Prophix - the perfect match
Updated April 01, 2024

Prophix - the perfect match

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

Overall Satisfaction with Prophix

We use Prophix to consolidate financial results of the companies within our group on a monthly basis. We also use Prophix to assist our group in the annual budgeting and forecasting period. Our group has 9 operating companies and 2 holding companies, and the product works great for our needs and size.

Pros

  • Allows for easy structuring of a groups legal entities and business units
  • Manages multiple currency organizations
  • Automates a large portion of the monthly consolidation process

Cons

  • Processing speed
  • Ability to edit templates doesn't function exactly as an excel sheet would
  • Import processes should automatically update for the following year if user selects 'no changes'
  • 45% ROI
  • Month-end close moved from 14 days to 10 days
  • Budgeting process wrapped up two week earlier
Prophix has allowed us to transition from excel for the most part. We still complete some complex consolidation entries in excel but rather than aggregating all company data in a massive excel sheet, we now are able to upload into Prophix which stores data more securely and reduces time waste each month.
Prophix is significantly better than these two products and at a better price. We tried implementing DataRails and it just didn't work for us as the struggled mightily with implementation. The Prophix implementation was very smooth and the support team was an absolute pleasure to work with. Overall we were very happy.

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

Prophix would be well suited for an organization that has many contributors to the annual budgeting process. A great feature about the product is numerous individuals can be setup as contributors to the software which allows them to input basic financial information (such as business unit revenue and costs) and not rely as much on the finance team to input all information received from BU's. Companies with massive amounts of data and assumptions driving their financials might not be a fit for Prophix as processing speeds can be slow.

Prophix Feature Ratings

8.6
Long-term financial planning
9
Financial budgeting
9
Forecasting
9
Scenario modeling
7
Management reporting
9
8.9
Financial data consolidation
8
Journal entries and reports
8
Multi-currency management
10
Intercompany Eliminations
10
Minority Ownership
10
Local and consolidated reporting
9
Detailed Audit Trails
7
9.5
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
9
Automated board and financial reporting
9
8.2
Personalized dashboards
9
Color-coded scorecards
8
KPIs
8
Cost and profitability analysis
8
Key Performance Indicator setting
8
Benchmarking with external data
8
10.0
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
10
BI Standard Reporting ()
Not Rated
8.0
Drill-down analysis
8
Formatting capabilities
7
Report sharing and collaboration
9
10.0
Publish to PDF
10
Report Versioning
10
Report Delivery Scheduling
10
Data Discovery and Visualization ()
Not Rated
10.0
Multi-User Support (named login)
10
Role-Based Security Model
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Report-Level Access Control
Not Rated
8.0
Responsive Design for Web Access
8

Upgrading Prophix

Yes - No downtime at all. We were able to run cloud and on-prem concurrently until we were ready to fully make the switch. This required some additional work on our end, but the Prophix implementation team was very helpful along the way and gave us tips for making our processes better.
  • Cloud based, so better access
  • Some newer features became available
  • Unsure

Comments

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