Prophix Software

Prophix Software

4.4
(101)
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Prophix develops Corporate Performance Management (CPM) software that automates important financial and operational processes, making companies more profitable and reducing their risks. Business leaders use this software to empower their organizations and gain valuable insight into their companies’ performance.

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Prophix Software review by Bilal S.
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Prophix Software review by Kevin W.
Kevin W.
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"Prophix provides a powerful tool for financial and process management"

What do you like best?

I love the flexibility and broad scope of potential uses for the software. We use it primarily for budgeting and reporting, but plan on expanding the use to include asset management, loan tracking, and analysis of patron attendance.

What do you dislike?

The licensing structure has limited the number of users that we can involve directly with the software. The up from cost of additional user licenses is hard to justify for the medium-sized business that we are. If I had better understood the product up front, I would have involved more people in the implementation process and expanded time for initial training. Although the increase in upfront cost that would have required, would have made it more difficult to justify to senior management.

Recommendations to others considering the product:

Invest the time and money up front to make sure Prophix understands your needs, and your team understands how to make the most of the software services.

What problems are you solving with the product? What benefits have you realized?

Prophix enabled us to budget more efficiently, accurately, and in greater detail. It provides an means for budgeting at a departmental level, and seamlessly rolling those budgets up to a enterprise wide master budget. We have also been able to automate reporting, using reporting templates that automatically update with the most current information. That information can also be represented in a number of visualizations and dashboard options.

What Corporate Performance Management (CPM) solution do you use?

Thanks for letting us know!
Prophix Software review by Mark R.
Mark R.
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"Flexible, Cost-effective Solution"

What do you like best?

Prophix allows great flexibility and variety in reporting. It is a tool that is understandable by many users on our campus and has provided information to our managers that was previously unavailable.. Prophix has also improved our budget cycle by providing consolidated information in a much more timely fashion that our previous processes. Prophix allows us to look at our data in ways that cannot be done in Excel.

What do you dislike?

We have a very complex chart of accounts. We were advised during implementation that response times for reports could be affected depending on the information requested. This has been at issue at times.

Recommendations to others considering the product:

Make sure you have a good plan for what you want out of the software. It is a very flexible tool that provides numerous options. Knowing the output you expect will help you better implement the system.

What problems are you solving with the product? What benefits have you realized?

Our budget cycle has improved. We also have financial reporting, with drill across capability, available in a much more efficient fashion. Prophix has given us a management tool that we previously did not have and has enabled our managers to make more informed decisions. We have also been able to better manage the personnel side of our business, which represents approximately 60% of our operating budget.

Prophix Software review by Steve A.
Steve A.
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"Useful and cost effective CPM Solution"

What do you like best?

I love the flexibility of the software, the OLAP functionality allows for me to slice and dice my data however I need. Prophix is my one stop shop for financial reporting, budgeting, forecasting and analysis. We also use Prophix for our financial consolidation, much of which is automated. We completely ignore the budgeting and reporting capabilities of our ERP as Prophix is a much better tool.

Prophix has a great user community, and they provide a mechanism to provide customer feedback - many of their new product ideas come right from the users. Their customer support team is very responsive, and are willing to do quite a bit of help without charging - this is very well received, as we have seen other software (like our ERP) charge for exploring issues in our system.

What do you dislike?

When analysis needs to be performed at a very detailed level, we do not use Prophix, we use a standalone BI tool. We find that Prophix is best utilized with summarized data (by product, market, customer, etc.) not at the transaction level.

Recommendations to others considering the product:

This is a great tool, use it's capabilities to challenge how you do things. Utilize the consultant's expertise to improve your processes as you implement.

What problems are you solving with the product? What benefits have you realized?

Financial Reporting, Budgeting and Forecasting, Financial Analysis, Financial Consolidation, and personnel planning are all done in Prophix. We have automated all of our financial reports in Prophix - we utilize automated distribution of all of our financial reports, and have automated much of our special reporting as well. Specifically, we have automated our product mix reporting, product variance reporting, pricing analysis in Prophix.

Prophix Software review by Alyssa S.
Alyssa S.
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"Better than expected; superb customer service!"

What do you like best?

Prophix's customer service and willingness to go the extra mile is what makes them standout from other providers. The software has an intuitive feel and is easy to navigate. The implementation team was very helpful and worked to ensure all features were working properly before go live.

What do you dislike?

Some of the cube upkeep is more manual than I expected. Building of reports and/or templates is not as easy as other features.

Recommendations to others considering the product:

Prophix is much easier to use than other products such as Hyperion. My recommendation would be to fully plan / map out what you want your end product to look like and ask as many questions as possible to the sales / implementation team. They are very helpful and knowledgeable and can help you get the most out of their product. If you are looking for a user friendly budgeting, forecasting and reporting tool, Prophix is for you.

What problems are you solving with the product? What benefits have you realized?

Prophix provides us with an easy to use budgeting and reporting tool. We are able to produce budget to actual reports much quicker than before when it was an 100% manual process. We are able to route several versions of the budget to different stake

Prophix Software review by Erik T.
Erik T.
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"Flexible CPM tool for the everyday user"

What do you like best?

Flexibility and ease for ad hoc data views, The user can quickly get at the data they want and pull it into tools like Excel. Prophix being privately held does lend to a better long term focus vs the sub optimized view that many private equity companies take on their portfolio. As a rule of thumb Prophix has been responsive in addressing issues within their SLA. The one incident that where this did break down, Prophix took ownership once the issue was highlighted; Prophix spent time with us to understand how we wanted to move forward and showed a real commitment towards taking corrective action.

What do you dislike?

