What is Prophix: Everything you need to know

Have you ever been curious about what is Prophix and what is it used for? Wonder no more!

Whether you’re just beginning to explore financial performance management (FPM) solutions or are already familiar with various vendors, this should answer all your questions about Prophix!

What is Prophix?

Prophix, a leading innovator in financial performance management, is headquartered in Toronto, Ontario, Canada.

Founded in 1987, Prophix began as a software distributor. But after years of implementing financial applications, the company’s founders identified a gap in the market for a cutting-edge system that could handle planning, reporting, and analysis. This insight led to the creation of Prophix One, a Financial Performance Platform.

Today, Prophix caters to overs 3000 customers across more than 100+ countries, offering a Financial Performance Platform for financial planning & analysis, financial consolidation, intercompany management, account reconciliation, and more.

Prophix’s mission is to elevate the talents of finance teams and accelerate their ambitions to become mission-critical leaders in achieving their companies’ success. Prophix aims to make financial performance management more strategic and seamless through a platform and partnership approach that’s personalized to each organization.

Note: While we refer to our solution as Prophix One, a Financial Performance Platform, terms like Corporate Performance Management (CPM), Financial Performance Management (FPM), Enterprise Performance Management (EPM) and Financial Planning & Analysis (FP&A) software are often used interchangeably to describe solutions like ours. These terms highlight the breadth and depth of capabilities provided by Prophix One, empowering finance leaders with a comprehensive suite of solutions.

What is Prophix used for?

Prophix is used by finance leaders in a variety of industries, including construction, healthcare, manufacturing, higher education, and professional services, to streamline and transform finance processes—so they can focus on driving value and business performance. Our platform has multiple solutions for the Office of the CFO, including:

• Ad-hoc analysis
• Budgeting & planning
• Cash flow planning
• Cross company planning
• Disclosure management
• ESG reporting
• Financial close
• Financial consolidation
• Financial reporting
• Forecasting
• Intercompany management
• People planning
• Sales & revenue planning
• Scenario planning
• Visual analytics
• XBRL/iXBRL reporting

Many finance leaders replace Excel with Prophix One, a Financial Performance Platform, to simplify and automate their core processes. By automating data collection and key processes, finance leaders can rely on a single version of truth for budgeting, forecasting, planning, reporting, consolidation, and account reconciliation. This means that all decision-makers can manage key financial processes and analysis from a single platform while maintaining data integrity and accuracy—and reducing time spent on manual input that is inherent with spreadsheets.

Want to learn more about how Prophix One compares to Excel? Check out our Prophix versus Excel comparison.

Who is Prophix for?

Prophix is ideal for those who work in the Office of the CFO, including:

Chief Financial Officers (CFOs), Vice Presidents of Finance, Controllers, and Finance Managers:

• Gain insights into cost management, maximize revenue, and optimize margins.
• Utilize Prophix One for on-demand data access, which helps achieve KPIs, automate manual tasks, and enhance the accuracy and frequency of forecasts for strategic future planning.

Finance Contributors and Financial Analysts:

• Transform finance from a cost center to a profit optimizer by automating manual tasks, allowing more time for analysis.
• Benefit from accurate, reliable data and centralized planning for real-time forecast updates with Prophix One.

Chief Information Officers (CIO) and Vice Presidents of IT:

• Enable secure data flow monitoring with direct financial data integrations.
• Apply user- and role-based security, integrating financial and operational data for a comprehensive understanding of business performance.

Business Leaders, Department Heads, and Vice Presidents:

• Receive on-demand updates to manage and track KPIs.
• Use automated and predictive forecasts to enhance control over spending and performance.

Head of Consolidation Group, Consolidation Managers, Head of Accounting, Accounting Managers:

• Unify and standardize data gathering, intercompany matching, and currency conversions to consolidate data across departments.
• Simplify audits and accelerate financial close processes.

