Prophix: A Fantastic Tool for all of your Planning & Budgeting Needs!
February 13, 2025

Prophix: A Fantastic Tool for all of your Planning & Budgeting Needs!

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

Overall Satisfaction with Prophix

We use Prophix for our annual planning, forecasting throughout the year, monthly expense close, and quarterly variance reporting. We also use Prophix to run our expense allocation process and load data into Prophix to calculate expense allocation. Furthermore, it is used for project planning and tracking. We recently added our prepaid accounts to Prophix and tracked all prepaid expenses using the tool. It has been awesome for our team to streamline our month-end expense close process and allow users all over our company to complete their personnel and expense planning processes.

Pros

  • Reports are very customizable - once you learn how to create reports, it is really easy to design the final output you'd like.
  • The tool is easy to use, especially for those that don't work in the finance function.
  • It offers an excellent workflow capability to send out tasks to cost center owners all over the company.
  • We love the ability to create and customize cubes.

Cons

  • Prophix could improve on its dashboarding capability - it is very basic and we always present our graphs/visuals in Excel.
  • We would love it if Prophix could improve its line item detail reports. They are not great right after downloading and require a lot of manipulation in Excel.
  • It would be awesome if we could fully integrate our invoicing software with Prophix. This would allow us to view invoices within Prophix rather than having to go into another tool.
  • Streamlined budgeting and planning.
  • Automated expense allocation processes.
  • Automated daily balancing processes.
  • Automated workflow tasks.
Prophix has helped with this significantly. All budgets are entered directly in Prophix rather than in Excel. Any use of Excel (re: budgets) is for any miscellaneous outside support driving the budget numbers.
I was not in the selection process; however, after using Adaptive at a former company, I feel Prophix is much easier from the user standpoint (especially for those who don't work in finance). The one pro of a tool like Adaptive, though, is that it is a Workday product so that it can be directly linked to an ERP.

Do you think Prophix delivers good value for the price?

Yes

Are you happy with Prophix's feature set?

Yes

Did Prophix live up to sales and marketing promises?

Yes

Did implementation of Prophix go as expected?

I wasn't involved with the implementation phase

Would you buy Prophix again?

Yes

Prophix is very well suited for reporting, but it is not an ERP solution. All journal entries and accounting must be performed in an outside tool. However, Prophix makes the data from an ERP system much more usable and allows you to combine this 'actual' GL data with other data sources (i.e., plan and other statistics, including headcount).

Prophix Feature Ratings

7.0
Long-term financial planning
7
Financial budgeting
10
Forecasting
5
Scenario modeling
Not Rated
Management reporting
6
6.0
Financial data consolidation
Not Rated
Multi-currency management
Not Rated
Intercompany Eliminations
Not Rated
Minority Ownership
Not Rated
Local and consolidated reporting
Not Rated
Detailed Audit Trails
6
6.5
Financial Statement Reporting
Not Rated
Management Reporting
8
Excel-based Reporting
5
Automated board and financial reporting
Not Rated
XBRL support for regulatory filing
Not Rated
2.5
Personalized dashboards
3
Color-coded scorecards
2
KPIs
Not Rated
Cost and profitability analysis
Not Rated
Key Performance Indicator setting
Not Rated
Benchmarking with external data
Not Rated
5.0
Flat file integration
6
Excel data integration
6
Direct links to 3rd-party data sources
3
5.5
Pixel Perfect reports
Not Rated
Customizable dashboards
3
Report Formatting Templates
8
8.7
Drill-down analysis
8
Formatting capabilities
8
Report sharing and collaboration
10
7.7
Publish to PDF
3
Report Versioning
10
Report Delivery Scheduling
10
Not Rated
Predictive Analytics
Not Rated
10.0
Multi-User Support (named login)
10
Role-Based Security Model
10
Multiple Access Permission Levels (Create, Read, Delete)
10
Report-Level Access Control
10
6.0
Responsive Design for Web Access
6

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