User rights administration, shutting down a user is straight forward, properly removing them and all of their associated work and processes is far from intuitive and quite tedious. Performance has been a challenge due to our large entity structure (200+). Prophix has worked closely with me to get the performance into an acceptable levels. As one of the user of their consolidation module we had to move to their Enterprise edition. As a company on a single server installation and of medium size this seemed to be an over kill unnecessary cost for one module. But given the importance of consolidation within our business, we bit the bullet and took on the addition one time license fee.

Recommendations to others considering the product:

Be realistic during the installation, build what you need vs trying to build every scenario you may have. Once you start using the product you will see what make sense and adding on is easier than trying to back out work that was never taken advantage of which built unnecessary complexities upon your dimension structure, which impacts performance of any cube. In our case there were a complex stat accounts built that never saw light of day and removing these accounts became quite cumbersome due to upstream associations. Some are still in the system. IF you can attend the user conference early on to get customer feedback and the attend the instructional presentations

What problems are you solving with the product? What benefits have you realized?

Budgeting, reporting, consolidation, waterfall analysis and some ad hoc analysis of our financials

Prophix Software review by Julie L.
Julie L.
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"Great tool for managers to manage their spending!"

What do you like best?

Prophix is a very user friendly application that has the simple look and feel of a spreadsheet that most managers are familiar with. However, it's powerful enough to allow budgeting at a very detailed level by multiple managers and in the end we can easily pull all of it together to the executive level. And I absolutely love how financial administrative users can control the setups and report creations without having to go through our IT department.

What do you dislike?

What I dislike the most about Prophix is the time it takes to load some of my reports. It's a SQL query based application and depending on the database size, some of the reports and processes can take some time to run.

Recommendations to others considering the product:

If you can dedicate 1-2 members of your finance team to really get to know how to use Prophix, you can do wonders in equipping your non-finance managers with information and data to do their job with excellence.

What problems are you solving with the product? What benefits have you realized?

We use Prophix mainly to prepare our budgets, create our interim financials, and manage financial result variances from budget. We started out with just a handful of users involved in our budgeting and financial analysis process to now over 40 users with still more managers requesting for access. We have also found other uses for Prophix like creating our quarterly debt compliance certificates to our banks and creating various reports for our financial auditors, for example: long-term debt schedules and 990 functional expense allocations.

Prophix Software review by Zander S.
Zander S.
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"Exciting Opportunities!"

What do you like best?

The flexibility of Prophix software. We are able to customize the software to our specific business needs. You do not need to be a tech expert to create processes/templates. Anyone can do it!!

What do you dislike?

I am not a fan of the new web version of Prophix. The interface requires more clicking causing it to take longer to use.

What problems are you solving with the product? What benefits have you realized?

Prophix has allowed us to connect to our data tables in the background. By doing this, we were able to create dynamic and user friendly interfaces for pulling the data. Additionally, we have implemented Prophix as our primary projection tool. What we were unable to do it excel previously due to the large amount of data, we could build Prophix. We are also able report our results efficiently and dynamically because the data can be pulled using Ad-Hoc rather than trying to tie together many excel sheets.

Prophix Software review by Denise F.
Denise F.
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"Very flexible tool brings great efficiency to the office of finance"

What do you like best?

Very flexible tool for analyzing, managing, flexing, and reporting data, both financial and non-financial. I have developed multiple models that has greatly improved our business goal of "one version of the truth". Business processes are able to be applied simply across multiple data sets to analyze financial and non-financial information alike in a common platform.

What do you dislike?

There are not enough hours in the day to use the application to it's fullest extent. Really don't have anything that I don't like about the application. It has helped me be successful in my career by enabling me to provide timely, accurate, and relevant data in an efficient manner that is easily understandable at all levels of the organization.

Recommendations to others considering the product:

Very flexible tool...the sky is the limit with this application. Brings great efficiency to the office of finance not only in financial reporting and planning functions, but also in a wide variety of operational applications.

What problems are you solving with the product? What benefits have you realized?

Financial planning and consolidation, operational reporting and analysis, bringing the business together under one version of the truth. Additionally, personnel planning and foreign currency exchange for multiple currencies across our business. We've improved the accuracy of our financial consolidation and reduced our time to close and publish financial statements.

Prophix Software review by Joe S.
Joe S.
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"Fantastic product, slow implementation"

What do you like best?

The experienced Prophix consultants are a pleasure to work with and very knowledgeable. The product itself is powerful and provides valuable insights, reports, analytics and process improvements.

What do you dislike?

Implementation was over-promised and under-delivered. We lost our project manager due to them being scheduled on another project too soon after our project was underway. We worked with 10+ subsequent consultants to get our implementation done. It took nearly 10 months when it should have been 2 or 3. Some of that is our fault but also poor planning on Prophix's part. Our senior consultant that worked with us to finish the implementation was fantastic, it was just difficult to get other resources assigned to us sometimes. It should be said that we are now very happy with Prophix and the value it is providing our company.

What business problems are you solving with the product? What benefits have you realized?

Streamlined our planning process. We use Prophix as our 'one source of the truth' for sales reporting and financial reporting, which has been great

Prophix Software review by Shan S.
Shan S.
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"Great Consolidation Report for Ad Hoc"

What do you like best?

The software is intuitive and user friendly. I can inquire about a particular feature and support will walk me through the process. When I need to complete the task again the notes are not necessary and any error can be identified by understanding the concept. The software is not complex and its simplicity makes it easier to encourage new Prophix users to become familiar with its capabilities.

What do you dislike?

