2024 Year in review: Looking back on a banner year for Prophix

As we continue to look back on this past year, particularly the trends that have shaped finance departments and the topics we think everyone will be buzzing about in 2025, we wanted to take a moment to look back on 2024 – it's been nothing short of a significant year!

Our entire organization – from senior leadership to marketing to product – has been in growth and innovation mode for well over a year now, with no plans to let up. And even though we are most definitely thinking bigger for 2025, it’s important for us to take inventory of just what we’ve accomplished in just 12 months.

Q1 – New leadership and new approaches for next-gen finance

Coming off the heels of record customer growth and revenue figures in 2023, it was clear that 2024 would be our expansion era. To help ensure we have a diverse and experienced set of voices to guide our organization forward in a competitive and complex business landscape, we announced several leadership changes early in the year, naming Aaron Levine as our new chief financial officer (CFO), appointing longtime CFO Ryan Van Hatten to the role of chief operating officer (COO), and hiring Doug Vinson as the company’s new chief marketing officer (CMO).

With decades of first-hand experience helping private equity and venture-backed organizations reach ambitious goals, our senior leadership team has never been better positioned to identify, nurture, and capitalize upon ongoing growth opportunities.

Ushering in an era of next-gen finance

To help other business leaders become similarly well prepared for the rapid shifts in the finance department, we went all-in on next-gen finance. With a fresh and realistic snapshot of the modern office of the CFO top of mind, organizations can move beyond “the way it’s always been done” to make room for radical change and potential.

Q2 – Our star turn: The return of Prophix Live! and introduction of Prophix One, a Financial Performance Platform

Prophix Live! made a comeback

With a gap of nearly five years since our last customer event, approximately 500 customers, partners and advisors gathered under the warm Arizona sun for Prophix Live! 2024 – a showcase of next-gen finance thought leadership and discussions on the evolving role of the CFO, business efficiency, and the future of finance tech.

And while we’re biased, nothing proved bigger at the conference than the introduction of our financial performance platform, Prophix One, which was met with near universal enthusiasm by attendees. A game-changing finance platform, Prophix One leverages advanced technologies and innovative functionality to deliver a single, seamless point of access and a consistent and intuitive user experience to address financial planning, financial close & consolidation, accounting & compliance, budgeting, and reporting. Now the Office of the CFO has the tools at their disposal to make data-informed decisions from a single, integrated version of the truth.

Q3 – Industry recognition and ongoing innovation

Come late summer, industry experts were starting to take notice of the true power behind Prophix One. We received two coveted awards from some of the industry’s most prestigious and data-driven research organizations, Dresner Advisory Partners and ISG Research (formerly Ventana Research).

Industry Excellence Award from Dresner Advisory Partners

We received an Industry Excellence Award from Dresner Advisory Partners as an Overall Leader in Enterprise Performance Management. These annual awards acknowledge vendors who have achieved at least one leadership position in Dresner’s flagship 2024 Wisdom of Crowds® EPM Market Study. Download a copy of the report here.

Dresner’s Industry Excellence awards recognize vendors who demonstrate best in class performance across all 33 categories of measurement including integration, overall usability, experience and value, and overall integrity. We have maintained a “perfect recommend” score since 2015!

Recognition from ISG Research

Brought to light by the launch of Prophix One, ISG Research named us a winner of the ISG Research Digital Innovation Awards in the Office of Finance category (chosen from a group of finalists, including two other well-known FPM platforms!) 

Now in its 17^th year, this award recognizes software providers with exceptional technology innovations that enhance business and IT performance. Winners this year include luminaries such as Salesforce, IBM, Oracle and Salary.com.

Prophix One Account Reconciliation hit the market!

Despite the very appreciated recognition, we did not rest on our laurels in Q3! Instead, we announced the general availability of Prophix One Account Reconciliation, a new collaborative solution for a smarter, faster financial close management process.

High-growth organizations, particularly in the midmarket, have traditionally struggled with offline reconciliation methods that require manual input, leading to delays and the risk for errors and potential bottlenecks in the cycle.

Not anymore! Prophix One Account Reconciliation empowers finance teams to accelerate the reconciliation process by automating tasks, leveraging efficient workflows, and gaining a comprehensive view to ensure an accurate and confident financial close. Finance leaders with an eye towards the next generation of financial readiness can now standardize the close process with reconciliation templates, transparent controls, robust tracking, integrated break support, and unified close performance analysis.