Consolidation Accountants:

• Optimize time spent on IFRS restatements, focusing more on financial consolidation analysis.
• Access real-time data for creating consolidated cash flow statements and providing detailed tax proof rationales.

What is Prophix One™?

Prophix One is a Financial Performance Platform purpose-built to deliver a holistic approach to financial planning, financial close, financial consolidation, accounting, compliance, budgeting, and reporting. Our platform leverages advanced technologies and innovative functionality to deliver a single, seamless point of access and a consistent and intuitive user experience.

Designed to add on new capabilities quickly, Prophix One supports finance leaders with the foundation needed to innovate, expand, and introduce new solutions to improve business performance. Key advantages of Prophix One include:

• Advanced data processing: Enables finance teams to handle complex planning and large datasets with increased speed, precision and accuracy.
• Workflow, security & user management: Ultra-adaptable to fit within any finance department securely, offering a single point of user authentication and centralized user management.
• Monthly account reconciliation and validation: Create precise financial statements with advanced tools for monthly reconciliation and validation.
• Strategic cash flow forecasting: Empowers finance leaders with advanced modeling for cash flow forecasting, helping organizations confidently navigate change.

Applications available on Prophix One include:

• Financial Planning & Analysis: Collaborative, data-driven budgeting and forecasting with greater speed, accuracy, and understanding. 
• Account Reconciliation: Accelerate your financial close with streamlined account reconciliations for smarter, faster decision-making.  
• Intercompany Management: Streamline intercompany reconciliations for a faster, more accurate close and empower entities to reconcile independently.  
• Financial Consolidation: Remove the complexity of financial consolidation with intelligent, automated data integration, multi-currency translation, sub-consolidation and regulatory reporting (like GAAP, IFRS and ESG).

What does Prophix One™ integrate with?

Prophix One integrates with a wide range of ERP, CRM, Business Intelligence, and HRIS systems through pre-built connectors and APIs. This enables finance leaders to quickly incorporate new financial data, accelerating time to value. By consolidating all data into a shared data lake, the platform ensures streamlined access and comprehensive analysis across applications.

Designed for simplicity, Prophix One empowers administrators to handle integrations independently, minimizing dependency on IT. The intuitive graphical user interface (GUI) eliminates the need for complex coding or costly third-party solutions, enabling users to create scripts and manage logic with ease. Pre-built agents for popular data sources also further enhance connectivity, making data management fast and efficient.

Prophix One integrates with a variety of common systems, including:

• Sage, Ellucian, Acumatica, CMiC, Deltek, Epicor, IFS applications, Infor, Microsoft, Oracle (Fusion Cloud ERP), Oracle NetSuite, Plex Systems, SAP, SYSPRO, Viewpoint Spectrum, Viewpoint Vista, MatrixCare, MRI, JD Edwards, Salesforce, ProCore, PeopleSoft, Quickbooks, Snowflake, Xero, Yardi

Finance leaders can also leverage our pre-defined connectors for:

• Acumatica GL, AWS S3 Buckets, Microsoft Dynamics 365, SFTP1, Local File, Excel, MySQL, ODBC/ODBC322, Sage Intacct, SQL Server, Text, Power BI, and more.

Benefits of a more streamlined approach to financial data integration include:

• Automating finance processes to drastically cut down on time spent manually entering data, freeing up resources for more strategic tasks.
• Consolidating data sources into a unified platform, providing a single source of truth that enhances consistency and reliability.
• Maintaining data integrity through comprehensive error logs and robust models, which support well-informed and accurate business decisions.
• Ensuring data security, as Prophix One effectively handles large and complex datasets, offering peace of mind for all your business needs.

And while data integrations aren’t necessarily a differentiator in the financial performance management space, Prophix One is one of the only vendors that offers self-service data integrations, allowing you to drive efficiency and accuracy without involving IT.

Why do people choose Prophix?

