Basic
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Pros
Budgeting and forecasting are easy and effective once you get the hang of it. The personnel planning aspect is very valuable.
We love the ease of creating the month end financial statements, ad hoc statements, and yearly budgeting process.
Cons
Reporting is difficult to me, but I don't think this is the feature of the software.
Some formulas are not flexible as Excel. For instance, it is hard to apply seasonality for sales forecast.
"Solid product requiring ongoing time commitment "
Overall: Overall, Prophix has been an upgrade over our last planning tool. It's very flexible and if you devote the time, it can create great value. You have to devote the time though, both at the outset and throughout the use of the tool. This is a hands on tool, requiring updates for when new members (accounts, offices, departments, etc) are added and for when periods change. Sometimes I feel overwhelmed, partly because we didn't set up various reports correctly and our 80+ users are using a myriad of reports. In other words, I find myself redoing things often. I think there could have been better guidance up front and throughout the implementation. Budgeting in the tool is easy for our team and users outside of finance. Forecasting can be challenging as it's hard to marry up actual YTD detail and forecast YTG detail. Reporting is solid and once you get the hang of templates, they are customizable and easy to crank out.Performance is good and we haven't experienced any extended periods of the product being down.
Pros: I like that the tool is easy to use once you get it set up. It's flexible and very customizable.The consultants and our current CSM are friendly and genuinely seem to care about our success, whether the product works properly or not. They try to find workarounds and are good communicators. Budgeting and forecasting are easy and effective once you get the hang of it. The personnel planning aspect is very valuable. Reporting is great once you figure out templates, which can take a while.
Cons: We've had consultants provide bad guidance; how to set up and input currency, how to build personnel planning, how to set up versions, etc.Line item detail (LID) for budget input leaves a lot to be desired; it's hard to retrieve and/or view a detail report, there are reconciling lines that populate automatically, adding a line item one year adds it to prior years for the same version. They have supposedly been working on LID improvements but I have yet to see it in 1.5 years with the product.
"Love Prophix"
Overall: I have been using Prophix for a little under a year and have enjoyed it more than other systems I have used in the past.
Pros: We love the ease of creating the month end financial statements, ad hoc statements, and yearly budgeting process.
Cons: The process of moving from the on prem to cloud version was rough but Prophix was there to answer all our questions and resolve all issues so we are up and running now.