Prophix is an Excellent tool for an Efficient Finance Team.
June 18, 2025

Prophix is an Excellent tool for an Efficient Finance Team.

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

Overall Satisfaction with Prophix

Our primary use of Prophix is for budgeting and forecasting. We recently implemented account reconciliations. This has been very helpful since all account reconciliation backups are in one central location. It makes it much easier for the controller to review and approve reconciliations. We anticipate that our annual audit process will also be smoother and quicker.

Pros

  • Easy for end users to learn the system.
  • Easy to track workflows and who has or has not submitted information.
  • Easy to run reports.

Cons

  • The system can be slow.
  • Designing reports can be challenging.
  • More templates.
  • Streamlined Budgeting.
  • Faster month-end close with Account Reconciliation.
  • Improved Forecasting.
The budgeting process was handled with an Excel spreadsheet. Several assumptions had to be taken into account by various departments. Assumptions would often be updated, but not all departments would update their information. Prophix eliminated all these errors and ensured everyone was working with the latest assumptions. All information was easily tracked and monitored for the monthly forecast process.
I have used other budgeting and forecasting tools at different companies, and Prophix is a much easier product to use and implement. I have received better user feedback from Prophix compared to other tools I have used at other companies. Other tools lacked dashboard capabilities and account reconciliations.

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?

I wasn't involved with the implementation phase

Would you buy Prophix again?

Yes

If the budgeting is done with Excel spreadsheets, and your company is small to medium in size, Prophix is the system for you! Additionally, if your company is also doing monthly forecasting in Excel, Prophix will save you time and reduce errors. There are also many other worthwhile features, such as Account Reconciliation and consolidations.

Prophix Feature Ratings

10.0
Long-term financial planning
10
Financial budgeting
10
Forecasting
10
Scenario modeling
10
Management reporting
10
Consolidation and Close ()
Not Rated
10.0
Financial Statement Reporting
10
Management Reporting
10
Excel-based Reporting
10
Automated board and financial reporting
10
10.0
Personalized dashboards
10
Integration ()
Not Rated
BI Standard Reporting ()
Not Rated
10.0
Drill-down analysis
10
Report sharing and collaboration
10
Report Output and Scheduling ()
Not Rated
Data Discovery and Visualization ()
Not Rated
10.0
Multi-User Support (named login)
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Report-Level Access Control
10
Mobile Capabilities ()
Not Rated

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