The page break feature to print charts/reports on different pages does not work. Instead, additional rows to space out the charts must be included through trial & error. This might sound minor put it is frustrating when you have to published multiple statements in PDF format but the page formatting is not copied to excel.

There should be easier access the support to resolve critical issues. I have called approximately 20 times but reached a live person three out of 20 attempts. Those odds are poor in my opinion.

What problems are you solving with the product? What benefits have you realized?

Financial Consolidation is the biggest accomplishment with Prophix since the company is continuing to grow. I am able to import and review the data easily prior to finalizing financials. The budgeting feature is utilized as well.

Prophix Software review by Administrator
Administrator
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"Excellent Problem Solving and Customer Service!"

What do you like best?

Prophix as a whole delivers efficient products, solutions, and support. Their solutions team and consultant network expanded our use of the Prophix platform across our company and replaced many manual, excel-based processes with user-friendly, automatic ones.

What do you dislike?

Since our Prophix platform is maintained on-premise by our internal IT departments, we've had difficulties with upgrade transition and the time it takes for our teams to get up to speed with the requirements and procedures. Also, functionality discussed on Prophix's user feedback forum that would greatly benefit our use of the product has not generated enough support from other users.

Recommendations to others considering the product:

Even if you'd like to test the capabilities of Prophix Software, Take advantage of every opportunity to partner with their solutions team and give a visioning and discovery session a chance. Their consultants are also some of the best problem-solvers and will cater to any business model.

What problems are you solving with the product? What benefits have you realized?

It has greatly benefited our internal budgeting and forecasting infrastructure. Futhermore, Prophix has provided invaluable data at the finger-tips of our decision makers, and this powerful analysis is paving the way in the industry.

Prophix Software review by Paige B.
Paige B.
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"Extremely versatile and helps me to look good in front of my boss and board"

What do you like best?

Prophix can easily integrate data from disparate systems to create more meaningful analysis and reports. Each data set alone only tells part of the story. Powerful insights can be gained when combining the data. We've also become much more efficient in month end close, reporting and ad hoc analysis by moving from Excel to Prophix. I've used Prophix at two different companies for years.

What do you dislike?

Wish there was a true cloud version but they're actively working on it.

Recommendations to others considering the product

If all of your processes are driven by spreadsheets, you need to move to Prophix. The ease of doing complex analysis that would have taken me weeks in Excel took me a couple hours to set up and run in Prophix which completely impressed outside companies when we were in due diligence to sell the first company where I used Prophix. I can easily drill down into the detail or move to high level analysis on any aspect of our business. We can provide each of our clinicians with a personal P&L so they can see their true contribution to the company bottom line.

What business problems are you solving with the product? What benefits have you realized?

By integrating financial and operational data at micro and macro levels, management and staff can easily see their impact on the operations of the company. Huge efficiencies have been gained by moving month end allocations and consolidation processes from Excel to Prophix. Month end reporting is a breeze with beautiful and accurate reports at any level.

Prophix Software review by Angela B.
Angela B.
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"Life is easier with Prophix"

What do you like best?

I like the workflows, business processes and report function. Prior to our experience with Prophix we did everything in Excel. Now we spend only 1/4 of our time in Excel.

What do you dislike?

I don't use some of the functions like SmartMonitor Reporting. Also, a couple of frustrations is that you can only run one business process at the time and if you are updating the dimensions your users could get an error. This doesn't happen often, but it causes confusion.

Recommendations to others considering the product:

That if you use Prophix for any sort of budgeting and putting together the financial statements it will save you time. But, you need to use the workflows, business reports and Template Studio to accomplish it all. Once you set it up, your time will be cut by 75%. Mistakes will go away with the automation.

What problems are you solving with the product? What benefits have you realized?

We original bought Prophix so that we could stop creating our monthly financials package that would take several days to put together. Now it takes about 30 minutes to update. We now forecast expenses, revenue, capital, and headcount using Prophix.

Prophix Software review by Michelle F.
Michelle F.
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"Prophix is a perfect solution for our organization"

What do you like best?

Flexibility and Performance: It is flexible enough to pull data from multiple sources in minutes. With several years of data imported, the software performance has remained stable and fast.

Ease of Use: Prophix is easy to use, ramp up time is minimal and the learning curve is short compared to other products I have used.

Support and Innovation: Prophix has a great feedback loop with its customers. They are continuously improving the product. The support response time is fast and the staff is knowledgeable.

Finally, Prophix meets our financial reporting needs. We use it for personnel planning, budgeting and forecasting, and financial statement preparation.

What do you dislike?

There is nothing that I dislike about Prophix.

Recommendations to others considering the product:

Prophix, as a vendor, is great partner with. The software is superior to other products I have used at previous organizations. I do not want to imagine a world where I could not use Prophix.

What problems are you solving with the product? What benefits have you realized?

We could not see all of our data in one place. Prophix provides us with a single source of the truth. Using Prophix gives us the ability to analyze revenue and cost by revenue stream, department, account, etc. We can basically slice and dice data any way we want to.

We were spending days generating financial statements copying and pasting data into Excel spreadsheets over and over again. With Prophix, that time has decreased to hours.

We were spending a lot of wasted time during the budgeting process re-iterating versions in Excel spreadsheets that were prone to errors. With Prophix, that time has decreased significantly.

We can pull P&L data and Balance Sheet data into one report. Being able to pull KPI's from both reports gives us an opportunity to look at a snapshot of our financial position in a unique way.

Prophix Software review by Bobby R.
Bobby R.
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"Consolidation Made Easy"

What do you like best?

