|Wayne State University's main challenge was the consolidation of data from separate systems for different entities. WSU needed to implement a budgeting solution to establish a common set of processes and to provide the functions that Excel and Banner did not offer. Prophix Software allowed the ability to produce consolidated monthly financial reports in a timely fashion with multiple ERP systems and chart of accounts and the ability to process intercompany eliminations, all within rapid implementation time frame.
Providing greater insight into business performance
PROPHIX Consolidations is the leading financial consolidation, reporting and analysis solution designed for mid-market companies with multiple entities. The solution expedites the consolidated reporting process, and increases control with journal entry, flexible report writing, auditing, multi-currency, and approval capabilities.
Easy-to-use and powerful
By combining data from multiple ERP systems into a unified data source, PROPHIX Consolidations provides the basis for a system of record, multiple reporting requirements, insight into true position, and centralized data for planning and budgeting purposes.
Business users benefit from the easy-to-use and powerful functionality included in PROPHIX Consolidations.
Strengthen company-wide collaboration
Prophix provides the opportunity for managers to assume a leadership role by facilitating collaborative plans, proactively disseminating information, aligning corporate objectives, and providing self-service consolidation and analysis tools to other departments and groups, including adjustments, consolidating global entities, and report distribution, with workflow and audit records.
Spend more time on value added work and less time on tedious tasks
Prophix can create, schedule, design and run business type rules and processes to facilitate consolidation and global data manipulation in one point-and-click interface to eliminate repeatable, recurring processes. The Prophix Process Manager facilitates tasks by automating manual adjustments, such as intercompany eliminations, allocations and minority interest calculations, ensuring data is accurate and up to date.
Consistent completion of data
Prophix provides organizations with a way to bring together financial information from different financial models or general ledgers in order to create a consolidated view of the business. And when extensive analysis is necessary, every consolidated number links directly to a single data source, which assures the single version of the truth.
Closing the books quickly is an important event every month, quarter, and year, yet many challenges stem from the accuracy of reported numbers and business logic used in closing processes. Prophix ensures that the process is consistent and assures fast closes by providing inherent accounting logic, such as debits and credits, ensuring secure workflow processes, and allowing for quick journal adjustments. Adjust data using journal entry templates with support for recurring and auto- reversing entries, create allocations based on any measure, and create repeatable intercompany elimination journal entries to automatically eliminate balances at the correct consolidated levels and generate matching reports.
Adaptability when changes are needed
As regulatory pressures increase and companies are being asked to change structures, processes and policies very quickly, Prophix's fully integrated, centralized business model supports, controls and manages the change. Adding new reporting hierarchies, entities, currencies, line items, or consolidation processes is within business leaders' reach.