Prophix

Score8.4 out of 10

308 Reviews and Ratings

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Prophix

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What is Prophix?

Prophix One, a Financial Performance Platform, is used to improve the speed and accuracy of decision-making within a harmonized user experience. To reduce complexity and uncertainty, the software offers automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.

Categories & Use Cases

Media

Screenshot of Prophix One Portal: One single point of entry into Prophix One through its portal simplifies access and authentication but also allows seamless movement between applications.

Screenshot of Chart Insights, one of the AI Insights capabilities that utilizes Artificial Intelligence and Natural Language Processing to provide enhanced business awareness. Chart Insights extends the important details contained within dashboards, and analyzes the complete dataset behind the dashboard, automatically surfacing the data relationships not obvious in dashboard visualizations alone. It then provides a summary of key performance metrics found buried within Prophix charts. It also summarizes the important insights in plain English.

Screenshot of Prophix One Financial Planning & Analysis: Prophix's self-serve dashboards and visualizations are directly integrated with data, workflow tasks, announcements, and external URLs and databases. Dashboard Studio helps users to be informed and make better business decisions.

Screenshot of Detailed interactive charts and graphs that Prophix offers to uncover insights. Prophix’s visual analytics are linked directly to data with transaction details. There is no need to input the numbers. Prophix does this tedious work, automatically.

Screenshot of Prophix’s Workflow Manager, used to assign tasks to users and facilitate approvals across the business. Stakeholder input can be captured directly with the ability to add comments and notes in a single unified database.

Screenshot of Cell Comments, that allow users to add supporting details like notes and attachments to data. Since comments are stored with the data, they can be viewed in any template along with their trailing history. Cell Comment Reports can also be generated to show all comments from any data view in one convenient report.

Screenshot of Prophix One Account Reconciliation: Software that streamlines financial close, empowering the Office of the CFO to make data-informed decisions. The centralized platform ensures an efficient process for reconciling dispersed data.

Screenshot of Prophix One Financial Consolidation: Developed to meet the unique requirements for a streamlined month-end close process. Leveraging best practices, it removes the complexity of consolidation by automating processes like multi-currency translations and sub–consolidation, ensuring multi-GAAP and IFRS compliance to reduce the need for expensive customizations. Regardless of group structure, depth, or unique chart of accounts, Prophix can execute complex account consolidations.

Screenshot of Prophix One Intercompany Management: Eliminates manual data collection hassles and errors involving multi-entities and multi-currencies by integrating disparate data sources into Prophix One and automatically structuring the data to elevate financial accuracy. By automating data imports and using intelligent data mapping with built-in validation rules, Prophix One ensures a smooth and reliable data collection process.

Screenshot of ESG Reporting: For addressing NFRD regulations, GRI standards or preparing for CSRD requirements, Prophix One reporting centralizes data from diverse environmental, social, and governance business systems.

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Screenshot of Prophix One Portal: One single point of entry into Prophix One through its portal simplifies access and authentication but also allows seamless movement between applications.

Drill-down analysis
Drill down analysis is the ability to get to a further level of detail by going deeper into the hierarchy.
Category average: 8.3
Financial budgeting
Annual budget for revenue and operating expenses, headcount/compensation, capital expenses, projects, etc.
Category average: 8.9
Journal entries and reports
Ability to enter journal entry adjustments and produce reports showing all journal entries for a specific period.
Category average: 7.5

XBRL support for regulatory filing
Support for the XBRL standard reporting format for exchanging financial data.
Category average: 7.2
Pixel Perfect reports
Pixel Perfect reports are highly-formatted reports with graphics and ability to preview the report before printing.
Category average: 7.4
Predictive Analytics
Predictive Analytics is the ability to build forecasting models based on existing data sets.
Category average: 7.5

Verified User

Manager in Finance and Accounting (10,001+ employees employees)

Use Cases and Deployment Scope

We use Prophix to assist in our monthly financial reporting and forecasting as well as our annual budgeting process. Prophix is our go to place for pulling any financial and statistical data for ad hoc requests. The software is very user-friendly and easy to pick up, even for less tech savvy users. Working with customer support to onboard new users and set up new cubes has been a breeze and everyone is very friendly. The cloud-based solution allows me to get my data on the fly - even when I am traveling. The dashboarding feature has been effective for executive landing pages and KPI reporting. Overall, Prophix gives me everything I need all in one place.

