Eliminate financial consolidation complexity
Prophix Financial Consolidation was developed by experts who understand the unique requirements for a streamlined month-end close process. Leveraging best practices, it removes the complexity of consolidation by automating processes like multi-currency translations and sub–consolidation, ensuring multi-GAAP and IFRS compliance and much more to reduce the need for expensive customizations. Regardless of your group structure, depth, or unique chart of accounts, Prophix can execute complex account consolidations in seconds for faster insights that drive better business outcomes.
Built-in customizable audit reports
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 gives auditors the tools and transparency to self-serve and streamline the audit process ensuring the accuracy and integrity of your consolidated financial statements.
Integrate and automate data collection across business systems
No matter whether your company is dispersed across different regions, currencies, or business systems, your data collection is made easy. With an easy-to-use interface, Prophix Financial Consolidation simplifies the data exchange between our platform and other business systems without involving IT. Using automated imports, integrations, and validation rules, you have complete visibility and control over your data throughout the entire consolidation process resulting in quality consolidated financial reporting.
Made for finance leaders
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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.