Prophix versus Anaplan: a side-by-side comparison

In the world of financial planning and analysis (FP&A), Prophix and Anaplan are recognized as leading software providers. While both solutions excel in FP&A capabilities, there are notable differences.

Prophix is a global industry leader and pioneer of financial performance management technology. Prophix has been in business for over 35 years and serves over 3000 customers in 110 countries across a wide range of languages.

In 2024, Prophix launched Prophix One, a Financial Performance Platform offering next gen financial planning, financial close and consolidation, accounting, compliance, budgeting, and reporting.

And with the latest edition of Prophix One FP&A Plus, Prophix redefines financial planning with cutting-edge cloud computing and advanced database technology, enabling finance teams to work more efficiently, plan strategically, and achieve their vision like never before.

By comparison, Anaplan excels in collaborative planning and real-time modeling, making it a robust choice for organizations seeking connected planning across departments. This blog provides an in-depth comparison to help finance leaders determine which solution best meets their organizational needs.

Similarities between Prophix One™ and Anaplan

Prophix and Anaplan share several common features, catering to the evolving demands of modern finance teams. Let’s take a look at the comparisons.

Data integration

Both software support data integration Prophix supports integrations with your ERP, CRM, or HRIS systems. Additionally, you can use pre-built connectors and APIs to consolidate your financial data from multiple systems with ease.

Data integrity

Data accuracy is important for any finance leader. Both Prophix and Anaplan offer automated data collection processes and built-in validation tools so financial data remains reliable and error-free. With Prophix, you can set up automated and customized workflows and reduce time spent on manual data entry by automating and consolidating your data collection into one platform for a single source of truth.

Collaboration features

Collaboration is a key focus for both Prophix and Anaplan. Each software offers tools that allow finance teams to work together on models, budgets, and reports in real time. Prophix One is built for collaboration. Whether it’s sales and operations planning, workforce planning or other functions, integrated business planning in Prophix One brings your planning efforts together so you can focus on future growth.

Workflow automation

Prophix and Anaplan both automate workflows to reduce manual tasks and improve efficiency. Prophix One Workflow allows you to set up automated processes to meet compliance requirements; automate due dates and reminders; set up dynamic access controls for templates; and assign task owners—all while eliminating errors, repetitive tasks, and the need for spreadsheets.

User-friendly interface

Both solutions prioritize user experience with intuitive user interface designs. Prophix and Anaplan both make navigation and feature usage straightforward so finance leaders can access insights and carry-out tasks without the need for extensive technical training. Prophix offers quick and easy onboarding and outstanding usability ratings on customer review websites like TrustRadius and G2.

Data Security

Data security is a priority for both Prophix and Anaplan. Prophix offers robust data encryption, advanced threat detection and stringent access controls that will put your mind at ease. Prophix has obtained SOC 2, HIGHTRUST, and TRUSTe Enterprise Certification, along with other industry recognized compliance certifications. More information on Prophix’s security protocols can be found here.

Additionally, Prophix offers the ability to assign security controls by user, role, or group. Security is defined down to the member-level of detail within each dimension of every model. Role-based security is designed to automatically suppress pages and rows of data in a report based on preset user permissions.

Changes and audit logs

Prophix and Anaplan maintain detailed logs of changes made to financial models and reports, supporting compliance and accountability. Prophix’s audit log captures all data additions and changes in a central location. Additionally, the audit log shows which user makes changes and when and tracks how the data was updated so you have complete transparency. A rich library of out-of-the-box audit reports helps ensure audits run on time, with ease.

Support and training

Prophix and Anaplan provide comprehensive support and training resources. While both offer onboarding assistance, ongoing support, and educational materials, the depth and format of these services may vary.

Prophix is known for hands-on customer support. Additionally, Prophix Academy helps users on a self-paced learning journey through a wide range of courses designed to enhance proficiency, from foundational training to advanced topics, ensuring users maximize the value of Prophix. Finally, Prophix has the Continuous Success Program, which offers continued support to customers, minimizing the need for the purchase of additional consulting hours.

Unique features of Prophix One™ vs. Anaplan

While similarities exist, Prophix One and Anaplan each bring their own unique strengths to the table.

Financial planning and software

Prophix enables finance teams to conduct rapid analyses of large datasets, dynamically scale with business growth, and leverage advanced analytics for predictive modeling. With the latest release of Prophix One FP&A Plus, Prophix breaks new ground in financial planning technology. Prophix Infinix, the engine behind FP&A Plus, is purpose-built to grow with the business no matter how large financial data or planning complexity becomes. Anaplan, by contrast, excels in integrated financial planning, real-time data modeling, and scenario planning across departments. Anaplan’s patented in-memory Hyperblock® calculation engine enables instant updates across models, ensuring finance teams can react to changes in real time. Additionally, Anaplan’s ecosystem supports cross-functional planning, allowing organizations to align finance with operations, HR, supply chain, and sales.

Budgeting and forecasting

Prophix offers collaborative budgeting capabilities that empower finance teams to work together on detailed, driver-based budgets, incorporating insights from multiple departments. With workflow automation, version control, and built-in approval processes, Prophix ensures seamless collaboration while maintaining data integrity and auditability. The system also supports rolling forecasts, enabling finance teams to adapt plans in response to real-time business conditions.

