Great software for saving time
Updated April 09, 2024

Great software for saving time

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

Overall Satisfaction with Prophix

We currently use Prophix for out monthly finance reports for budget holders and are creating the reports for the Board to be able to review. We have used Prophix to create budgets for the first time this year and although it was time consuming to set up the process we saved a lot of time in the review and amending process and now that we have set up the process it will be really easy to use the templates for our reforecasting and the next budget setting process. The next steps are to start using Prophix for other processes such as calculating profitability on contracts and going concern.
  • Personnel Planning
  • Report creation
  • Budget setting
  • Finding answers to questions can sometimes be difficult but I haven't found it impossible - yet
  • The colour palette for charts and graphs in Dashboards could be bigger - allowing us to choose colours that match our company colours.
  • Reduction in time taken during budgeting for review and updating
  • Quicker production of forecasting figures to produce a reforecast in Q1, 2 etc. Easy to upload data and reproduce reports
  • More professional and accurate reports, no manual amendments and any miscoding can be easily identified and corrected
We have moved all of our budget setting processes, going concern calculations and profit margin workings to Prophix, we also use Prophix for all of our monthly finance reporting and management/board reports. Our forecasting will be done in Prophix this year and going forward we will be working out how to use Prophix for our cash flow and rolling out the reporting workflows to our budget managers in order to automate as much as possible.
Prophix works for our business and is flexible enough to work for a number of different types of business. We are able to work with Prophix to develop cubes that record out business needs and supply our budget holders with graphical data to support their reporting needs.
The ability to be able to instantly update the month end reports is really helpful and being able to drill down into the data makes the software additional useful.

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?

I wasn't involved with the selection/purchase process

Did implementation of Prophix go as expected?

Yes

Would you buy Prophix again?

Yes

Being able to allow all budget holders access to their reports via Prophix and having charts on the dashboards which give an image of where we are financially as a company each month is really helpful, our users appreciate the access and not receiving emails with reports. The drill down in the reports provides much more detail for the budget holders and going forward we are going to try to use the line item details to provided a greater amount of information. Using the Detailed Planning Manager for Personnel Planning during budget setting was a game changer - being able to view the costs and being much more accurate with regard to start and end dates and applying a cost of living increase which we could adjust to see how it would affect the budget overall was really helpful.

Prophix Feature Ratings

Long-term financial planning
10
Financial budgeting
10
Forecasting
10
Scenario modeling
10
Management reporting
10
Financial data consolidation
10
Journal entries and reports
10
Multi-currency management
10
Intercompany Eliminations
10
Local and consolidated reporting
10
Detailed Audit Trails
10
Financial Statement Reporting
10
Management Reporting
10
Personalized dashboards
10
Color-coded scorecards
10
Cost and profitability analysis
10
Flat file integration
10
Excel data integration
10
Direct links to 3rd-party data sources
10
Customizable dashboards
9
Report Formatting Templates
10
Drill-down analysis
10
Formatting capabilities
10
Report sharing and collaboration
10
Publish to PDF
10
Report Versioning
10
Report Delivery Scheduling
10
Multi-User Support (named login)
10
Role-Based Security Model
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Report-Level Access Control
10

Growing with Prophix

We now use Prophix for budget setting and for forecasting, this has reduced the amount of time taken to produce the reports for budget managers and has been a more inclusive process.
We have also used the detailed planning manager for setting budgets and for our Going Concern calculations, everything feels a bit more accurate and professional and the processes have been far quicker than using spreadsheets (which is what we were using before).
We are using Prophix specifically for Finance but can use the dashboards for announcements that are not financial - such as birthdays or special dates in the calendar.
We have managed to incorporate access to other software using the iFrame in the dashboard so that sales reports can be seen by managers.
I wasn't involved in the start of choosing Prophix for our company but have been the instigator of rolling out to our users. It has been a very easy journey with all the support that we needed. Prophix Academy and Red Carpet are excellent sources of information and I would recommend that anyone who is looking for new software take on board the amount of support that you will receive from the supplier as it is invaluable.

Using Prophix

We are using line item details now that we have set up our budgets using Prophix, this is a great addition to provide detail behind the finances. We have linked our monthly reports to the dashboard charts to enable users to access them quickly and adding row comments allows information to be given to the budget holders regarding variances and without having to send emails back and forth.
Workflow is my next challenge and we aim to use this for month end processes and setting budgets.
We have used template pre-population for our budget setting process and this saved a lot of time and effort in creating spreadsheets and downloading information from our Finance Software, being able to integrate data and forecast this saved so much time.
We have not yet used workflow but plan on doing so soon with regard to month end review of reports.
The next challenge is using multi-tiered allocations for spreading time worked across contracts.
Budget managers, accountants, board members, team leaders.
A number of different roles in the company and we have created dashboards with relevant reports and information for each of them. Being able to set up groups for access to different areas of the company is really beneficial and restricting access to different cubes helps too.
2 - We have just two of us supporting Prophix but are planning to extend this to at least three.
We keep it to a minimum currently whilst we are still getting used to how Prophix works and how we want to have folders etc set up in order to streamline everything and future proof our reporting structure.
The skill set that we have found useful is to be able to find out how Prophix is used by other companies and then apply new ideas to how we use Prophix. Being confident in knowing that you 'can't break' the system so you can try different things and taking advantage of any available training sessions to learn.

