Prophix versus Fluence Technologies: a side-by-side comparison

With so many options available, choosing the right financial consolidation software can be overwhelming. That’s why we’ve done some of the research for you.

Today, we’re looking at two choices for financial consolidation software: Prophix One Financial Consolidation and Fluence Technologies. We’ll break down key features, compare their strengths, and help you determine which is the right fit for your business.

In this article, we’ll cover:

By the end of the article, you’ll have the knowledge you need to make an informed decision on whether Prophix’s Financial Performance Platform or Fluence’s financial consolidation software is the right choice for you.

How Prophix and Fluence bring your data together

How Prophix One™ and Fluence analyze data and build reports

Prophix One offers advanced management reporting, financial planning & analysis, financial consolidation, account reconciliation, and intercompany management capabilities.

Prophix One for analyzing data and building reports

Data Integration allows customers to use the same financial data across all applications, so any changes made by a user in one application are updated in real-time wherever that data appears throughout the platform.

Prophix One Financial Consolidation enables users to make any changes to the consolidation scope, including participation rates, step-ups, new acquisitions, and sub-consolidations.

Prophix One also provides customers with a library of out-of-the-box reports, including analysis, drill-down, and audit trail reports to ensure full transparency at any consolidation stage. Prophix One Financial Consolidation processes consolidation in seconds regardless of its complexity and the amount of data involved

Fluence Technologies for analyzing data and building reports

Fluence is one of the newest vendors in the financial consolidation space that offers a user-friendly interface with strong workflow capabilities. However, this interface was built on the back of Excel templates and relies on an integration with Power BI for complex data visualizations.

Now, with Anaplan’s acquisition of Fluence, FP&A and consolidation processes will be available from one vendor.

Prophix One™ vs. Fluence: How do I know which solution is right for me?

Now that you understand how Prophix One and Fluence Technologies have built their consolidation applications and their unique approaches to reporting and analytics, you can determine which solution is right for you.

Benefits of Prophix One for financial consolidation

Prophix is the ideal vendor for large organizations that have a strong growth potential and want to scale their global operations with a quick to implement solution that is easy to modify without the need for development work.

Prophix One offers applications for Financial Consolidation, in addition to Financial Planning and Analysis, Account Reconciliation, and Intercompany Management. The platform brings your key financial processes together in one place with hyper precision, adaptability, and dramatic performance so you can simplify and transform your processes.

Since Prophix One Financial Consolidation was designed to provide greater automation and manage higher levels of data complexity, finance leaders can focus on making strategic business decisions instead of grappling with Excel crashes or manual data updates.

We also provide post-implementation support through a Continuous Success Package Program that enables you to work with our in-house experts who understand how the software was configured for your instance. Some of the benefits of this program include a dedicated Customer Success Manager for your account, unlimited coaching/design sessions with the Prophix team, and a full access pass to Prophix Academy training.

Benefits of Fluence Technologies for financial consolidation

Since Fluence is a new entrant in the European consolidation market, it does not have significant implementation experience in the region. The company has tried to partially offset this with a network of partners. As a result, Fluence is best suited for companies in the lower mid-market that already use Excel for FP&A and are only looking for financial consolidation and reporting solutions that easily integrate into that familiar Excel environment. These customers are also unlikely to require extensive post-implementation support due to low levels of data complexity.

Another target for Fluence is organizations looking to migrate from SAP BPC, since its key engine designer, Herve Capo, was formerly working at OutlookSoft (which is now SAP BPC) and has developed a tool to facilitate the migration from SAP BPC to Fluence. However, this appears to be more than just a simple click of a button.

The right financial consolidation solution for you

Prophix is a platform vendor that provides a wide range of applications for the office of the CFO, including financial consolidation, intercompany management, account reconciliation, and financial planning & analysis.

Fluence is a best of breed vendor that offers an innovative consolidation solution for the full “Close to Disclose” process.

Whether you choose Prophix One to automatically consolidate large volumes of complex financial data or Fluence to work with less complex datasets in an Excel-based environment, your decision should ultimately be driven by 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 12 reasons for investing in financial consolidation software. Or learn more about consolidation software pricing.

This blog post was last updated in August 2024 and is part of our ‘Prophix versus’ series. Check out Prophix vs. Excel, Prophix vs. Vena, Prophix vs. Planful, and Prophix vs. LucaNet.