Anaplan’s collaborative planning approach is equally effective but focuses more on serving the enterprise market with real-time adjustments, predictive analytics, and dynamic scenario modeling. Anaplan’s in-memory calculation engine (Hyperblock) enables organizations to instantly update financial forecasts across multiple business units, making it ideal for large, complex enterprises that require frequent, high-speed recalculations.

Financial consolidation

Prophix excels in consolidating financial data into complex models, making it ideal for organizations with intricate structures. By automating tasks such as multi-currency translations and sub-consolidation, Prophix helps companies significantly shorten their close process, while ensuring compliance with multi-GAAP and IFRS standards. An out-of-the-box audit report library helps guarantee every audit question can be answered, significantly reducing audit time and costs. Anaplan’s consolidation tool comes from Fluence (acquired in 2024) and is a MS office-based solution which is intuitive and easy to manage but lacks the deep consolidation functionality needed to handle complex consolidations. In addition, unlike Anaplan, Prophix has dedicated intercompany management software, which helps companies streamline intercompany reconciliation on a transaction level and thus further speed up the yearly close process.

Reporting and analytics

Prophix offers AI-driven features like Chart Insights for natural language explanations of data, Contribution Insights for variance analysis, and Predictive Forecasting to anticipate trends. Prophix also offers interactive dashboards, customizable reports, and automated report generation with pre-built templates.

Anaplan also offers reporting capabilities, largely relying on the disclosure management tool coming from Fluence which offers familiar Office authoring and publishing in Word and PowerPoint. In addition to that, Anaplan offers advanced reporting and analytics capabilities through Anaplan Intelligence, which includes features like CoPlanner for generative AI-driven scenario planning and PlanIQ for predictive forecasting.

Account reconciliation

Prophix One Account Reconciliation, launched in September 2024, streamlines the financial close process by offering a centralized platform for data import, standardized reconciliation templates, and automated certification workflows. The solution features a close management command center that provides real-time visibility into reconciliation progress by account, period, and entity, enabling teams to quickly identify bottlenecks and optimize workflows. Prophix's account reconciliation software also includes AI-driven insights, comprehensive audit trails, and effortless close package generation, allowing finance teams to close books accurately with minimal effort and enhance audit preparedness. In contrast, Anaplan does not have a dedicated account reconciliation tool.

Choosing between Prophix One™ and Anaplan: Which solution is right for you?

When comparing Prophix One and Anaplan, the Prophix One platform is a key differentiator, particularly for organizations seeking an integrated financial performance management solution.

Prophix One is designed as a unified, cloud-based platform that seamlessly integrates processes like financial close, consolidation, planning, budgeting, reporting, and account reconciliation. Centralized data integration ensures that all applications share accurate information from a single source of truth, while platform-wide workflows and a consistent user interface simplify operations and enhance collaboration across teams.

While Anaplan offers strong modeling capabilities and excels in enterprise-wide connected planning, it often requires integrating multiple tools to achieve the same level of functionality that Prophix provides natively.

Prophix's focus on delivering a seamless, fully integrated experience tailored for mid-market organizations makes it an ideal choice for businesses seeking a comprehensive solution to streamline financial processes and drive growth.

Prophix in action: Real-world impact

Here’s a look at what our customers have achieved with Prophix One, a Financial Performance Platform:

• 6.7% increase in operating margin (USA Properties Fund)
• $200K cost savings from improved inventory tracking (Mission Health)
• 32% increase in expense budget accuracy (SoundOff Signal)

Hear first-hand what our customers say about Prophix

“Easy to set up and use, importing and transferring data is simple and there is no manual intervention needed in producing monthly reports.

Monthly reports are available on the dashboards for budget holders who can then open their report from a chart and drill down into the details.

Being able to update the reports and then get feedback using the workflow speeds up the review process.

We have cut our month end reporting to 5 working days from close to producing the board reports, saving time and making the reports more accurate.

Conclusion: Which one is the right choice for my business?

Both Prophix and Anaplan offer powerful software for financial planning and analysis.

Prophix One stands out as an ideal choice for mid-market organizations seeking a comprehensive financial performance management platform. The user-friendly interface, featuring drag-and-drop functionality and pre-built templates, makes it accessible to finance leaders with varying levels of technical expertise. The ease of use, combined with an integrated solution that covers multiple financial processes, allows businesses to streamline their operations without the need for multiple software solutions.

Prophix One's advanced data processing capabilities, using in-memory cube technology, enable finance teams to handle complex planning and large datasets with increased speed and accuracy. Furthermore, the platform's high degree of customization and scalability, achievable without extensive consulting support, makes it easier for organizations to adapt the software to their specific needs and grow with their business. For mid-sized businesses aiming to enhance their financial processes and decision-making capabilities, Prophix is the winner, while Anaplan remains a strong option for larger enterprises with more complex planning requirements.

By understanding your organization’s priorities and challenges, you can choose the platform that best aligns with your goals.

This blog post is part of our ‘Prophix versus’ series. Check out Prophix vs. Fluence, Prophix vs. Lucanet, Prophix vs. Planful, and Prophix vs. Vena.