Prophix

Pros

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.

Cons

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.

Pros

We love the flexibility of Prophix. We have been able to analyze all aspects of our financials at a finer details and much easier than just with Excel. Salaries are our largest expense and before Prophix, analysis was cumbersome and time consuming. Now, with Prophix, we are able to easily explain budget vs actual variances in a very timely manner. We are also more easily able to analyze unit and rate variances for our programmatic revenues.

Cons

I cannot think of anything at this time.

Pros

This software is easy to use and administer and provides all the functionality that we needed for a fraction of the price of some of the other systems. Offers on-prem (with cloud access) or cloud only. Great for planning and consolidating across a distributed organization. Handles multiple locations/currencies/ERP's seamlessly. Ability to establish connection to other systems and run regular imports. We have been able to use this system for our consolidated financial reporting. The DPM module allows us to build out HR Cost projection at a very granular level to increase accuracy and quality of our forecasting and budgeting. It is very flexible and the customer success team is always looking for ways to improve the product and help you utilize it to its full potential.

Cons

The formatting of templates and reports can be a little quirky and there are some limitations with using Excel based formulas but nothing insurmountable.

Pros

As a finance employee, I enjoy the freedom of being able to control and maintain Prophix with minimal IT support. We have an on-premise server and I am able to RDP into the system if needed and reset services, modify tables, and update to the latest Prophix version without having to include our IT department. This allows me to quickly diagnosis issues and work more efficiently.

Cons

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

Pros

I like the ease of this software. I started my position at a time where I did not get much, if any, training in Prophix. I found it very easy to use and felt like an expert after about a month of teaching myself the functions. It has been great.

Cons

I do not like the detailed planning model. It is very easy to use but unfortunately it does not integrate well with our financials system. We cannot split out salary, taxes, merit increase, etc when running an ad hoc which makes it a little complicated at times when trying to explain increases to department heads.