Pros

Ad hoc report generation and drill downs
Executive KPI dashboarding
Version control
Multiple cubes for specific user needs
System wide budgeting
Report creation in template studio

Cons

Machine learning seasonality for forecasting
Allow us to copy existing report layouts into template studio
Interfacing with Power BI

Return on Investment

Prophix has made it easier to share financial performance to decision makers faster than before
Prophix has allowed us to eliminate a lot duplicative reporting saving FTE efforts
Prophix is self-servicing allowing us to spend less time pulling data and working on other things

Usability

Alternatives Considered

Microsoft 365

Other Software Used

Microsoft Power BI, Oracle PeopleSoft ERP, Microsoft 365

Verified User

Executive in Finance and Accounting (201-500 employees employees)

Use Cases and Deployment Scope

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.

Return on Investment

Streamlined Budgeting.
Faster month-end close with Account Reconciliation.
Improved Forecasting.

Other Software Used

SAP Concur, UKG Pro

Verified User

Employee in Finance and Accounting (5001-10,000 employees employees)

Use Cases and Deployment Scope

Prophix is used as budget planning and consolidation tool within our organization. It is aimed to provide smooth budgeting process through different rounds of submission while ensuring robust data accuracy. We have used the tool at our team as a consolidation point and that can run our consolidation model and potentially connect to all of our other site's team Prophix model in the future

Pros

able to create automation process that allows uploading data in a fast manner
have a large "how to" library that is very helpful for beginners
the support team is always on point to provide real time answers

Cons

would be great to edit/add dimensions to cubes after they have been published
would be nice to have options to edit multiple dimension attributes at once
ability to connect to powerBI

Return on Investment

streamlined budgeting process
quicker update through different rounds of submissions
accurate data output

Alternatives Considered

IBM Cognos Analytics

Other Software Used

Microsoft 365, Microsoft Power BI, Microsoft Teams

Verified User

Administrator in Finance and Accounting (1001-5000 employees employees)

Use Cases and Deployment Scope

We use Prophix for our financial packages, budgeting, forecasting, and ad-hoc needs. We have been a customer for nine years and have been a beta tester for several occasions. Considering our diverse business, it makes us unique and helps Prophix build better products and provides excellent service. Our primary use of Prophix is for budget and forecasting. I would say Prophix is excellent at this. We are able to budget/forecast on the businesses leaf leaves and provide better insight into the numbers. This allows our business owners to make better and faster business decisions.

Pros

CSP
Budgeting
Forecasting

Cons

More template capabilities like excel
Processing power
Change licensing capabilities

Return on Investment

Went from budgeting in Excel to 5 P&Ls to implementing Prophix and growing the P&L count to 30+
Able to make decisions during Covid to pivot and have positive operating profit compared to our competitors
Budget on the lowest GL level for over 200+ P&Ls today

Alternatives Considered

FloQast

Other Software Used

Microsoft 365, Microsoft Teams, Medius

Verified User

Analyst in Corporate (5001-10,000 employees employees)

Use Cases and Deployment Scope

We use it to consolidate financial data coming in from different ERPs , weekly & quarterly forecasting, our annual budgeting process, as well as miscellaneous financial analysis requested, specially now that we have several years of data. We create ad hoc reports as well as as workflows for controllers to enter information for month end close.

Pros

Ability to build/customize reports
Named sets
automated processes to bring in data

Cons

Workflow email notifications don't always work well (bugs)
Prophix M365 had a lot of issues this year
report binders are nice but would like to be able to specify what to print so we don't have multiple copies of the same report

Return on Investment

streamlined budget process
workflows let people know when they need to turn in their information and that helps us have our financial data in a more timely manner
faster month end closes

Usability

Other Software Used

Viewpoint Vista, Deltek Costpoint, Microsoft Power BI

Prophix

What is Prophix?

Categories & Use Cases

Media

Key Features

Top Performing Features

Drill-down analysis

Financial budgeting

Journal entries and reports

Areas for Improvement

XBRL support for regulatory filing

Pixel Perfect reports

Predictive Analytics

Reviews

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Alternatives Considered

Other Software Used

Use Cases and Deployment Scope

Pros

Cons

Return on Investment

Usability

Other Software Used

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