Financial Consolidation Software: Prophix versus LucaNet
If you're like most finance pros, choosing the perfect financial consolidation software can feel like finding a needle in a haystack - so many options, so little time.
Today, we're looking at two choices: Prophix and LucaNet. We'll break down their key features, compare their strengths, and help you decide which one is the right fit for your business.
Whether you're a seasoned pro or dipping your toes into consolidations for the first time, a side-by-side comparison of Prophix versus LucaNet can give you the insights you need to choose.
Prophix uses relational database technology, which results in better performance for organizations with larger datasets (>100 entities)
LucaNet relies on OLAP technology, which makes its solution stronger in user-friendliness and reporting for organizations with small datasets (up to 15 entities)
Prophix uses robust data encryption, advanced threat detection, and stringent access control measures to ensure security and privacy for all customer data, including personally identifiable information. We leverage the AWS cloud and have multiple availability zones within the EU.
LucaNet uses industry best practices to protect in-company, customer, and partner information. It is a certified Cloud Service Provider with additional controls to secure the cloud computing environment and personally identifiable information.
Target customer base
Prophix was built for mid-market companies that require greater automation due to higher complexity in consolidations.
LucaNet primarily caters to the German market and focuses on companies that have medium complexity and are doing consolidations for the first time.
How Prophix and LucaNet analyze data and build reports
Our Data Integration Studio enables customers to use their financial data across all our applications, with real-time updates throughout the platform whenever changes are made.
Prophix's robust Financial Consolidation application enables users to slice and dice their data and make any changes to the consolidation scope, including participation rates, step-ups, new acquisitions, and de-consolidations.
LucaNet has built 250+ out-of-the-box connectors to integrate P&L, balance sheet, and cash flow statements. It also offers pre-built templates for Swiss, German, Austrian, and US GAAPs. While this approach enables it to avoid Excel workbooks or PDF reports, it does not allow users to change the consolidation scope. Additionally, any additions/deletions of data must be manually updated across all reports.
Prophix vs. LucaNet: How do I know which solution is right for me?
Now that you understand how Prophix and LucaNet have built their databases and their unique approaches to reporting and analytics, you can determine which solution is right for you.
If you are a small to medium business operating in Germany and are tackling consolidations for the first time, LucaNet might be a better option for your organization. Their platform is ideally suited for companies that only need 3-15 entities with medium complexity of data. LucaNet claims that it can offer a 5–10-day implementation for customers but requires them to send an email or call for post-implementation support.
If you are a well-established mid-market company that already has experienced consolidation professionals on staff, Prophix is the best vendor to help you scale your business. Our platform was built by finance for finance and offers greater configurability with support for >100 entities.
We have designed our Financial Consolidation application to manage higher levels of data complexity and provide greater automation, so that your team can focus on making strategic business decisions rather than be burdened with manual administrative tasks.
We also offer a Continuous Success Program that provides post-implementation support from in-house experts who understand how the software was configured for your instance. This program includes a dedicated Customer Success Manager for your account, unlimited coaching/design sessions with the Prophix team, and a full access pass to the Prophix Academy Training Portal.
The right financial consolidation solution for you
In short, choosing the right financial consolidation software, whether Prophix for larger, established companies with complex data or LucaNet for smaller businesses operating primarily in the German market, should be based on your specific business needs, goals, and the level of support you require.
Whichever software you choose, implementing consolidation software is a huge upgrade from staying on spreadsheets and can bring your organization immense benefits, including improved accuracy, efficiency, and ability to drive business performance.
Still unsure about financial consolidation software, or struggling to make the business case for your organization? Check out our 12 reasons for investing in financial consolidation software.