Prophix - great for budgeting and forecasting
April 10, 2020

Prophix - great for budgeting and forecasting

Anonymous | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User

Overall Satisfaction with Prophix

We use Prophix for the whole organization. It is the budgeting system that we use for each department to check, daily, their budget to actuals spending/variances. We also rely on it during the development of our fiscal year budget. And we also use it to forecast the cost of our labor.

Pros

  • Drill Across, feature that allows users to access underlying details of actuals, even with links to the actual scan of an invoice in our ERP system
  • Line Item Schedule, feature that allows us to detail budget lines
  • Infoflex, allows us to target specific data to test scenarios

Cons

  • Cell comments are currently not able to be viewed in a report or downloaded
  • It is currently not possible to copy and paste from excel to Prophix in the Line Item Details
  • It is currently not possible to know what Cube you are in from viewing the report or adhoc
  • Greater knowledge of department budgets
  • More efficient use of employee time
It was very challenging to set up the data integration for our budgeting system because we have a 12-month fiscal year cycle for our operating budget and ongoing budget changes for our capital funds, not restricted to a start and end month. Prophix seems to be limited in staff resources to help with integration.
We started off with the cloud and have been very happy with it (except that it did not retain the comment feature - won't show up in Excel after downloading).
Prophix support has been very responsive. Every staff person has been genuinely nice, knowledgeable, and helpful. We use the Customer Support Program, which is costly, but it has been worth it so far.
We considered Oracle and Hyperian.
Prophix is well suited for companies that develop budgets at the line item level. It is also well suited for forecasting and developing different scenarios. Prophix is a robust, versatile system for people who like to get into budget details and develop custom reports.

Prophix Feature Ratings

Long-term financial planning
8
Financial budgeting
8
Forecasting
8
Scenario modeling
8
Management reporting
8
Financial data consolidation
Not Rated
Journal entries and reports
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
Not Rated
Financial Statement Reporting
8
Management Reporting
8
Excel-based Reporting
8
Automated board and financial reporting
Not Rated
Personalized dashboards
6
Color-coded scorecards
Not Rated
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
Flat file integration
6
Excel data integration
Not Rated
Direct links to 3rd-party data sources
7

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