Prophix Reviews & Pricing

by Prophix | Founded 1987, Mississauga, Canada

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What is Prophix?

Industry Specialties: Serves all industries

Prophix is a cloud-based corporate performance management software that helps with budgeting, forecasting, planning and reporting. A spreadsheet-style interface organizes information and allows users to evaluate financial data. Clients can manage cash flow statements, budgeting and balance sheets. A data analytics tool can be deployed both through the cloud or on-premise.

Its modules support financial and non-financial operations, including saving data and activity-based methodologies. Automate the budget submission and review process by capturing data from the general ledger and running data analytics via the cloud.

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User Sentiment

Based on 160 reviews:

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Prophix Pricing

Based on our most recent analysis, Prophix pricing starts at $3,000 (Monthly).

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Starting From: $3,000
Pricing Model: Monthly
Free Trial: Yes, Request for Free

Training Resources

Prophix is supported with the following types of training:

Documentation
In Person
Live Online
Videos
Webinars

Support

The following support services are available for Prophix:

Email
Phone
Chat
FAQ
Forum
Help Desk
Knowledge Base
Tickets
Training
24/7 Live Support

Prophix Benefits and Insights

Why use Prophix?

Key differentiators & advantages of Prophix

Widespread Accessibility: Manage operations with an easy-to-use, spreadsheet-style interface. Assign role-based access control to multiple users. Minimize paperwork, improve audit results and ensure compliance. Eliminate manual data collection and centralize information for easy accessibility and evaluation to get better insights.
Improve Process Quality: Gather, understand and add value to the financial information. Boost the quality of financial operations with reporting and maintain channels, services, and customers with predictive analysis.
Increase Accountability: Provide internal and external stakeholders with relevant information to boost accountability. Make users aware of and efficient about budgeting, reporting and planning.
Boost Accuracy: Deliver income statements, cash flow reports and balance sheets directly. Ensure accuracy and timeliness in process management, analysis and data manipulation. It automates repetitive tasks and minimizes the possibility of errors.

Industry Expertise

It’s suitable for businesses of all sizes and industries.

Prophix Reviews

Average customer reviews & user sentiment summary for Prophix:

160 reviews

91%

of users would recommend this product

Synopsis of User Ratings and Reviews

Based on an aggregate of Prophix reviews taken from the sources above, the following pros & cons have been curated by a SelectHub Market Analyst.

Pros

Streamlined Budgeting and Forecasting: Prophix empowers finance teams to ditch cumbersome spreadsheets and automate budgeting and forecasting processes. Users appreciate the ability to create driver-based models, perform what-if analyses, and generate forecasts quickly and accurately.
Enhanced Financial Reporting: The software's reporting capabilities are a major draw for users. Prophix simplifies the creation of visually appealing and informative financial reports, complete with dashboards and drill-down functionality. This allows stakeholders to easily access and analyze key financial data.
Improved Collaboration and Workflow: Prophix fosters collaboration among finance teams and other departments. Users can assign tasks, track progress, and communicate effectively within the platform, ensuring everyone is on the same page during planning and reporting cycles.
Cloud-Based Accessibility: Prophix's cloud-based nature provides users with the flexibility to access the platform from anywhere with an internet connection. This is particularly beneficial for organizations with remote teams or multiple locations.

Cons

Steep Learning Curve: Prophix can be challenging for new users due to its complex interface and functionalities. The abundance of features, while beneficial for experienced users, can overwhelm beginners, leading to frustration and a longer onboarding process.
Customization Challenges: While Prophix offers customization options, they often require advanced technical knowledge or the assistance of Prophix consultants, which can be costly and time-consuming for businesses with specific needs.
Reporting Limitations: Some users find Prophix's reporting capabilities to be somewhat rigid, making it difficult to create ad-hoc reports or perform complex data analysis without extensive workarounds.
Mobile App Functionality: The mobile app's functionality is limited compared to the desktop version, restricting users' ability to perform certain tasks on the go, which can be inconvenient for remote or traveling employees.

Researcher's Summary:

Prophix has received generally positive feedback from users over the past year, with many praising its ease of use and intuitive interface. Users with limited technical expertise found the software easy to navigate and perform tasks, such as budgeting, forecasting, and reporting. The drag-and-drop functionality and pre-built templates were particularly helpful for streamlining workflows and reducing manual data entry. Reviewers frequently compared Prophix to other EPM software options like Oracle Hyperion and SAP BPC, noting that Prophix offered a more user-friendly experience at a more affordable price point.

While Prophix's user-friendliness is a significant advantage, some users noted limitations in its advanced functionality compared to more comprehensive EPM solutions. For example, complex financial modeling and scenario analysis may require additional customization or integrations with other tools. Additionally, some users expressed a desire for more robust data visualization and reporting capabilities. Despite these limitations, Prophix's core strengths lie in its ability to simplify and automate essential EPM tasks for mid-sized businesses. Its affordability and ease of use make it an attractive option for organizations seeking to improve their financial planning and analysis processes without the complexity and cost associated with enterprise-level EPM solutions.

