Prophix Reviews and Ratings

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.

Likelihood to Recommend

I can't recall a time where I've needed assistance and my CSP contact hasn't answered or delivered in getting me in contact with someone to answer my questions. On the flip side, anything back office, seems to get faster resolutions.

Use Cases and Deployment Scope

We use Prophix to create our yearly budget, forecast revenues and costs for our companies, and to obtain data from each of our teams into one singular platform. Prophix Software is great for managing multiple teams in our organization at once. It allows us to obtain a full data view of our company's financials and to find key areas of improvement or concern. We use Prophix daily and monthly for our monthly financial reports.

Likelihood to Recommend

I think Prophix is great for medium/large - large companies. I would imagine that its software would be too much for that of a smaller company. It does a great job showcasing reports once reports are finalized and are easy to use. On the other hand, building reports can be very time consuming and confusing due to switching between tabs so often.

Use Cases and Deployment Scope

Monthly & YTD Variance Analysis. Prophix allows up to create and automate reports so that department leaders are able to fully understand what there expenses are for the month end close process. We are also able to streamline the yearly budget entering process in a easy to follow way that the Prophix software provides all users.

Likelihood to Recommend

Prophix is well suited for almost all FP&A scenarios relating to month-end close. Dashboards are particularly important to our dept owners and with Prophix creating dashboards is easy to follow and customize.

Another great thing with Prophix is the CSP team. They are always very helpful and attentive to your questions. I know if i encounter any issues they have always helped me in a timely manner.

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.

Likelihood to Recommend

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.

Use Cases and Deployment Scope

We use Prophix in our organization for consolidation purposes (multiple ERP systems). This allows us to consolidate results from multiple ERP systems/account structures into a single chart of accounts. We also utilize Prophix for sales forecasting and budgeting purposes. This allows us to streamline the forecasting and budgeting process and compare multiple versions (vs budget, vs prior forecast, vs actual, etc.).

Likelihood to Recommend

Prophix is well suited for companies that want the flexibility to build reporting and or forecasting/budgeting from scratch, as there is a lot of flexibility with the tool in ad-hoc reporting and analysis. However, the initial setup has been difficult in my experience, and there are not much "out of the box" functionality - it must be built and customized to your specific needs.

Use Cases and Deployment Scope

1. Prophix is used for budgeting the entire company.

2. Forecasting is done

3. Periodic reforecasting is done

4. Proforma statements are derived

A huge win from Prophix is use of many scenarios to drive insight into effect of market fluctuations and more current information to update proforma income statements. The highest levels of the company are involved.

Likelihood to Recommend

Prophix is well suited to offering templates for user input.

Troubleshooting DPM is not easy or intuitive.

Use Cases and Deployment Scope

Prophix has made budgeting and forecasting so much easier for the organization. Monthly budgeting is allowing the organization to have relevant cash flow analysis. The dynamic dimensions of Prophix allow the organization to report at levels that was not before easily attainable. The results let the organization make decisions in real time with real data.

Likelihood to Recommend

Prophix has been helpful to the organization in every way when it comes to FP&A. Before, the verbiage drove the budget, now the numbers drive the conversation. Prophix allows the organization to make decisions in real time regarding a program's valuation. Having personnel costs calculate automatically is extremely helpful to ensure that we forecasting the correct numbers.

Use Cases and Deployment Scope

Monthly comparative reporting specific to various stakeholders. Summarised reporting contains totaling accounts and KPIs with granular reporting down to individual GL level. Drill Across feature allows end users to reveal transactional details making up GL movements. Reporting scope for each user is subject to their security, typically based on cost centres. Budget is collected for the first year monthly with annual extrapolation to the subsequent year. Prophix workflow is used to manage budget collection and approval process with optional budget data snapshots in separate versions. The most recent forecast is used to seed budget data with adjustments such inflation applied to nominated accounts. Combination of approved budget and YTD actuals forms a basis for quarterly forecast. Collection and approval mechanism follows budget pattern. Subject to a substantial change in business operating environment, ad-hoc reforecasting is performed. Both forecast and budget benefits from several detailed models operating below GL line, such as personnel at employee or group of employees level, capex at an individual asset level and sales at customer level with a room for growth. Overall, Prophix system is flexible to account for specific needs and easy to maintain as the business environment evolves.

Likelihood to Recommend

Prophix is substantially out of the box product to be easy to use but flexible enough to allow for varied business modelling. No technical skills are required to deploy and maintain the solution. Owing to its out of the box nature, departing from Prophix sweet spot e.g. when leveraging transactional data, the solution is not as capable, however this is being addressed by the new Prophix release.

Use Cases and Deployment Scope

We use Prophix for our annual planning, forecasting throughout the year, monthly expense close, and quarterly variance reporting. We also use Prophix to run our expense allocation process and load data into Prophix to calculate expense allocation. Furthermore, it is used for project planning and tracking. We recently added our prepaid accounts to Prophix and tracked all prepaid expenses using the tool. It has been awesome for our team to streamline our month-end expense close process and allow users all over our company to complete their personnel and expense planning processes.

Likelihood to Recommend

Prophix is very well suited for reporting, but it is not an ERP solution. All journal entries and accounting must be performed in an outside tool. However, Prophix makes the data from an ERP system much more usable and allows you to combine this 'actual' GL data with other data sources (i.e., plan and other statistics, including headcount).

Use Cases and Deployment Scope

We use Prophix for our budgeting and reporting software within our FP&A group. This addresses our need to provide insightful reporting to our management teams and our board/investors. We also use Prophix for limited capital planning and for some headcount reporting features. We leverage Prophix's ad-hoc feature quite often to drill in on specific pieces of data that aren't shown in our regular reporting especially if someone has a very particular question.

Likelihood to Recommend

Prophix is great for companies that want to get on a web-based FPA solution (i.e., use all web-based features for template building, budgeting, data loading, etc.). This isn't an excellent option for FPA teams who want to continue to work in Excel and leverage all the functionality that Excel offers.