PROPHIX Budgeting

Flexibility of PROPHIX Budgeting

Many finance professionals want to grasp the big picture of the company's position by having the flexibility to evaluate and understand the effect of various factors. PROPHIX provides the ability to review previous years' budgets, add/remove accounts or change budgeting assumptions with ease. Because of the lack of flexibility in spreadsheets, the depth of understanding and awareness are very limited. As opposed to spreadsheets, PROPHIX allows you to drill down to details to understand what is driving the numbers.

Accuracy of PROPHIX Budgeting

Data integrity and accuracy are common issues faced when using spreadsheets. Regardless of how much time is spent on building accurate budgeting models, spreadsheets are still prone to human error. It is quite easy to mistakenly remove a calculation and successively cause additional miscalculations. PROPHIX overcomes the limitations of spreadsheets by accurately representing real-time changes. PROPHIX allows you to manage the budgeting process, ensuring that, despite changes or consolidations, the numbers add up.

Control your Budget with PROPHIX

The control of data and workflow in spreadsheets are usually insufficient, if not absent. With multiple personnel entering data, the whole budgeting process becomes difficult to manage. Users begin to lack data ownership and confidence, and finance professionals begin to consume too much valuable time dealing with the gaps and errors in the data. PROPHIX resolves these issues and provides organizations with a tangible competitive advantage by effectively budgeting and optimizing the use of their resources. With a comprehensive view of the financial data, you are able to make better, more informed decisions; you can accurately understand the true cost of your products and services. With PROPHIX, the budgeting process becomes more efficient, which provides more time for analysis and improves teamwork and data ownership.

Key Benefits of PROPHIX Budgeting

Multiple budgeting or planning versions - Versioning is easily controlled with PROPHIX. This allows users to manage multiple scenarios and budgets throughout the organizational levels. Never worry about losing information as you alter your budget as you can refer back to older versions of your budget.

User-defined data entry templates - Customize your user interface for individual users. PROPHIX provides you standard interfaces or allows you to customize to the needs of individual users. PROPHIX provides an Excel-like interface, familiar to many individuals.

Charting in the data entry process - PROPHIX allows you incorporate visual and detailed charting within users' budgets. Visualize your data quickly to convey important information messages or trends.

Multi-year, side-by-side variance analysis - View your current data with previous years' data side by side. Rather than sorting through multiple spreadsheets you can review key variances at a glance. This enables users to perform quick data analysis on the fly and understand the key drivers of your business.

Actual and historical data storage - PROPHIX allows you to store all your historical data in the system. This allows users to view historical data at a glance rather than waiting for reports or reviewing old files; you can get the information you need immediately.

Multiple currency support - Many organizations are structured with operations worldwide. As a result, organizations are required to manage the impact of multiple currencies across their organization. PROPHIX allows you to manage currency projections and see the impact on your projections. This allows companies to create hedging strategies to manage currency implications.
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Workflow - The entire process is workflow-enabled allowing you to manage the entire budgeting process. Quickly understand and manage the approval process with PROPHIX's integrated workflow management and approval process. Ensure the right information is distributed to all parties in a timely manner.
Read More about PROPHIX Business Process Management

Multi-stakeholder management - PROPHIX allows you to collaborate with all stakeholders in the process. Each stakeholder can have different requirements, whether it be contributing to the budget or merely receiving a final copy of the budget. PROPHIX responds to varying needs of your organization and helps you facilitate effective collaboration.

Scenario management - Organizations need to plan for multiple scenarios when creating a budget. PROPHIX scenario management is built into the process. At a glance, you can see and compare multiple views of your budget based on different operational scenarios.
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Notes, comments and itemized supporting details - You can easily view details and comment on changes to your budgeting process. PROPHIX allows you to input key notes to communicate your changes and the rationale to your colleagues effectively.

Audit tracking - PROPHIX creates a detailed audit trail for your budgeting process. Understand who made changes and when. This ensures consistency and accuracy throughout the process and allows auditors to review and validate your process.
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E-mail Distribution - When a draft or final budget is completed, you can automatically distribute it to all stakeholders. This removes extra steps in the process and ensures that all information is communicated to the necessary parties.