Prophix One Financial Performance Platform
Prophix SoftwareReviews from AWS customer
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Prophix,a solution that fixes more than one need
What do you like best about the product?
Prophix is so versatile. Originally Prophix was acquired to just solve a budgeting need. However the software is so much more powerful than that. It gives the ability to forecast, budget, produce financial reports, cash management, project planning and more.
What do you dislike about the product?
There aren't too many things to dislike about the software. If there are minor things that aren't as flexible or don't have the ability to have the users control them.
What problems is the product solving and how is that benefiting you?
Budgeting with in Prophix has removed the human errors that can occur with using excel. It has also eliminated the use of multiple complex spreadsheets that can break when they are all linked together.
Great Software
What do you like best about the product?
Once you get used to it Prophix is a great tool to analyse not just financial information but other data too. Quick to manipulate and drill into details, it has really helped with consolidating our information from a global perspective
What do you dislike about the product?
it is not excel, some people will say this is a good thing but as an experienced excel user it can take a bit of adjusting to
What problems is the product solving and how is that benefiting you?
We use Prophix to consolidate results from our different global locations in various countries quickly
Powerful, flexible reporting tool
What do you like best about the product?
This is powerful and flexible software that can report on almost anything! It can pull data from multiple sources and compile, present, and analyse it in an almost infinite number of different ways. Use it for reviewing variances year on year, or any other period(e.g. quarter, month) or budget vs actual, or generate your annual financial statements- name your reporting requirement, this program can do it. There's also lots of options for creating graphs and charts. Interactive dashboards and workflows can be set up to formalise and streamline processes. They have great customer support and a community of users with a dedicated forum for questions. They are constantly seeking feedback from their users and adding new improvements to their product.
What do you dislike about the product?
Like any other new software, this represents a huge investment in time, training, and supplier relationship. There is a great deal of software-specific jargon, although they are constantly working to simplify this, and improve the training available to users. Some steps can take a long time for the report to load. Some reports may be very difficult to build. That said they can help you redesign the report to run faster. Almost anything is possible with the right approach. They are based in Canada with a limited presence and customer base in Europe, and sometimes can feel very North-America specific. That said, this aspect is improving and they are increasing their global reach. and remain very responsive to feedback and suggestions for improvement.
What problems is the product solving and how is that benefiting you?
We use Prophix for Capex planning and project management including variance analysis budget vs actual, internal reporting (formal quarterly reports, ad hoc management reports, with variance analysis year-on-year), consolidated external reporting (several entities across multiple countries and currencies), and other external reporting requirements. We have experienced better quality formal reporting with reduced time to complete routine processes.
Recommendations to others considering the product:
Train enough staff in its use and be committed to continued investing in training. Talk to other customers in your area/ industry on how they are using it. Allow sufficent time to implement and realise benefits. Very good ongoing customer support packages are available
The dynamic capabilities that Prophix offers has eliminated many hours of manual work in excel.
What do you like best about the product?
The reforecasting capabilities that Prophix enables us to do through multiple "versions" has helped us with mid-year reporting and forecast updates throughout the year. The ad-hoc analysis also provides a more efficient way to analyze our financial data.
What do you dislike about the product?
The import process and some of the backend technology has caused us a few hiccups.
What problems is the product solving and how is that benefiting you?
We are more efficient in our compliance reporting and have saved many personnel hours that would have been spent updating excel spreadsheets. We are also able to provide financial reports in a more timely manner.
Recommendations to others considering the product:
Consider how much time you spend updating multiple spreadsheets in excel and ask yourself if it's worth utilizing a software that could help reduce that amount of time significantly.
Very good experience with multidimensional database structure
What do you like best about the product?
Love that we can slice and dice the financial and non-financial data in the same place. Very easy to set up and user-friendly for the end user experience.
What do you dislike about the product?
Data integration to our server was a bit clunky, and took several tries to get it to work correctly.
What problems is the product solving and how is that benefiting you?
