Prophix Unveils Prophix One | One Version of the Truth, One Central Point of Entry, One Platform to Streamline Next-Gen Finance

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Apr 03, 2024, 12:30 ET

To fundamentally change the midmarket office of the CFO, Prophix One delivers a holistic approach to financial planning, budgeting, close & consolidation, and reporting within a consistent, intuitive user experience

PHOENIX, April 3, 2024 /PRNewswire/ -- Prophix Live! '24 -- Prophix, a leading innovator in financial performance management, today debuts Prophix One, a Financial Performance Platform. Addressing the most critical and rapidly evolving challenges today's finance leaders face, Prophix One will provide growth organizations with access to next-generation finance capabilities that streamline processes, enhance decision-making, and drive business growth, all from a single point of entry and authentication. Prophix One represents a significant step forward for the complete office of the chief financial officer (CFO) – from accounting to finance – by leveraging an ultra-adaptable, collaborative toolset to navigate complexity and control financial outcomes accurately and precisely.

Prophix One is purpose-built to deliver a holistic approach to financial planning, financial close & consolidation, accounting & compliance, budgeting, and reporting. Prophix One leverages advanced technologies and innovative functionality to deliver a single, seamless point of access and a consistent and intuitive user experience. Designed to add on new capabilities quickly, Prophix One supports midmarket organizations with a foundation to innovate, expand, and introduce new avenues to improve business performance.

"Prophix One changes the narrative for the midmarket office of the CFO, providing a tangible opportunity for finance leaders to embrace next-generation finance without overhauling their existing technology environment," said Alok Ajmera, Chief Executive Officer at Prophix. "For global finance leaders to fully leverage their roles as trusted cross-functional advisors, they cannot rely on a huge, unmanageable tech stack or piecemeal solutions. They need data-driven insights to make informed decisions, and have confidence that their data is derived from a single source of truth.

"Prophix One isn't about keeping pace; it's about staying ahead of the curve. Finance as you know it is out; next-gen finance is in – you don't need to be left behind and with Prophix One you won't be."

Prophix One Highlights

Prophix One is a unified cloud-based platform that leverages a depth of capabilities, from financial close to planning, to streamline workflows and increase planning frequency, all within a harmonized user experience. Key advantages for finance leaders include:

Advanced Data Processing: Incorporates elastically scaling in-memory technology for enhanced performance, enabling finance teams to handle complex planning and large datasets with increased speed, precision, and accuracy.
Workflow, Security & User Management: Offering a single point of user authentication and centralized user management, Prophix One is ultra-adaptable to fit within any finance department securely.
Monthly Account Reconciliation and Validation: A focus on financial accuracy, with advanced monthly reconciliation and validation tools, uniquely positions Prophix One as a strategic asset for precise financial statements among market competitors.
Strategic Cash Flow Forecasting: Prophix One empowers finance leaders with advanced modeling for accurate cash flow forecasting, helping organizations confidently navigate financial waters.

The platform's user-centric design ensures ease of use and flexibility and will enable finance teams to adapt quickly to changing business conditions and drive continuous improvement. With Prophix One, CFOs can more accurately control financial outcomes, streamline and integrate end-to-end financial processes and data, and drive individual and organizational business performance. Whether it's optimizing budget allocation, forecasting future performance, or gaining control over the close management process, Prophix One will provide the tools and capabilities needed to thrive in the next generation of finance.

"As organizations seek to streamline and automate the many processes within the finance department, the ability to address multiple tasks – from financial close and consolidation to financial planning – within a single platform and centralized source of data, will have a significant positive impact on productivity," said Craig Schiff, president & lead analyst, BPM Partners. "Prophix One can meet this need with a flexible, responsive, and secure platform that controls end-to-end financial processes and data from a single point of entry. Growing midmarket organizations will especially appreciate Prophix One's ability to address a wide range of needs, from close to planning, while easily scaling with their businesses over time."

"Today with Prophix, we can see the consolidation and effects on a daily basis during month-end close, which also makes it possible for us to do a more detailed analysis on the accuracy of the numbers per business unit," said David Stuij, Director Group Reporting & Control at Medux. "The biggest advantage to having the consolidation and the FP&A in one system is that we are talking about the same numbers within the organization – whether you're making an analysis of a specific subject or looking at the whole consolidation."

Prophix One was unveiled at Prophix Live! '24, the company's flagship conference, taking place April 2-4, at Arizona Grand Resort & Spa in Phoenix, AZ, where attendees will have the opportunity to experience live demonstrations, interact with industry experts, and explore the platform's transformative capabilities. The event serves as a showcase for next-gen finance thought leadership, featuring discussions on the evolving role of CFOs, business efficiency, and the future of financial technology.

To learn more about Prophix One, visit www.prophix.com/prophix-one or register for one of the following upcoming webinars:

Current Prophix customers register here:
- Europe & UK: April 18, 2024, at 9 AM EDT | 2 PM BST
- North America: April 18, 2024, at 1 PM EDT | 6 PM BST
Non-Prophix customers register here:
- April 24, 2024, at 11 AM EDT | 4 PM BST

About Prophix

Ambitious finance leaders engage with Prophix to drive progress and do their best work. Leveraging Prophix One, a Financial Performance Platform, to improve the speed and accuracy of decision-making within a harmonized user experience, global finance teams are empowered to step into the next generation of finance with no reservation.

Crush complexity, reduce uncertainty, and illuminate data with access to best-in-class automated insights and planning, budgeting, forecasting, reporting, and consolidation functionalities. Prophix is a private company, backed by Hg Capital, a leading investor in software and services businesses. More than 3,000 active customers across the globe rely on Prophix to achieve organizational success. Additional information at www.prophix.com.

SOURCE Prophix