Eliminate the time and errors associated with manual data collection by integrating disparate data sources into Prophix, which automatically structures data, enabling you to quickly start the reconciliation process versus wasting time collecting and formatting it. By automating data imports, providing intelligent data mapping and build-in validation rules; Prophix ensures a smooth and reliable data collection process, simplifying the collection of data from other business systems without needing to involve IT.
Evolve your reconciliation process by empowering legal entities to actively carry out transaction-level matching and issue resolution, while maintaining centralized oversight and control over the process. Prophix enables entities to reconcile their part of the transactions and to resolve issues, eliminating the need for a middleman, such as a group accountant.
Improving team collaboration by serving as a single, unified source of truth for all of your transactional data. By driving collaboration through status updates, notifications, comments, and file sharing all within a single, user-friendly environment, Prophix will keep stakeholders better informed and more aligned contributing to a more efficient reconciliation process.
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Frequently asked questions
Yes, Prophix was designed with an audit perspective in mind. It allows for full audibility 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 subledger 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.