Simplify Financial Consolidation and Close
Automate and Speed Up Your Most Time-Consuming Processes

Combining companies or managing branches across numerous locations can be a logistical nightmare. With multiple legal entities, intercompany eliminations, various regulatory and management reporting requirements, mergers and acquisitions, foreign currency translations, and expense allocations, it seems impossible to get a comprehensive view of your entire company.

Prophix’s financial consolidation and close tools eliminate manual processes and automate recurring ones, so you’re operating as efficiently as possible. Cut down on the amount of time wasted gathering data and increase the time you spend on data analysis by leveraging a unified platform.

Decision-Making With Connected Insights

Are you tired of navigating multiple ERP systems or sifting through historical data to find answers? When you’re spending hours simply gathering data from numerous sources, you don’t have much time to adequately apply data insights to your decisions. With Prophix, you can automate data consolidation from any number of source systems and eradicate manual tasks, connecting all your information together for streamlined financial processes like consolidation and close.

Robust, Compliant Accounting

Whether its recording intercompany loans, charging corporate overhead, payables, payroll expenses, adjusting entries or eliminating intercompany transactions, Prophix consolidation and close capabilities provides the ease of use, yet the flexibility to tackle the most complex consolidations while meeting regional reporting standards like IFRS or US GAAP.

Make Adjustments

Once your data is loaded, you can use Prophix to create journal entries, manage adjustments, and produce audit reports to speed up your consolidation and close processes. These adjustments can be segregated from your source data and the journal entry itself can be separated into different types for reporting purposes. You can make debit and credit adjustments as needed, such as intercompany eliminations.

Complete Auditability

The need to be able to trace back to specific adjustments is paramount. Adjustments entered into Prophix are fully logged enabling the creation of detailed and auditable reports when you need them simplifying and expediting internal or external audit processes.

Unify Your Business

Whether you’re separated by states or by continents, it’s a challenge to manage a business that’s spread out. With Prophix, distance or siloed information won’t hold you back. With seamless data connectivity and built-in workflows, you can include stakeholders in every step of the process and ensure every branch of your business is on the same page, working as a complete unit.

Analyze with Greater Insight

By using data from multiple sources and integrating it into a centralized database, you’ll create more accurate forecasts with precise insights. Prophix allows you to apply different currencies to your analysis or set ownership percentages for a comprehensive understanding of your operations.

Intelligently Shorten Close Windows with AI

Anomaly Detection found in Prophix’s Virtual Financial Analyst will allow you to speed up your close process by leveraging the power of cloud computing and AI to quickly identify all of the risk hiding in your transactions that typically delay close processes. Powered by Machine Learning AI, Anomaly Detection does this risk analysis with speed and accuracy that no scale of humans could ever economically achieve. This AI powered analysis helps to cut many hours to days out of your close cycles and free up more time for you to focus on more strategic work.

Additional Resources
FAQs
Does Prophix generate audit reports? Yes, Prophix Journals Manager was designed with an audit perspective in mind. It simplifies financial consolidations, has built-in accounting logic (debit and credit adjustments), and allows for full auditability of data changes and complete audit reports.
How does Prophix centralize data? As data is imported from your ERP, CRM, GLs, and other systems, Prophix saves and creates a centralized database in the back end. This is then leveraged for planning and reporting analytics. Similarly, data entry done through Prophix is also centralized in in the same database.
What are some ways that Prophix automates processes? There are many ways Prophix helps to reduce manual tasks. Users can automate data imports, consolidations, elimination entries, allocations, currency conversions, and report distributions.

See Prophix’s Financial Consolidation and Close in Action

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