We used to consolidate all of our financials for 20+ agencies using excel and it was a nightmare. After using Prophix we have been able to reduce errors, improve reporting, and be more analytical. The latest commentary functionality allows us to exclusively use Prophix for our forecasting and analytics.

What do you dislike?

Report building can be difficult at times, especially when creating large reports with multiple data views.

Recommendations to others considering the product:

If you are looking for a software that can be run without constant IT support this is the product for you.

What problems are you solving with the product? What benefits have you realized?

Consolidations, Client P&L reporting, Budgeting/Forecasting, Financial Analysis, and many more.

Prophix Software review by Robin S.
Robin S.
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"Great Budgeting and Reporting Software"

What do you like best?

Working with the Prophix team. They are always willing to go the extra mile to answer questions and make sure that you have success with their product. Calls are always returned in a timely manner. If necessary, they successfully escalate questions up their chain of command to make sure that you receive the information you need.

Our company's budgeting and reporting needs have been fully met with Prophix. The templates allow for quick monthly report generation and the ease of exporting the reports into Excel allow for reporting to employees and clients who do not have Prophix. Ad hoc analysis allows for flexible financial analysis and Template Studio gives us the means to create more polished reports.

What do you dislike?

Implementation was a challenge for us and took longer than we had anticipated. When new people from Prophix were assigned to our project, they weren't up to speed which slowed the process down. That being said - they never gave up! The employees and management were dedicated to ensuring a positive outcome for us even when the implementation got very complicated due to a quirk in our version of QuickBooks.

Recommendations to others considering the product:

If you are using the time function in QuickBooks, ask your consultant to see if your version of QuickBooks will integrate successfully into Prophix.

What problems are you solving with the product? What benefits have you realized?

Our reporting capabilities have increased exponentially. We are able to generate budget analysis reports for each of our many projects separately or as a whole for the company. This was the primary endpoint for us as we had previously relied heavily on generating reports in Excel which took entirely too much time from our staff to update. With Prophix, we have real-time reporting with just a few key-strokes.

Prophix Software review by Jason R.
Jason R.
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"Prophix generates board-ready reports"

What do you like best?

The reporting capabilities of Prophix exceed my expectations. I no longer need to export files to Excel for modifications.

What do you dislike?

I haven't found anything that I dislike that's worth mentioning. The support team has helped me overcome everything that I had a challenge to complete.

Recommendations to others considering the product:

Understand fully your expectations/output so that you can be efficient at the setup/install.

What problems are you solving with the product? What benefits have you realized?

The main 2 areas that we use Prophix are reporting and budgeting. We have higher quality (both in content and form) reports and have streamlined out budgeting process.

Prophix Software review by Barbara L.
Barbara L.
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"Great product, if you're dedicated"

What do you like best?

My favorite part of the program is the Ad Hoc function. Having all of our financial and statistical data available to pull in any format at any given time is extremely helpful.

What do you dislike?

It takes a long time to master all of the functions and quirks of the program. It can be complex and you really need a dedicated administrator/team to learn everything that can be done and how to manage it.

What problems are you solving with the product? What benefits have you realized?

We have used it to streamline our budget process and to build reports for better analysis of our performance.

Prophix Software review by Administrator
Administrator
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"Dynamic budgeting - Limited Data Analysis"

What do you like best?

The ability to drill across to the SQL server has saved our company a lot of time and hassle. The ability to move our budget process from excel documents to Prophix has reduced errors, shortened the timeline and increased transparency in our budgets. The ad hoc reporting has become much more dynamic and

What do you dislike?

There is very limited excel functionality, and there is also no ability to view actual expenses in comparison to the line item detail level that they are budgeted on. This makes it a lot harder and time consuming to analyze variances.

Recommendations to others considering the product:

Ask specific questions about excel functionality, ability to print from the program and ability to view expense/budget details in the same location.

What problems are you solving with the product? What benefits have you realized?

We were using excel in SharePoint before Prophix for budgeting and forecasting, so we saved on time, sanity, and put more responsibility on budget owners. Our budgets are much more manageable, accessible and detailed.

Prophix Software review by Colt T.
Colt T.
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"By Finance for Finance"

What do you like best?

I like the graphical interface and how easy it makes otherwise complicated process like allocating costs. The Ad-hoc environment has greatly increased our ability to investigate variances and drill into reasons for certain financial results.

What do you dislike?

At times performance can lag. There are usually workarounds, but it's still inconvenient having to resort to a workaround.

What problems are you solving with the product? What benefits have you realized?

We've been able to budget at a more detailed level, but spend less time doing so. The quality of our variance explanations have also greatly increased. We're using those time savings to automate more of our forecasting process and provide insights to the operations teams.

Prophix Software review by Sharon R.
Sharon R.
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"Very flexible and easy to use."

What do you like best?

We were able to create reporting using multiple sources for our data (2 ERPs, Payroll, Spreadsheets).

What do you dislike?

My lack of time to work with Prophix . There are so many projects that I could do to make life easier and more clear for many areas of our business.

Recommendations to others considering the product:

If you don't have someone with Prophix experience use their consulting team. I have been really happy with the level of support we have gotten.

What problems are you solving with the product? What benefits have you realized?

Consolidation of many sources of data have made our reports easier to prepare, uniform in appearance, and easier to disseminate.

Prophix Software review by Robert-Jan v.
Robert-Jan v.
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"Strong for financial budgeting, reporting and consolidation"

What do you like best?

The report builder called template studio, this is an Excel style report builder which is very easy and user friendly but allows you to create very powerful templates.

The workflow manager allows you to create for example a budget process, which consists of various steps, you can set dependency and monitor the progress.

