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Prophix - A good financial management tool
September 01, 2023

Prophix - A good financial management tool

CA.Siju George | TrustRadius Reviewer
Score 8 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

We use Prophix to generate , Monthly performance & Variance analysis, with previous month , Budget and forecast both for the month and YTD position.
We use Prophix as budgeting and forecasting tool.
We use Prophix to prepare quarterly board pack for presentation in the board meeting.
We use Prophix for analysis of regionwise performance.
We use Prophix for group consolidation packs for consolidation of accounts at year end for closure of group accounts.
  • Monthly Performance reporting MTM & YTD
  • Group Consolidation
  • Revenue reconcilation
  • Board pack reporting
  • Uploading of financial information turnaround should be less than 1 hour
  • Cross check with Financial information to ensure zero error
  • Provision to input comments - actionable , for information
  • Provision to upload data thru excel templates
  • Good Budgeting
  • Planning cost control
  • Swifter Year End closing
Prophix has helped to use data which has been uploaded thru Accounting systems , to use historical information to do analysis of data to make sensible analysis to do a good budgeting and planning of cost & revenue with less effect of data getting manipulated on spreadsheets

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?

I wasn't involved with the implementation phase

Would you buy Prophix again?

Yes

I think Prophix is well suited for Monthly performance reporting both MTM & YTD, also to do variance analysis with budget & forecast. It helps Board pack for quarterly presentation to the Board, and also its a great support for group consolidation.

It helps us in forecasting & Budget , but I think it still needs improvement in template to support based on existing data, to make analysis and also to input notes which will help respective departments to give their input with comments.

Prophix Feature Ratings

6.4
Long-term financial planning
6
Financial budgeting
7
Forecasting
6
Scenario modeling
6
Management reporting
7
7.6
Financial data consolidation
8
Journal entries and reports
8
Multi-currency management
8
Intercompany Eliminations
8
Minority Ownership
7
Local and consolidated reporting
7
Detailed Audit Trails
7
8.3
Financial Statement Reporting
8
Management Reporting
8
Excel-based Reporting
9
Automated board and financial reporting
8
7.2
Personalized dashboards
8
Color-coded scorecards
8
KPIs
7
Cost and profitability analysis
7
Key Performance Indicator setting
7
Benchmarking with external data
6
5.7
Flat file integration
6
Excel data integration
5
Direct links to 3rd-party data sources
6
BI Standard Reporting ()
Not Rated
6.0
Drill-down analysis
6
Formatting capabilities
6
Report sharing and collaboration
6
6.3
Publish to PDF
7
Report Versioning
6
Report Delivery Scheduling
6
6.0
Predictive Analytics
6
6.5
Multi-User Support (named login)
7
Role-Based Security Model
6
Multiple Access Permission Levels (Create, Read, Delete)
6
Report-Level Access Control
7
7.0
Responsive Design for Web Access
7