Prophix Software: Automating and Streamlining Financial Budgeting, Planning and Reporting

Geoffrey Ng, VP Product Planning
CFOs of companies large and small are facing difficulty in deciphering the numbers from innumerable spreadsheets updated by multiple participants on the companies recurring monthly reports. This fragmented financial process can significantly affect a company’s profit margin. Recognizing the market’s need for innovative financial planning and reporting systems, Prophix Software, headquartered in Mississauga, Ontario, delivers its comprehensive end-to-end Corporate Performance Management (CPM) software to automate important financial and operational processes to make companies more profitable.

Prophix recognizes the prime requirement of a company’s key stakeholders–simple and intuitive business processes that enable accurate budgeting, planning, forecasting, reporting and financial consolidation. “Our single intuitive interface CPM solution enables business users to spend less time in verifying errors and instead focus more on the actual analysis. The integrated rather than silo’d approach in working on a centralized database brings in consolidated reporting, and automates time consuming corporate finance management processes,” says Geoffrey Ng, VP Product Planning, Prophix Software.

The Prophix CPM platform, built entirely on the Microsoft SQL Server stack, fits in easily into the existing corporate architecture.“We have purpose built functionalities that allow Prophix to integrate with other Microsoft applications like SharePoint, Power BI and Excel to consume the data easily,” adds Geoffrey. This provides an added advantage for the IT department, as Prophix’s unified solution requires no add-on modules that significantly reduce complexities.


Prophix’s single intuitive interface CPM solution enables business users to spend less time in verifying errors and instead focus more on actual analysis



The IT department has assurance of the Prophix platform’s compatibility with all the governance rules. “Since we use SQL Server, we have a sophisticated audit trail that is in place to track user actions. The security model that integrates with MS Active Directory, empowers the IT department to access the core data and monitor and control the access system,” says Geoffrey. If the customer has invested in SharePoint or Azure, the Prophix solution adapted to the Microsoft ecosystem allows clients to get the utmost ROI on their Microsoft investment by improving the utilization of these products as well.

Prophix serves more than 2,000 customer companies in 92 countries across varied verticals. The company collaborates with its partners across the globe to deliver superior value by combining high-end functionality with low cost-of-ownership and faster implementations. “The feedback from our vibrant partner and customer community is fed in an iterative loop to enhance the product features while taking into account the regional issues faced by customers across different geographies enabling customers to get value from day one—sans customization,” adds Geoffrey.

In a successful implementation at Coleman Cable—a manufacturer of more than 70,000 wire and cable products, they had initially started with budgeting and planning at a corporate level that later scaled up to integrated financial planning. The Prophix solution presented the client with facts beyond consolidated balance sheet and income statement reporting. “They have achieved this through the creation of over 20 integrated business models by the internal business users. Prophix has allowed finance to become more strategic in the way they plan and become leaders within the organization,” explains Geoffrey.

Expressing satisfaction over Microsoft focusing on ISV partners like Prophix, Geoffrey says,“We have a strong product roadmap and a vibrant customer and partner community that are always lobbying for changes and new ideas. This creativity of our users and partners is expanding the application of Prophix beyond traditional budgeting and planning.” With significant overseas expansions in the anvil, the geographies experiencing traction for Prophix’s products include Brazil, Australia, Europe and South Asia.

Company
Prophix Software

Headquarters
Mississauga, ON

Management
Geoffrey Ng, VP Product Planning

Description
Automating budgeting, planning, reporting, and consolidation