Financial controller is a module for financial consolidation, you can set up various types of ownership, link it to specific accounts and Prophix will automatically generate the eliminations journal entries.

What do you dislike?

Prophix is based on Microsoft SSAS cubes, and for certain reports like top 20 customers you need to use MDX.

It is not possible to add more dimensions to your model once you created it. So you need to start over again if you want to add an extra dimension to your model.

You should try to limit the model to 6-7 dimensions otherwise it will cost you performance.

It doesn't not have the fancy interactive dashboards like PowerBI of Qlikview

Recommendations to others considering the product

I would strongly advise to take courses or onside training to get the maximise your investment. This allows you also to create own model and reports and be less dependant of consultants.

What business problems are you solving with the product? What benefits have you realized?

We use Prophix for consolidation and reporting at holding companies, we import data from all the entities, transform the data to the reporting chart of account structure and run an automatic consolidation. As a result of this we can now do a monthly close in only 2 days instead of 5 days.

We use Prophix for budgeting and forecasting, we automatically distribute input templates to the budget owners, the enter the data and add comments. All the data is automatically imported and management can review the aggregated results. We have much more control over the budget process, We can do a couple of budget rounds before we come to the final budget and with the same process we run the monthly forecast process.

Prophix Software review by Administrator in Accounting
Administrator in Accounting
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"Prophix for reporting and planning"

What do you like best?

I like that Prophix requires minimum assistance from technology, and is rather easy to learn, especially if you understand data structures. It's also apparent they listen to customers and incorporate their feedback into their product roadmap. Another plus is their support team is easy to work with.

What do you dislike?

I can no longer think of anything I currently dislike. The majority of complaints or desires I had in the past Prophix has incorporated into their current version making the administrators and end users experience significantly better than years ago. It would be nice if data was in real-time, but this was not an organizational need or requirement.

Recommendations to others considering the product:

Think outside the box. The way Prophix is structured and allows you to develop models, you can really stretch the limits on how Prophix is used. It can be used for a lot more than just financial reporting, and the annual budget and forecast processes.

What problems are you solving with the product? What benefits have you realized?

Prophix made the planning and forecasting process significantly easier to manage, and allowed for tighter controls to be in place. It also made reporting significantly easier, not only to develop but to also provide immediate access to end users. Overall, the organization significantly reduced the time spent creating reports, was able to have more meaningful conversations around planning, and reduce errors in reporting.

Prophix Software review by Monte S.
Monte S.
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"A review from a newbie! Using Prophix for the last 6 months."

What do you like best?

* How easy it is to use.

* I love doing ad-hoc analysis on the fly.

* I can have access to financial reports quickly!

What do you dislike?

* Sometimes if a Cube has a lot of data performance could be slowed. Not saying it does not make it unworkable but slowed.

Recommendations to others considering the product:

Connect with others using Prophix....ask questions....see a demo....

What problems are you solving with the product? What benefits have you realized?

The request for the WHY behind the numbers is one of the most important responsibilities. Prophix gives me the tools to do my job and do it quickly and accurately.

Prophix Software review by Administrator in Accounting
Administrator in Accounting
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"Very useful program with minor limitations "

What do you like best?

I love that there is so much automation available. We do a lot of monthly reporting and it is great to be able to set things up to be distributed automatically. We also find the ad hoc analysis to be very useful on a daily basis. Added comments to reports had also been a huge help for us.

What do you dislike?

Template building can be a bit complicated, we do a lot of complex reporting and it can be challenging at times to get the results that we need. Also, formatting of the templates could be better.

What problems are you solving with the product? What benefits have you realized?

We have streamlined our monthly reporting using report binders and process manager. We have been able to significantly cut down the time we spend on manual processes and report distribution.

Prophix Software review by Amie R.
Amie R.
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"Great Program and Customer Service"

What do you like best?

Prophix is very customizable and was able to help us manage many work processes

What do you dislike?

The only limitations I have found are due to my lack of knowledge and not necessarily a Prophix issue

Recommendations to others considering the product:

Communication is key! Prophix is great with customizing so be sure they understand your needs and things should be very helpful for your company!

What problems are you solving with the product? What benefits have you realized?

Prophix has helped us streamline the budget process, as well as, save a huge amount of time during those updates. The reporting is also very nice.

Prophix Software review by Karen L.
Karen L.
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"Great customer service"

What do you like best?

I was never left on my own during implementation, testing and initial setup. The Prophix team leader and implementer always kept a schedule and plans our meetings to maximize the time we had without causing huge disruption to my daily job.

What do you dislike?

The report creation is more manual than I expected and very repetitive. There are many steps in adding a new line of data or formatting within the reports.

What problems are you solving with the product? What benefits have you realized?

We have automated our financial reporting, provide more depth to division managers than we have ever had, and automated our budgeting and strategic planning process. All had been done with exports from our ERP to excel and then built out. Now we sync to our ERP and we are done.

Prophix Software review by Lonnie S.
Lonnie S.
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"Very scalable and affordable system"

What do you like best?

Prophix is straight-forward to deploy and their team ensures you are up and running quickly. This system is significantly easier to use than the previous one, and we had a quick and wide adoption. Prophix can be run by your Finance team eliminating the need for multiple IT staff to maintain it.

What do you dislike?

The previous version did not have a good web client. This meant we had to deploy the client for international staff via Citrix.

Recommendations to others considering the product:

Get references of other customers in your market. Do phone calls without the Prophix sales rep on the line. Be specific asking for a reference of someone that switched from the product you are currently using.

What problems are you solving with the product? What benefits have you realized?

Providing real-time information to business units and the ability to drill-across to see backup images of transactions.