Overall, Prophix appears to be well-suited for mid-sized businesses and departments within larger organizations that require a user-friendly and affordable EPM solution. Its intuitive interface, pre-built templates, and core functionalities cater to the needs of users with varying levels of technical expertise. While it may not offer the same level of advanced functionality as some of its competitors, its ease of use and affordability make it a valuable tool for organizations looking to streamline their financial planning and analysis processes.

Key Features

Planning: Centralize data, simplify processes, minimize manual errors and automate consolidation in a single platform. Transform budgets, approve plans and change figures with workflow and automation capabilities. See the big data picture with a centralized data platform.
- Personnel: Check the impact of personnel on the consolidated profit with planning features. Capture cost insight and accordingly transform the business model. Automate calculations like payroll taxes, salary adjustments, and bonuses. Prepopuate personnel data by directly linking with external payroll systems.
- Scenario: Draft quick and accurate business models for potential scenarios and automate workflow management to speed up the financial process. Get access to real-time company-wide data with seamless integration to expedite planning.
- Sales and Revenue: Create detailed plans and add the flexibility to keep tabs on the continuous changes with sales and revenue planning functionality. Optimize revenue streams and predict sales with top-down or bottom-up sales planning. Stay updated with accurate data by creating what-if scenarios and making changes to the macro and micro environment.
- Templates: Gather detailed information in data entry templates, while CRM or ERP integration captures transactional data. Make modifications to the revenue recognition without disrupting the data integrity.
- Project: Analyze profitability and resource use in quantitative and qualitative terms by tracking process drivers and factors. Automate scheduling, project assigning and communicating. Conduct data analysis, forecast task finances and adapt to changes with metric monitoring and operations regulation tools.
- Cash Flow: Break down the siloed system and encourage cross-functional collaboration by providing data access to everyone. Automate cash flow predictions and gain deeper insights into cash shortages and surpluses. Visualize a data sheet with automated plug calculations, income variations and different data models to create a cohesive plan for project managers and stakeholders.
- Capital Expenses: Understand how tangible and intangible assets affect the bottom line by tracking actual asset costs. Create automatic depreciation calculation and analyze capital expenditure assumptions by utilizing key performance indicators. Make use of different sources from external ERP to draw expenditures between actual and planned capital spending.
- Tracking: Review historical patterns, determine problems and create outline projections. Envision future tax implications. Provide managers with an easy-to-use expense tracking tool and allow stakeholders to watch costs and understand the budget outcome.
- Cross Company Financial: Minimize the risk and boost the quality of reporting by determining the factors driving profitability and resource designation. Unify teams to work towards one common goal with an integrated platform.
Forecasts: Make strategic business decisions by creating flexible and accurate forecasts. Ensure consistency with data-driven predictions and keep an eye on the minor changes in the market with rolling predictions. Meet the ever-changing stakeholder’s demands by customizing forecasts based on cash flow, sales and finances.
- Mapping: Integrate data directly with the built-in account mapping features. Keep track of input, changes and approvals and consolidate immediate or local changes in the forecasts. Enhance planning capabilities by quickly adapting to the changing needs of the market.
Workflow Automation: Automating repetitive tasks and integrating manual tasks into WorkFlow Manager. Allow collaboration on budgets, Excel modeling and analysis. Save time and boost partnership by directly adding visual data into a PowerPoint slide. Remove data silos by securely integrating with an ERP, CRM and HRIS system.
Financial Consolidation: Streamline financial processes and eliminate manual tasks by automating financial consolidation and data analysis . Record intercompany loans, charge corporate overhead, adjust entries, and stop transactions while meeting regional regulatory standards. Identify risks that could delay close processes with cloud computing and AI. Create detailed and auditable reports to speed up the internal or external audit process.
Reporting and Analytics: Increase productivity and collaboration with performance reporting tools. Centralize data and create custom reports across departments and multiple data sources.
- Actionable Reports: Equip finance, sales and operation teams with interactive reports. Generate actionable reports and boost workflow by adding supporting documents to the data, expediting the approval process.
- Self-Service Dashboard: Prioritize essential workplace functions like sales, rate of return, margins and efficiency ratio with a self-service dashboard. Identify pending tasks and watch how data points affect business performance. Get insights and boost engagement with AI-powered by natural language processing.
- Virtual Assistant: Prioritize tasks, schedule and distribute reports to the team. Assess data provided by Visual Analytics. Customize dashboards with relevant information and simplify data analytics processing with ad hoc reporting and analytics.
- KPI Analysis: Update reports and dashboards automatically to identify positive and negative trends using KPI analysis. Track and test for macro and micro uncertainties. Enable data entry for immediate input from any device for problem-solving and recognition.
- Automation: Minimize time spent translating complex spreadsheets and remain compliant with GAAP and IFRS. Protect sensitive information and boost cross-functional collaboration. Help stakeholders better understand the output by visualizing transactional data.
- Analytics: Identify direct and indirect costs with interactive reports. Save time and mitigate risks with anomaly detection. Identify which products or channels need adjustments, maintenance or termination.
Virtual Financial Analyst: Make manual or verbal requests with a task assistant. Specify the data type, evaluate multiple data points and gain clarity over insights with AI-generated comparative analysis. Detect and identify unusual transactions and speed up investigation and resolution with machine learning. Minimize financial risk with an easy-to-use dashboard and evaluation managed by risk rating.