Finance leaders chose Prophix for many reasons, but there are five reasons that come up again and again. Prophix One enables finance leaders to:

1. Save time and deliver value: Pivot from manual busy work to finding insights in your data that power results.
2. Centralize processes: With all of your finance processes in one platform, you can collaborate with precision, accuracy, and efficiency.
3. Lead the strategic direction: Take your seat at the table with clean, streamlined data that instills confidence in decision-making.
4. Get the full picture: Integrate your data sources into one platform so you can look at the past, present, and future in a central system.
5. Drive business performance: Real-time performance insights from accurate, timely reporting empowers you to grow your business.

How much does Prophix cost?

When it comes to financial performance platforms, most solutions are offered on a subscription basis. These subscriptions typically span from one to five years, with fees paid upfront each year.

Several factors can affect the cost of your financial performance platform pricing. Key factors include the contract duration, total number of users, complexity and number of data integrations, and additional value-add services. Generally, as you add more users, the cost increases. Many vendors implement pricing tiers based on user count:

• The lowest pricing tier covers up to 10 users.
• A moderate rate is applied for user groups ranging from 10 to 50.
• The highest tier is for over 50 users.

For mid-market businesses, licenses often cater to 15-35 users. The annual user cost can vary between $250 and $2500. This range depends on the user's role—administrators, who require more access and functionality, tend to cost more. Meanwhile, read-only users, with limited capabilities, are less expensive.

Understanding these pricing factors, from user count and data integration complexity to the inclusion of value-add services, can help you better understand cost structures. As such, financial performance platform subscriptions, like Prophix One, can range from $15,000 to upwards of $100,000.

How long does it take to implement Prophix?

On average, Prophix One takes 8 weeks to implement with 10-20 hours of work each week for end users. Prophix takes a flexible approach to implementation that allows you to decide your level of involvement. The first step is to create a plan with key priorities and milestone dates that best fits your needs and maximizes your chances for success.

Implementations typically involve multiple deliverables—from budgeting to monthly forecasting, personnel planning, revenue planning, and reporting. To support your implementation, Prophix can deliver a wide range of services including requirements gathering, visioning, solution architecture, project management, documentation, and testing. Whatever your implementation approach is, our goal is to transfer knowledge to your team so that you can maintain and advance your solution to maximize the value that Prophix One drives throughout your organization.

Our approach to implementation is made up of five phases, including:

1. Initiation - In the Initiation phase, you will prepare your team for the implementation. This will include defining the roles and responsibilities of your project team members, and establishing the objectives, priorities, and timeline of your implementation.
2. Discovery - The purpose of the Discovery phase is to expand on your needs by preparing a project plan and solutions document. This phase will also focus on defining business requirements, training the key team members on the basics of Prophix One, and building out prototypes and solutions to validate the design approach.
3. Execution - During the Execution phase, you will outline your timelines and resource availability, conduct design refinement sessions, and wrap up your implementation. The goal is to become self-reliant, while also ensuring your business requirements are being met.
4. Deployment - Congratulations, you’ve successfully implemented Prophix One! This phase will focus on rolling out Prophix One to your end-users. Your security settings will be established, and your end-users can begin accessing Prophix One. This phase will involve system and end-user testing for quality review, and training for end-users.
5. Transition - During the Transition phase, you will be introduced to our Customer Success team who will be there to help support you and your team with adoption. This will include working with our Customer Success Managers who will oversee your 12-month onboarding plan. Our goal is to ensure you see the benefits of the investment you made in Prophix One and to help you maximize your ROI.

What is Prophix support like?

Prophix offers extensive customer support options for our customers around the globe. With experts in each country, you’ll receive guidance tailored to your country’s unique regulations and requirements, as well as local support in your own language.

Our Customer Success team is also available to support you on your Prophix journey. Through a hands-on and interactive approach, you can learn at your own pace and discover the lasting success that’s possible when you use Prophix One to its fullest potential.