And the early feedback from our customers has been nothing short of glowing:

“Nowadays, when you buy a phone, you don't want to be given a manual to read, you just want to start using it. People don't have the patience to read for hours to learn how to use a new product and with Prophix One Account Reconciliation you don't need to—it’s that easy.” – Yu Gnezil, Controller, Jamul Casino

“Having a designated monthly close software in place [is] a big improvement to our current process. Prophix One Account Reconciliation [ensures] that reconciliations are completed quickly and stored in a central location, which paint[s] a clearer picture for new team members to gain an understanding of month-end tasks and processes.” – Jenna Nosbush, Director of Finance & Accounting, ICBA

Phixers making a difference in the community

We continue to hold good corporate citizenship as one of our core values and we have an active (and amazing) Corporate Social Responsibility Committee dedicated to identifying and encouraging engagement opportunities for our employees. The first half of 2024 saw more than 100 dedicated hours of impactful team efforts – from micro-actions (like reducing plastic waste and planting trees) to volunteer events (including a calzone cook-off for those in need in the Greater Toronto Area and a habitat restoration event in the UK).

And we’ve maintained our commitment to global entrepreneurship through the Kiva online microlending platform. By midyear, our Kiva campaign totaled $22,500 in donations with 46 percent used to support refugees & displaced people, 20 percent to support climate-vulnerable communities, and 34 percent dedicated to supporting underbanked women.

Q4 – Moving to our new HQ and showing our appreciation

Adding to our rapid and ongoing growth trajectory, we recently moved to a new global HQ in the west-end of Toronto. Our new space is not only home for Phixers, but also a place where our partners and stakeholders can gather to collaborate and innovate. You’ll find us in our new home at 3250 Bloor Street West.

TrustRadius recognized our commitment to innovation and focus on CSR

To round out the year, we were recognized by TrustRadius with a 2025 Buyer’s Choice Award, based entirely on vetted, unbiased customer reviews. During these evaluations, reviewers are asked if products and their support teams live up to expectations and if they would repurchase the product. We couldn’t have done this without you, so a big thank you our customers for this recognition.

TrustRadius also recognizes companies in the B2B tech industry that drive beneficial progress throughout their organizations and community with their annual Tech Cares Award. In 2024, we received this award based on our quarterly Purpose Projects, where employees nominate and vote upon a preferred nonprofit organization to receive a $50,000 donation.

Giving back to the greater good

Speaking of our Purpose Project... we tie our success to corporate giving to a charitable project. We commit to a $50K donation for each quarter of positive results.

This year’s Purpose Project recipients included Sadagaat-Canada, a nonprofit organization that supports the growing dire need for help and support in communities with low-income families and individuals in developing nations. With the support of our Purpose Project donation, the organization was able to provide over 60,000 meals to 2,000 individuals in Sudan for 30 days.

And as we write this, the Prophix Season of Giving is in full swing – an opportunity for Phixers to contribute through philanthropic acts of aligned kindness. This year, the Prophix CSR Committee has provided employees with a curated, inclusive list to guide their giving, ensuring that all Phixers, regardless of geographic location or giving capacities, can actively participate in creating a meaningful impact. This Season of Giving, you’ll find Phixers making a difference via:

• Donations to support meaningful causes
• Time to volunteer and make a difference
• Food to help fight hunger in our communities
• Blood to save lives
• Support for those in need
• Hope to brighten someone’s day

Together, our team is hoping to create a ripple effect of positive change that extends far beyond our (new!) office walls.

If 2024 was big... 2025 is going to be even bigger

As we look back at 2024, there’s no doubt it was great. But as the calendar turns to 2025, we’re gearing up for a big year.

Our product teams have been heads-down focusing on delivering world-class, enterprise scale finance capabilities that will change the game for finance leaders. Stay tuned for more news to come in 2025!

Until then, we wish our entire community of customers, partners, and stakeholders all the best as we wrap up 2024. This year, our community pushed us to think big and we worked hard to respond with gusto. Soon we’ll be asking finance leaders to think even bigger about the possibilities ahead...and we think you’ll like what you see!