Integrating Prophix

Once the integration reports are set up then it is really easy and you can add the processes to schedules which allows all of the integration to be automated. Receiving feedback on the success of the processes is also really helpful so you can see at a glance if everything has worked overnight.
  • SAP B1
  • Uploads from Excel
  • HR information into the Planning cube
SAP was the most difficult because we needed Sapphire to create reports to be exported but the process of importing is really easy to create and maintain.
  • Power BI
  • CloudFM Freedom
Power BI is supported and we already use this to integrate the data from CloudFM Freedom
  • File import/export
  • Single Signon
This should be done as part of the onboarding process, the support teams on both sides can communicate what is needed and the process can be set up really easily. We have updated our integration details as needed and the process is really flexible - the information to be integrated was set up in such a way that it doesn't need updating.

Using Prophix

ProsCons
Like to use
Relatively simple
Easy to use
Technical support not required
Well integrated
Consistent
Quick to learn
Convenient
Feel confident using
Familiar
None
  • Setting up reports
  • Creating dashboards
  • Importing information
  • Budget setting
  • Forecasting
  • Nothing is particularly difficult, you just need to be aware of the set up of your hierarchies
I have used other reporting software over the years and so far this has been the simplest to set up, the most flexible to use and we have not yet used Prophix to its full capacity. Over the next year or so I can see us extending our use of Prophix to include any number of other functions.

Prophix Reliability

We have the ability to add to the functionality of Prophix if we need to and to request additional licences if we need to have additional users. There is a cost associated with this but at least we don't have to change our supplier as I don't think that we will outgrow Prophix.
There have been very few times that Prophix has not been available and we have been informed ahead of time. The only issue that we have is when we update cubes or import information and run processes during working hours which stops access for a short period of time but this is more about our processes than Prophix.
I believe that if you have a huge amount of data that is imported or being processed then the system will slow down but currently the amount of data that we are importing (which is not a small amount) is not causing any issues.
Pages load quickly and queries do not slow up the running speed.

Relationship with Prophix Software

N/A I wasn't involved in the sales process
Prophix support team and the onboarding team have been really easy to work with, we have contacts not only in Canada but also in the UK and our Finance software team are in Portugal but we have not had any issues even with a bit of a time lag.
Currently our main contact is in the UK and we have a very speedy response to any queries or issues that we may have.
N/A I was not part of the team at that point.
Just be polite and friendly and you will receive a great response. If you can actually work through any problems that you may have to provide a more detailed question then that always helps.

Prophix Support

ProsCons
Quick Resolution
Good followup
Knowledgeable team
Problems get solved
Kept well informed
No escalation required
Immediate help available
Support understands my problem
Support cares about my success
Quick Initial Response
None
I am not sure if we did but the support we receive is ideal, I can submit a query and if it is urgent I get a response or an invite to a call within 12 hours (the time lag) but if we have a system issue then we get contact within a few hours at most.
We couldn't integrate our financial data into Prophix one month and couldn't figure out whether it was our Finance software or Prophix that had an issue. The Prophix Support team requested contact with our Finance Software support team and included us in the call in order to fix the issue. This ultimately took a number of days to fix and included me being talked through how to update the information in Prophix (it was an update in our Finance Software that had caused a conflict with Prophix integration).
Some very patient support people!
We have an ongoing monthly issue with our finance software being updated and the link between Prophix and SAP needing to be reset. It took a while to actually work out what the issue was but Prophix Support were very patient and kept digging in order to resolve the issue.

Prophix Training

Prophix academy is the most in depth training available for any software that I have had to become familiar with. You can choose your courses and work through them, some of them included an online live training session which allows you to ask questions and to see how other users are getting on with Prophix.

Upgrading Prophix

Yes - The new release went smoothly, no down time as the upgrade happened overnight.
Sometimes with a new release we need to contact support to ensure that our reports and imports are still running smoothly but just recently we have not needed to do that.
No unexpected impacts from the new release.
  • Changes to some of the reporting abilities
  • Expanding the reporting abilities

Evaluating Prophix and Competitors

  • Cloud Solutions
  • Integration with Other Systems
  • Ease of Use
We wouldn't - the process we used worked and we have ended up with the package that we needed. We might employ someone at the start of the project who has the insight to be able to install and deliver Prophix in a more streamlined manner rather than using the existing staff who try to fit in the project around their day job.

Prophix Implementation

The implementation was fairly straightforward, understanding how the hierarchy works in Prophix was the most important thing but once that was set up then creating reports and dashboards for the budget holders was just a little bit time consuming. Training our end users on the system was simple as we are not sharing the report creation or ad-hoc processes with them.
Change management was minimal
  • Time - being able to find the time to progress implementation on top of the day job
  • Skill sets

Configuring Prophix

The configuration of Prophix is about right, the only small issue that we have is the restricted colors for the charts in the dashboards but we do have the ability to request our own color palette if we want to pay for it. The template studio allows you to create any report in any format and to incorporate other data reports and charts to replicate any reports that you may have to use for board or management.
Use the copy and paste function or the clone function to duplicate reports that you need to produce. You can create a report that shows monthly data and then very quickly replicate that and change the data to show year to date or previous year data. If you have certain colors that you use in your presentations then you can find and use them in the template studio, you can then use the format button to copy any formatting to another report.
No - we have not done any customization to the interface
No - we have not done any custom code
We have not had any additional configuration or customization for our version of Prophix. We have always found that being able to change the way that we work is easier than ensuring the upgrades to any system take any configuration or customization into account.
Prophix do offer that to their customers so that if you are a larger organisation and wish to make everything look more corporate then you can.