Biggest benefit is a MUCH faster month-end and year--end closing process. Biggest issue is data integration with Sage MAS 500 not always reliable.
Recommendations to others considering the product:
Very good experience! Would recommend highly to anyone upgrading from an outdated reporting system.
Versatile Software
What do you like best about the product?
The Prophix Software is very versatile, starting with it creating a web-based platform. This was important for our company and allows the software to be updated quarterly without issue. We are able to use Prophix for Expense tracking, Expense and Capital planning, reforecasting, Compensation planning, Project tracking, Expense allocation, GAAP PLOB reporting, and still have several more tasks to implement through Prophix. The data can be sliced and diced many ways, and each user is able to do it however they like. It is easy to create or run existing reports. We have made many of our processes more efficient, and Prophix has allowed us to save more time than you can imagine. The software is easy to use and visually outstanding. The Prophix consultants were patient and supremely knowledgeable, personalizing and customizing the software to our company’s needs.
What do you dislike about the product?
There are so many options within Prophix that at times, it can be overwhelming. I think it’s necessary to have a few Admin to create reports and assist users, so that the users do not have to know how to use everything.
What problems is the product solving and how is that benefiting you?
We have cut down significantly on the amount of hours it takes to do several different processes, eliminating manual error. The reports are visually outstanding and user-friendly so our user acceptance has been very high. We have automated many processes including project tracking, expense allocations, reporting, workflow, and many more. It allows us to slice and dice the data for each individual user, and to create custom reports.
Recommendations to others considering the product:
Prophix is the best planning and expense analysis software I have seen. It has allowed me to streamline so many processes. This company also provides excellent training so that we have the ability to control the software and create whatever is needed. The consultants are knowledgeable and have helped us to customize the system to our company.
Prophix
What do you like best about the product?
The ease of use for ad hoc reporting is great. The ability to build and save templates for reports that are pulled on a regular basis.
What do you dislike about the product?
The cloud implementation did not go smoothly. It took multiple attempts and have since run into issue now that we are fully implemented.
What problems is the product solving and how is that benefiting you?
Reporting and analysis is faster with Prophix
Recommendations to others considering the product:
NA
One Source of Truth
What do you like best about the product?
It is really nice to have all of our financial information in one location instead of multiple Excel spreadsheets in multiple places. It is easy to access and easy to compile ad hoc reports as needed.
What do you dislike about the product?
It can be difficult sometimes to translate something that you did in Excel to Prophix. Having said that though the CSP team is a great resource to work through those type situations.
What problems is the product solving and how is that benefiting you?
It is a huge help in our budget process. It allows us to oversee, coordinate, build, and review the budgets and the budget process.
It allows us to distribute month end reports in a more timely manner.
It allows us to pull and send information to the Executive team in a much quicker manner.
We have developed Customer Profitability reports that we are beginning to share with our teams
It allows us to distribute month end reports in a more timely manner.
It allows us to pull and send information to the Executive team in a much quicker manner.
We have developed Customer Profitability reports that we are beginning to share with our teams
Recommendations to others considering the product:
Ask as many questions and learn as much as you can about Prophix software.
A big leap forward from our previous programs and processes.
What do you like best about the product?
It is easy to design custom reports based on current needs.
What do you dislike about the product?
I would like there to be a physical reference manual available.
What problems is the product solving and how is that benefiting you?
We have created more dynamic reporting and eased the distribution process. Budgeting is now more focused on the numbers instead of being focused on making sure excel formulas are accurate.
Prophix to help Streamlin
What do you like best about the product?
We use Prophix to streamline our budget and forecasting process. It has alos been a great tool to help with month end reporting and KPI's.
What do you dislike about the product?
A lot of upfront work to get things running.
What problems is the product solving and how is that benefiting you?
The biggest issue we had was our year end budget process. With profix we will be able to streamline the process and it will be easier to keep track of, and no mistakes will be made because we no longer use formulas!
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