#1 most frequent
United States of America
62.4%430 installations of 689
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
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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.
Top Performing Features
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
Areas for Improvement
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
Who Buys & Uses Prophix
#2 most frequent
Canada
8.4%58 installations of 689
#3 most frequent
Brazil
7.1%49 installations of 689
Pros
- Streamlines budgeting and forecasting processes effectively
- Consolidates financial data from multiple ERP systems
- Provides comprehensive reporting and dashboarding capabilities
Cons
- Challenges with reporting flexibility and design tools
- Performance and speed issues reported during certain processes
- Difficulties with data integration and granular access
Prophix: The all-in-one financial software
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
Prophix is an Excellent tool for an Efficient Finance Team.
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
Prophix review
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
Recommend Prophix with CSP
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
Prophix is great!
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
