (formerly Office 365), Microsoft SharePoint, Azure SQL Database
Well suited for budgeting and forecasting - allows for multiple scenarios to be created and analyzed also well suited for variance analysis as automatic reports can be created and generated on a timely basis. Allows for insights across the organization and details can be drilled into easily less appropriate for business case development.

Prophix Feature Ratings

7.0
Long-term financial planning
6
Financial budgeting
7
Forecasting
7
Scenario modeling
7
Management reporting
8
5.3
Financial data consolidation
7
Journal entries and reports
5
Multi-currency management
5
Intercompany Eliminations
5
Minority Ownership
5
Local and consolidated reporting
5
Detailed Audit Trails
5
7.8
Financial Statement Reporting
7
Management Reporting
8
Excel-based Reporting
8
Automated board and financial reporting
8
5.5
Personalized dashboards
8
Color-coded scorecards
5
KPIs
5
Cost and profitability analysis
5
Key Performance Indicator setting
5
Benchmarking with external data
5
6.7
Flat file integration
7
Excel data integration
7
Direct links to 3rd-party data sources
6
BI Standard Reporting ()
Not Rated
7.0
Drill-down analysis
7
Formatting capabilities
7
Report sharing and collaboration
7
7.0
Publish to PDF
7
Report Versioning
7
Report Delivery Scheduling
7
7.0
Predictive Analytics
7
7.0
Multi-User Support (named login)
7
Role-Based Security Model
7
Multiple Access Permission Levels (Create, Read, Delete)
7
5.0
Responsive Design for Web Access
5

Growing with Prophix

We have been able to almost fully automate our monthly variance analysis process with Prohpix. It has made tracking discrepancies and differences between actuals and forecasted amounts extremely easy through it's integration to our ERP. We can easily locate the source of a variance and just double click to get the back-up documentation all without having to switch between softwares.

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