PROPHIX is a multi-user financial software application used by thousands of users worldwide for Budgeting, Planning, Financial Consolidation, Management Reporting and Analysis. PROPHIX offers the familiarity of a spreadsheet-style interface with added benefits for handling multiple users and managing data. PROPHIX helps you go beyond the limitations of spreadsheets and provides an end-to-end offering including products, professional services, education, and technical support.
PROPHIX financial and data analysis tools bring accountability back to the business process, so key internal and external stakeholders have access to relevant information. Efficiency and timeliness become inherent within the process so value added data is produced and utilized to its fullest. PROPHIX Software includes applications for budgeting, reforecasting, consolidation, data mining, reporting, personnel planning and score-carding.
PROPHIX brings income statement, balance sheet, cash flow and other company specific budgeting requirements to your desktop, for timely and accurate data manipulation, analysis, and management of the process.
PROPHIX supports all types of financial and non-financial budgeting.
- Activity based
- Top down
The customizable budgeting templates allow your specific solutions to be developed, well allowing multiple user access controlled through workflow.
Providing better visibility and being able to predict future outcomes with confidence is the objective of forecasting. With the PROPHIX centralized database, periodic forecasts, i.e. monthly, mid-year, multi-year, and other forecasting needs are only a click away.
There are a number of impediments to effective forecasting; the data is not always reliable or accurate, the data may be obsolete, and/or difficulty coping with changes to external factors that are out of the business’s control.
PROPHIX offers a number of options to improve forecasting accuracy. What-if analysis, inter-period forecasts, comparing actual to forecasts/budgets, developing rolling forecasts or based on various key performance indicators are all possible with PROPHIX’s flexible modeling capabilities.
Consolidation is the process of merging data from multiple sources, while maintaining the data integrity. Typical consolidations include managing data with:
- Multiple Enterprise Resource Planning systems
- General Ledger systems
- Product line level
- Cost centers
Overcoming the complexities of consolidating data is a significant issue; typically it’s a very labor-intensive, inefficient process that lacks the necessary data integrity.
Unlike other options to consolidate data, PROPHIX consolidation does not require linking data together. It’s driven by accounts and then consolidates up through the dimension hierarchy. This approach is easier to use and provides the confidence that the data is accurate. Within PROPHIX’s powerful OLAP calculation engine, PROPHIX brings the accuracy and reliability back into your data analysis and consolidation.
Data Analysis/Data Mining
Organizations have the need to go to detailed levels of analysis and reporting to project and forecast the future trends. Whether it is for your income statement, balance sheet or cash flow statements, organizations need to analyze and review this data for effective business decision-making.
The Scorecard module provides a quick indication of key results to indicate good/bad/neutral comparisons of the budget and historical. PROPHIX as a data warehouse tool for business intelligence and data mining is smart decision making.
Given today’s highly scrutinized financial reporting requirements, companies are required to produce accurate and precise reports. PROPHIX delivers a complete reporting solution to address the spectrum of your reporting requirement:
- Financial statements generation
- Internal management reports
- Ad-hoc end user reports
Built around a powerful, multi-dimensional OLAP database, PROPHIX provides you with real time access to your data. At more than just aggregate level data. PROPHIX provides the ability to drill down into your operational data at the transactional level, directly into your general ledger transactions or other data sources such as sales or inventory data.
The timely, easy to use report creation module is coupled with having the ability to distribute reports to key internal and external stakeholders.
Forecasting and planning for employees salaries, benefits, annual increases and raises can be a time consuming and cumbersome task. Having secured personnel scenarios feeding into your budget or reforecast can also tend to have a large effect on the bottom line. With personnel level data, such as tax calculations, medical expenses and salary information being highly sensitive, and highly complex, PROPHIX offers a Personnel module to calculate this.
The integration of the personnel database with the main PROPHIX database provides precise consolidated numbers for accurate data analysis. Having the capacity to create multiple scenarios of the personnel budget, grants the freedom for accurate forecasting and concise analysis.
PROPHIX Scorecard Module
The new Scorecard module (formerly PPM) is a management style, visual reporting tool. The intent of such a tool is to provide quick indication of key results important to various users within an organization. The layout provides easy navigation, icons and graphics to indicate good/bad/neutral comparisons, as well as visual indicators for line items schedules, P3 schedules, comments or attachments, as well as notes.
Reviews of PROPHIX Write a Review
The good: Simplifies the budgeting process. Allows collaboration when creating budgets.
The bad: Could be a little more user-friendly.