Prophix Software review by Michael L.
Michael L.
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"CFO"

What do you like best?

The flexibility of Prophix. Their solution is so much more than just a budget package. We are solving pressing business issues with Prophix. (and moving manual processes to automated processes!)

What do you dislike?

I do wish implementation would not take so much time. There has to be a quicker way to get up and running.

Recommendations to others considering the product:

Great choice!

What problems are you solving with the product? What benefits have you realized?

We have used Prophix to replace manual solutions that took hours to do. We currently are working on replacing Power BI so that we have both live and historical data that we can look at. The next project that kicks off, next week, is related to customer utilization.

Prophix Software review by Administrator in Insurance
Administrator in Insurance
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"Prophix"

What do you like best?

I like the flexibility of the ad hoc reporting area and I also like the workflow control that is available for data entry templates and their distribution. The system can do almost anything you can imagine doing with it and solve many different business problems.

What do you dislike?

When doing mass amounts of processing, it can sometimes take a bit of time to churn through the calculations. To help this, their consultants are always helping by providing guidance on how to structure things for optimal performance.

Recommendations to others considering the product:

The software offers great flexibility to be set up how you need it.

What problems are you solving with the product? What benefits have you realized?

Budgeting, customer level profitability, creating comprehensive reporting. Benefits include centralized control, using data from different sources in mass quantities, and consistent distribution to many different end users.

Prophix Software review by Cathi B.
Cathi B.
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"Prophix finanical reporting"

What do you like best?

Flexibility, ability to send department reports with many sorting options. Real time data review from financial reporting system. Reporting is setup the way we need it and with templates makes consistent across all reports.

What do you dislike?

The learning curve, as with any new system. Once staff understands they can run on their own. It is a complicated robust program and you need to take the time to fully learn.

Recommendations to others considering the product:

This is a solid system if you need flexible reporting and analysis. Service is exceptional.

What problems are you solving with the product? What benefits have you realized?

We have very limited reporting from our ERP system, Prophix is filling that gap. We are in a labor intensive industry and we do all our labor reporting from Prophix. Also all financial reporting and moving into sales reporting. Visibility is the key and they have brought us that. We are able to see financials at a glance in the first day after month end, previously would take 7-10 days.

Prophix Software review by Administrator
Administrator
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"Powerful and Flexible with on-premise deployment option"

What do you like best?

Robust framework for Detailed Planning of HR, CAPEX, etc. plus the ability to define workflows to support custom business processes in these areas.

The "open architecture" of Prophix (built on the SQL Server stack) has given us a lot of flexibility in terms of integrations.

What do you dislike?

I would wish that the update process were simpler. Currently it involves a full uninstall/reinstall, and if you're running the web client, editing config files. This is easy to mess up.

What problems are you solving with the product? What benefits have you realized?

We are able to provide managers with much better visibility into financial performance indicators than we could before, and have reduced our consolidated reporting cycle from annual to monthly.

Prophix Software review by Executive Sponsor
Executive Sponsor
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"Financial Planning & Analysis for Expenses "

What do you like best?

Prophix is very much a Finance-Administered application without an Excel front-end (but easily exported to Excel). We are much less dependent on IT and more efficient. The application is point and click intuitive for non-financial users. Staging data from SAP and other sources has been fairly straightforward to implement. Working directly with Prophix for implementation consulting is fantastic and a welcome change from working with 3rd party implementation firms. The ability to continue to grow our platform footprint without large financial outlays was a big win.

What do you dislike?

As each customer implementation is custom built to a certain point, we found the ability for new consultants to enter the process mid to late stream hasn't proven to be as efficient as staying with the original team. A stronger bench and more thorough turnover documentation could have closed the project more quickly, but all in all, we are pleased with the end product.

Recommendations to others considering the product:

Talk to other users and utilize the very competent pre-Sales technical team who can do some great mock-up's with your data to show you what your data will look like in Prophix. Don't be afraid to ask hard questions. The Sales team was very knowledgeable and responsive. They speak CPA and can answer tough questions as many of their consultants and Sales team are CPA's.

What problems are you solving with the product? What benefits have you realized?

Improved staff efficiency. Staging data from multiple sources creates a one-source-of truth application and significantly reduces staff time manually assembling reports and analysis from varied sources. Improved user ease-of-use and increased accountability especially from the non-financial users and time-crunched executives. Lower cost implementation model with internal Administrator and lower technical resource cost (internal and external) to support the application.

Prophix Software review by Tovi K.
Tovi K.
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"A configurable product easily maintained by the business users "

What do you like best?

The product doesn't require IT intervention except for the initial setup, backup, and the version upgrades. The tool used for designing reports is spreadsheet based and have some of the Excel functionalities built in. Setting up a process doesn't require any script knowledge and only drop down menus are used which makes it easy to setup and maintain. The helpdesk is quick to respond and the analysts are very knowledgeable. The product is constantly being improved.

What do you dislike?

It would be better if the product was a little bit faster in running processes/reports.

What problems are you solving with the product? What benefits have you realized?

We are using Prophix for our actual month end management reporting purposes, as well as for our annual budget and rolling forecasts.

Prophix Software review by User in Insurance
User in Insurance
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"IT Financial Analyst."

What do you like best?

I like that is a big database to store financials. It is better than a ton of spreadsheets. I love setting up tasks to be pushed out.

What do you dislike?

The limitations of if I want to see the total of financials in a department forecast/budget then the option of Line Item details goes away unless I select Unspecified.

inconsistency in how to do the same functions. To submit is in a different location on template vs dpm is one example. If I am designing a template, formatting or options are accessed different if I am doing an Ad Hoc or a Dataview.

