Prophix Addresses Our Budgeting and Reporting Needs with Ease
August 25, 2023

Prophix Addresses Our Budgeting and Reporting Needs with Ease

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

Overall Satisfaction with Prophix

We use Prophix for budgeting and reporting purposes. Previously, budgets were developed in Excel for about 40 departments, which created significant efforts to reconcile and manage changes. Using the budgeting workflows in Prophix, we are able to develop a zero based budget with line items schedules, approver notifications, utilize version control and manage adjustments in a controlled environment. From the reporting standpoint, progress against budget is monitored easily and a number of financial reports are used for forecasting and management review.
  • Line item details/drill across feature to quickly learn what is behind the numbers.
  • Workflows
  • Logical report contruction
  • Flexible report design features
  • Proactive reach out to ensure you are maximizing the use of Prophix for the organization.
  • Improvement in the performance when updating data cubes
  • More forecasting options
  • More flexibility for vacancies in personnel planning - move to position control model
  • Improved budgeting and planning with workflows
  • Real-time access to information (nightly updates)
  • Quick access to line item details
Our organization moved away from having to manually consolidate approximately 40 departmental budgets in Excel to a streamlined workflow model. We were able to replicate the Excel based templates that staff were comfortable with in Prophix so the look and feel were similiar. With some custom training for staff, the learning curve was not too steep. Investigating budget details at the line-item level occurs in one view as opposed to navigating between workbooks and sheets in Excel. This past year we had an unusally tight turnaround to develop our budget. We would not have been able to generate a quality budget in that timeframe without 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?

No

Would you buy Prophix again?

Yes

While all had similar features at the time of our evaluation, especially from the reporting standpoint. Prophix worked best for our zero-based budgeting model and the level of detail that we were looking to maintain. We also felt it was a better fit for our Dynamics GP financial system, which played out as hoped during the implementation of Prophix.
Using the Prophix system to develop our annual budget was a game changer for our organization. The use of their workflows to move budget submissions through the approval process and provide line item details with different spreading options, improved the quality of our zero-based budget development. Supplemental reports provide our staff with real-time spending against their budgets, with summary level reporting being of great use to our management team. Having a chart of accounts that allows for logical drill downs and roll ups is essential for quality reporting and analysis.

Prophix Feature Ratings

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