Prophix is a financial management solution used for financial consolidation, budgeting, analysis, planning and management reporting. The solution provides a spreadsheet-style interface that helps users to analyze financial data and organize information. Prophix can be deployed both cloud and on-premises and is suitable for a range of industries such as financial services, construction, government, and utilities.
Prophix lets users manage information such as budgeting requirements, cash flow, balance sheets and income statements. Data analysis tools are also available. The solution supports both non-financial and financial budgeting, including top down, bottom up, zero-based and activity-based methodologies.
The solution offers multiple modeling options for forecasting such as inter-period forecasts, “‘what-if” analysis and rolling forecasts. It also provides modules for saving personnel records, such as salary, medical expenses and tax calculations.
Support is offered via phone and email.
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.
Michael from Presbyterian SeniorCare
Employees number: 1,001-5,000 employees
This was a welcome replacement of two separate unsupported software packages.
I really like the flexibility and ability to get all of our financial reporting, budgeting, KPI data on one platform.
Still new to the software, so i have no major issues yet that aren't attributable to end user error.
Great price and the Helpdesk has been prompt and wonderful every time I have needed them. Dynamic information and ability to drill to specified levels of information. I think if we had a full team or at least an employee who's full time job was to manage and maintain this system it would be great.
It is dynamic and multidimensional, as someone who uses it regularly with IT experience, I find it to be a good tool. I like that we can add comments and Line item details to our Budgets and flow information through our versions if need be.
Many of our managers do not use our system regularly since the Product can be a little confusing for end users that are not in the IT or accounting world. Sales Managers find it difficult to remember what steps/versions they should be using. Also, it looks similar to Excel but the screen is smaller and the system has many quirks when trying to build templates, especially when involving formulas.
Colin from Winnipeg Airports Authority
Prophix Business Performance Management is allowing us to track the performance of our company in real time, everything flows through to the end user and reports and can be viewed to assess where were are for the month.
Barbara from Akwesasne Mohawk Casino Resort
The program has so much potential, but it's difficult to learn how to harness it. Trial and error has been our method so far, which has helped tremendously in the learning process, but is very time consuming. The customer service line seems to only have 4 people working it and has not been very helpful. Overall it's a great product if you have the resources and time to put into it.
Sylvia from Ameriquest
It definitely has a learning curve but it's a great program to use once you understand it. I cannot wait until we implement more into our program. Teaching new users to use the program is great, this was my first program where I lead the training and I was quite comfortable presenting due to the ease of accessibility of information.
Kit from Forrest T Jones
Product concepts are great. Detailed planning module is separate from budget module which creates good security for segregation of duties. I have been using Prophix for budgeting since Priphix Enterprise. However, software displays are not very user friendly. It's difficult for users who take part in budget once or twice a year to remember the icond that lead to different views and functionality. I have got too many user requests to be re-trained every year. So I decided to distribute template in Excel then upload back to Prophix.
Cheryl from Gatan
It can do anything to need it to, there's always a way!
Colin from Winnipeg airports authority
So far so good, we are yet to go live but look forward to using prophix.
Liusik from Asociacion Popular de Ahorros y Préstamos
Making templates and reports are too easy. We can see quikly all data to make decisions on accurately
Catherine from Private Advisors LLC
Prophix allows detailed budgeting through DPM, line item details, and flexible templates. Would prefer better drill down from company summary to cube values for reports.
Connie from EPB
Pros are assimulating data efficiently & timely for multiple depts & funds
Cons: when deleting line item details for current year, it deletes prior year details.
lori from county of simcoe
easy to use, lots of opportunity to rearrange data. Formatting abilities sometimes limited, lots of versions required for variances.