There is too much flipping between tabs to compare. It seem like there isn't a "one-stop-shop" to see what is needed. Setting up a report to pull that is a lot!

You can have more than one Ad-Hoc open at a time

What problems are you solving with the product? What benefits have you realized?

I am the primary analyst for IT financials. We have been using Prophix for 2 years of budgeting. I just rolled out forecasting last month. It is great to gather forecasted financials, but the steps and details aligning with actuals is a huge road block for myself and users. A big challenge is seeing there total forecasted amount while being able to update the financials at the same time. You can't do this when project and product are on Total (not that I know of).

Prophix Software review by Joshua W.
Joshua W.
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"Very flexible system, wish performance was better"

What do you like best?

Flexible system that I can make changes to without needing to go to IT. Also sits on Microsoft solution stack, which is what we use, so it makes it easy to access not only via Prophix, but directly via other means such as SQL/MDX queries or Excel pivot tables and CUBE functions

What do you dislike?

Performance is still a problem for me - there seems to be a lot of overhead. Also, when doing heavy duty MDX calculations, it seems that processors aren't fully utilized (seems like only one processor gets used, so if you have 4 processors, you will only get about 25% utilization - this might be a Microsoft problem with Analysis Services though, not sure). Also, if they can't find a solution to a problem quickly, support seems to take FOREVER to fix things - I have several open tickets now that are YEARS old.

What problems are you solving with the product? What benefits have you realized?

Primarily using Prophix for budgeting process. Prophix allows us to get away from spreadsheets and the related data integrity problems. Also allows for workflows and the ability to gain visibility into the status of the budgeting process.

Prophix Software review by Jeremy W.
Jeremy W.
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"Steep learning curve, but worth the effort!"

What do you like best?

The program provides countless ways to slice your data for deep data analysis. Report building functions also save the user time compared to performing the same functions within Excel.

What do you dislike?

The learning curve is quite steep and it helps to have some background in IT to fully realize the potential of the software. Large account structures also have a tendency to make the program run a little slower (we use over 7000 accounts). Once it clicks though, the opportunities are endless!

What problems are you solving with the product? What benefits have you realized?

We have used the software mostly for the budget process and financial reporting both internally and externally. It has been a huge time saver since implementation.

Prophix Software review by Administrator
Administrator
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"Nice product - much better than predecessor, but still some limitations"

What do you like best?

Nice interface. Easy to use. Good customer support team. Great online resources to get you going and help you explain the tools to other users,

*LOVE* Prophix for Excel as a really easy way to bridge the gap between new and old methods of budgeting in the transition phase.

What do you dislike?

Some learning curve - mainly due to complications in our business and oddities in how we want to do things. WE do have LOTS of calculations and found Standard Calcs caused poor performance.

Would like to see a good training manual for the product, but presumably they want to come onsite and train everyone - note we did some onsite training, but I still need to be able to train new staff members, which is challenging,

Recommendations to others considering the product:

Take the time to think ahead - many steps tahe far more effort to go back and correct than they take to get them right the first time. Listen to the Prophix team, but know your own business and needs, and don't be afraid to advocate for yourself.

What problems are you solving with the product? What benefits have you realized?

Roll up and presentation of annual budgets consistently and correctly, vs old system which would misrepresent the numbers.

Streamline a complicated budgeting process - making sure there is only one version of the truth.

Prophix Software review by Jennie B.
Jennie B.
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"Great CPM Tool"

What do you like best?

This is a highly flexible tool for ad hoc reporting! Our implementation was flawless with very professional consultants. Great for financial report to start and determine future needs once you are familiar with how Prophix works.

What do you dislike?

There is not really anything I dislike about the product. You can do just about anything with it.

Recommendations to others considering the product:

I highly recommend it! A great "One Source of the Truth" software.

What problems are you solving with the product? What benefits have you realized?

Consolidated Financial reporting, Sales reporting, Dashboarding in the future..

Prophix Software review by Administrator in Food & Beverages
Administrator in Food & Beverages
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Verified Current User
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"System is user friendly for reporting and adhoc analysis."

What do you like best?

I can design reports, templates, and adhoc with ease. Data entry and integration of materials is not overwhelming and is helpful to limit the amount of keying required by the user.

What do you dislike?

Cube building can be cumbersome when you are trying to setup data structure. Resources for assistance in the cube building seem to be hard to get, unless you want to pay higher $ for consultant assistance and some of the assistant packages can not be used throughout your company by set to one user only.

Recommendations to others considering the product:

Don't be afraid to think outside the box and do more.

What problems are you solving with the product? What benefits have you realized?

Reporting automation and out of excel

Prophix Software review by Administrator
Administrator
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"Senior Financial Analyst with 2 years of Prophix experience"

What do you like best?

I like the ability to quickly pull sales and cost data at both high level (customer/program) and low level (customer/part number). This very useful as I work with numerous sales people who frequently ask for customer data.

What do you dislike?

The time it takes to run cube updates and our overall refresh process is significant. We recently eliminated numerous steps, but the refresh process still takes about 40 minutes to run. This is an improvement form the hour and 15 minutes it previously took. The length of time this takes to run can cause issues during month-end close when we have people trying to run refreshes on our finance cube and they have to wait if I am running a refresh on our sales cube.

What problems are you solving with the product? What benefits have you realized?

Better forecasting by allowing individuals to load their sales forecast directly into the system and receive real-time feedback.

Prophix Software review by Administrator
Administrator
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"Budgeting & forecast solution with amazing customer services and user friendly applications"

What do you like best?