Additionally, Prophix provides other value-added services such as:

• Continuous Success Package (CSP & CSP Plus) – Access a dedicated Customer Success team, extended learning opportunities, new administrator onboarding, and a sandbox environment, all designed to enhance product adoption and optimize your Prophix One investment.
• Prophix Academy membership – Gain access to a full course library, featuring self-directed online training, live sessions with hands-on practice, and knowledge assessments. With the flexibility to train new staff anytime, refresh knowledge post-implementation, and stay updated on the latest Prophix One capabilities, members can earn CPE credits while mastering the solutions they need most.
• Pathways – Combines self-paced online learning with structured coaching to empower users with Prophix One expertise. By reducing the learning curve and consulting costs, Pathways helps develop in-house subject matter experts equipped to independently build and evolve business models.

How does Prophix safeguard my data?

Prophix has comprehensive information security and privacy programs to safeguard your data. Our trust model is built on three key pillars: industry leading security, robust standards compliance, and the use of advanced technology.

Prophix Cloud Services undergoes regular independent third-party audits of its information security management systems (ISMS) and achieved ISO/IEC 27001:2013 certification, a globally recognized standard.

Prophix also holds several compliance certifications including ISO/IEC 27001, SOC 2, TRUSTe, and HITRUST, ensuring your information remains safe and secure.

With your data safeguarded in Prophix One, you can:

• Define and control user permissions: Set specific data access permissions for individual users to maintain confidentiality, enable separation of duties, and ensure data is classified appropriately for your organization.
• Ensure business continuity with automatic backups: Reliably safeguard your operations by leveraging encrypted, automatic data backups performed multiple times daily. Verify and restore data confidently with tested recovery processes.
• Monitor cloud security with full transparency: Stay informed about Prophix One’s cloud service performance, including availability and response times, helping you make confident, data-driven decisions without disruptions.
• Simplify and strengthen user authentication: Enhance security by enabling multi-factor authentication (MFA) or single sign-on (SSO), making it easier for your team to log in while keeping your financial data protected from unauthorized access.

What do users say about Prophix?

Curious what finance leaders say about Prophix? Here’s why our customers love us!

“Prophix does a great job with financial reporting and budgeting. It is easy to build the reports, and their product is quite capable of delivering any kind of financial report you would want. They can also handle WIP reporting as well as personnel planning and have solid solutions to improve the internal processes you have in place. End users seem to easily be able to navigate the software after just a brief introduction.” – Corey Hager, CFO, Miller Insultation Co., Inc.

“The team is so accommodating and easy to work with. The move to Prophix has helped us eliminate several complex spreadsheets and reduced error rates.” – Adam Beard, Director of FP&A, WCF Insurance

“We used to have a million tab excel file that consolidated trial balances, converted the currencies, and eliminated intercompany balances. It was prone to errors and was never correct. Prophix helped make those steps easy and we close the books with confidence now. I highly recommend.” – Thomas Scott, Director of FP&A, Echelon Supply and Service

“We implemented Prophix to help with the roll-up issue of too many Excel worksheets during budget season. It was a game changer to our day-to-day budgeting processes. We continue to add additional reporting, data sources and labor information to continue to grow with our day-to-day use.” – Emily Bowling, Director of Operational Excellence, Reynolds Lake Oconee

“Prophix can easily integrate with most ERPs, making it a quick way to supplement an ERP and the gaps it presents. The platform is easy for end users to access, learn, and generate insights from, ultimately generating a full ROI quickly.” – Jason Norman, AVP for Finance, Southwest Baptist University

Conclusion: Prophix in review

Prophix One is a versatile Financial Performance Platform designed to simplify and enhance your finance processes.

Whether you’re interested in Prophix One’s powerful features, integrations, or robust data security, there’s value to be realized for businesses of all sizes. With flexible pricing, strong customer support, and positive user feedback, it’s no surprise that so many finance leaders choose Prophix!

You’ve got the facts. Now, take the next step.

Discover how Prophix One can transform your finance department today!