Eliminate consolidation complexity
Consolidation experts created Prophix for financial consolidation for consolidation experts. Leveraging years of best practices, it is designed to remove the complexity of consolidation by intelligently automating processes like multi-currency translations and sub–consolidation, ensuring multi-GAAP and IFRS compliance and much more reducing the need for expensive customizations. Regardless of your group structure, depth, or complexity, Prophix can run complex consolidations in seconds that result in faster insights that drive better business outcomes.
Leverage built-in auditability
The need for transparency and data traceability is paramount. Prophix enables the creation of detailed and fully customizable audit reports when needed, simplifying and expediting internal or external audit processes and significantly decreasing the cost and resources spent on audits. By providing user licenses specifically tailored for auditors and a library of configurable audit report templates, Prophix enables auditors with the tools and transparency they need to self-serve and streamline the audit process.
Integrate and automate data collection
Whether you’re separated by states or by continents, currencies, or disparate business systems, siloed information, and data collection is not an issue. Leveraging an easy-to-use interface, Prophix simplifies the data exchange between Prophix and other business systems without needing to involve IT. Using automated imports, integrations, and validation rules, you have complete control over your data throughout the entire consolidation process.
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Frequently asked questions
Yes, Prophix was designed with an audit perspective in mind. It allows for full auditability of data changes and provides complete audit reports.
There are many ways Prophix helps to reduce manual tasks. Users can automate data imports, consolidations, elimination entries, allocations, currency conversions, and report assembly, report distribution and more.
The Prophix platform has a capability called anomaly detection. Using the power of machine learning, it analyzes general ledger and sub-ledger transactions (accounts receivable, accounts payable, and subsidiary ledgers) to provide you with deep analysis of your data to uncover outliers, errors, and possible fraud to expedite their resolution for a faster close using clean data.