Prophix is a solution that is all about the users. The software is extremely user friendly and easy to implement. The customer service team is responsive and motivation to help provide a timely solution.

What do you dislike?

There is very little to dislike about the software

What problems are you solving with the product? What benefits have you realized?

Prophix was originally mention to be our budgeting solution. It took us out of a cycle of excel spreadsheets. Over time our use of Prophix has grown greatly. We also use the software for a rolling forecast, statistical analysis, financial reporting and more.

Prophix Software review by Administrator in Hospital & Health Care
Administrator in Hospital & Health Care
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"I went from working 60+ hours per week during budget season to 30-40 hours per week."

What do you like best?

I love the flexibility of the software and being able to design it to meet any need for the company.

What do you dislike?

Motivating my end users to be excited about the product and not revert back to old ways of doing things.

Recommendations to others considering the product:

If you are looking for a dynamic tool to help you with your Budgeting and month end duties, look at Prophix!

What problems are you solving with the product? What benefits have you realized?

Our Finance Department is now able to get accurate information on a timely basis to anyone who asks for data and/or reports. We have realized many benefits including the available for more analysis time and at the same time, working less hours.

Prophix Software review by User
User
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"An effective budgeting tool"

What do you like best?

The formatting in Template Studio works like excel so it is easy to understand and work with.

What do you dislike?

There's a few functions that need improved. For instance there is no ability to add dollar signs $ to the badges on the dashboard

What problems are you solving with the product? What benefits have you realized?

Our company used to use excel worksheets to perform all of our budgeting tasks which took accountants and directors 1000+ hours to perform. Prophix now saves us that time and we are able to do more analytical work instead.

Prophix Software review by Rachel L. B.
Rachel L. B.
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"Budgeting and reporting fundamentals are well covered with Prophix Software."

What do you like best?

- Prophix Software facilitates the entering, review of and consolidating data across a number of projects, departments, locations and companies.

- The ease of loading and comparing budget versus actual financial performance

- The look and feel of EXCEL

- Ability to attach source documents and record budget assumptions

What do you dislike?

- Prophix Software can be 'glitchy' in that applications or reports launched can continue to run without notice that something is wrong.

- Ability to develop forecast projections based on actuals

- User administration is clumsily

- Reporting and/or establishing reports not user friendly

Recommendations to others considering the product:

- Need dedicated AR Issues focus.

- Ongoing maintainenance of software

What problems are you solving with the product? What benefits have you realized?

- Transparency to program (project) spend, e.g., who did what to whom ...

- Managing growth

- Curtail unnecessary spend

- Grant (contract) administration and management

Prophix Software review by Jonathan M.
Jonathan M.
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Verified Current User
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"Great Experience from Backend to Front end user"

What do you like best?

how easy it is to select and move around different dimensions when building a report

What do you dislike?

Smartclient, too oldschool., we haven't upgraded to web client yet so that will soon go away.

Recommendations to others considering the product:

go with it, you can do just about any report you can imagine with its flexibility

What problems are you solving with the product? What benefits have you realized?

the biggest thing was our reporting, budgeting, and forecasting. we were still in the stone age with these. since putting into Prophix, the whole process goes quicker and we are able to make changes on the fly.

Prophix Software review by David D.
David D.
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"Great product with excellent customer service"

What do you like best?

It took our excel based model and removed all of the barriers of excel while adding all the benefits of a software package. It is easy to learn, use and administer. Prophix's customer service is top notch and answers questions very quickly.

What do you dislike?

Compared to our old excel based way of doing things, nothing. We are not currently using web client but will be so shortly once all the features are available.

What problems are you solving with the product? What benefits have you realized?

Shorter planning cycles, monthly forecasting, electronic Budget versus Actuals reports with workflow for automatic tracking.

Prophix Software review by Administrator in Construction
Administrator in Construction
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"We are primarily using the software for consolidation and reporting. Very flexible and easy to use."

What do you like best?

Very easy to use - don't need to be an IT employee to be an administrator. Ad Hoc is a very powerful tool. The ability and ease of creating alternate hierarchies is a huge benefit.

What do you dislike?

Setting up and maintaining security is somewhat cumbersome. The use of name sets is very powerful but there is no way to trace where they are used so maintenance can be challenging.

Recommendations to others considering the product:

Implementation was definitely our biggest challenge. Prophix was our implementation partner and they grossly underestimated the complexity of our implementation. Unfortunately our data was not clean and consistent across platforms. We also felt that the project management was not as robust as we expected. We subsequently used another implementation partner to finish up our connections to our ERP's and they also underestimated this project.

What problems are you solving with the product? What benefits have you realized?

We are using Prophix to consolidate our TB and Job cost data across many companies on 4 different ERPs. We are also using if for currency conversion as we currently have companies in 3 currencies. We also have some complex reporting requirements to our parent company and Prophix has provided a solution for these reporting needs.

Prophix Software review by Melissa H.
Melissa H.
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"SVP of Financial Systems"

What do you like best?

Prophix software has helped our company shorten our budget cycle and implement a successful forecasting process. In addition to a great product, where Prophix shines is with outstanding customer service. Their customer service reps, consultants and system architects are all very knowledgeable. Selecting Prophix has been a great decision for my company.

What do you dislike?

We have used Prophix for over 6 years. It has served us well and I do not have any dislikes.

Recommendations to others considering the product:

I would choose it again. You won't go wrong with Prophix.

What problems are you solving with the product? What benefits have you realized?

My company has transitioned the budgeting process from excel spreadsheets to a system. In addition, we have put Prophix to work in tracking weekly statistics and creating monthly forecasting.

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