Prophix is a multi-user financial software application, used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet type interface familiarity along with additional benefits to manage data and handle multiple users. Its data and financial analysis tools help bring the accountability back into the process, thus giving external and internal stakeholders the access to critical information.
Prophix provides company-specific budgeting requirements such as cash flow, balance sheet and income statement for accurate and timely data analysis and management. The solution supports all the major types of non-financial and financial budgeting such as top down, bottom up, zero-based and activity-based.
This system offers several modeling options for accurate forecasting, such as inter-period forecasts, what-if analysis and rolling forecasts. It also provides personnel modules for calculating personnel information, such as salary, medical expenses and tax calculations.
Prophix can be deployed both in the cloud and on-premise, and is suitable for a wide range of industries, such as financial services, construction, education, engineering, government, software and utilities.
Tiffany from ISTE
Employees number: 11-50 employees
Prophix is a great system for organizing all of the financial information in a useful manner. It allows for easy manipulation of reports and viewing various different areas in a very quick time period. It's great for allowing all to budget on their own specific areas and have it all roll up into one. It also allows easy personnel planning.
Prophix isn't as user friendly for non-financial individuals. I have received a lot of feedback internally that it isn't an easy system to use or understand. It does not export cleanly to excel which requires additional effort in excel to make the data useable.
Harshit from PWC
Specialty: Accounting / CPA
Employees number: 10,000+ employees
compatible with microsoft sql & analytical products like Excel, PPT
Capable of running high frequency ratios/metrics
on sql server or flat files data can be integrated into the software for analytical purposes
Small scale system, still needs to be enhanced further
Chris from Floor and Decor
Prophix is a great software that is very multifunctional. You can use it for many different applications and design it to be as complicated or simple as your needs dictate. Our installation uses a function labeled Relational Data Views and allows users to drill into a total on a P&L and view the transactions from the GL system that make up the balance. This frees up Accounting from answering simple questions and allows the users to contact us less frequently.
Prophix does a great job on listening to users. We have located minor issues\bugs in the past but they are receptive to feedback. They also have a feedback forum for enhancement requests and users get to vote on each other’s ideas.
Pay attention to the amount of IT resources that are required for the different vendors. Most aspects of Prophix are maintained by an admin in the finance department which works well in our company.
Steve from Spacesaver Corporation
I like the simplicity that Prophix brings to its software. Building on OLAP cube technology, data can be sliced and diced as much as you like. They have an outstanding product feedback function, where users can request enhancements to the tool. In fact, many of the enhancements are customer driven. Total cost of ownership is low, including initial price point.
There isn't much I don't like about the software - the full control that the Finance team exhibits on the software keeps frustrations to a minimum.
Do your homework - make sure that the finance department maintains control of the software and programming. Some tools need IT resources to program reports and analyze data - that was not something I was interested in.