Prophix can help facilitate a best in class Finance organization
May 25, 2022

Prophix can help facilitate a best in class Finance organization

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

Overall Satisfaction with Prophix

Prophix has become integral to our financial close, consolidation, and planning processes within the company. We now use Prophix to bring together financial data from multiple subsidiaries and unique ERP systems, perform currency exchanges, distribute key financial reports on both a weekly and monthly schedule, facilitate data input used for Planning as well as KPI measurement, as well as execute Planning (budget and forecast) scenarios.
  • Report Distribution
  • Report Template Design
  • Plan (Budget & Forecast) Modeling
  • Data & Input Collection from Users
  • Chart Creation
  • Dashboard flexibility
  • Workflow robustness
  • Report Distribution Efficiency
  • Increased Budget Comprehensiveness
  • Decreased time to close fiscal periods
We now utilize Prophix as our 'Source of Truth' for all core Financial information, including monthly actuals and plans (Budget & Forecast). This has allowed us to migrate away from multiple versions of data within disparate spreadsheets that may or may not be the most current information, and instead move towards having more confidence in the information we are looking at. On top of this, the ability to 'slice and dice' information has exponentially grown since our transition to Prophix.

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

We chose Prophix based on the desire to make a paradigm shift away from Excel and towards a more fully-featured web-based SaaS solution that would still allow for the utilization of Excel where it made sense. Prophix does this through an Excel add-on, while more comprehensive feature sets can be found within the web application. Additionally, the Prophix integration team seemed as though they would be the ideal team to work with on an implementation, which proved to be true.
Prophix has been great with facilitating the scheduled, routine, and automatic distribution of reports to key stakeholders. By utilizing Prophix 'Report Binders' in conjunction with scheduled processes, we have been able to institutionalize getting important reporting to decision-makers on a routine basis, while also allowing them to have direct access to reporting from within Prophix itself for when information is needed in-between report distributions. Prophix has also allowed the Budgeting process to be more efficiently and accurately executed. We were able to more easily receive key inputs from subject matter experts as well as more fully integrate these inputs into the planning process.

Prophix Feature Ratings

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