Transform The Way You Budget, Plan and Report
Prophix drives progress, by improving the speed and accuracy of decision making, for finance teams in mid-market companies. Harnessing the power of large volumes of data, Prophix empowers you to chart the best financial course.
Prophix’s Financial Performance Platform elevates the talents of finance teams to do their best work. Prophix combines Enterprise Resource Planning (ERP) and Financial Performance Management (FPM) systems and improves data management without drowning under a deluge of spreadsheets, crushes complexity, reduces uncertainty, and illuminates insights with access to best-in-class AI insights and planning, budgeting, forecasting, reporting, and consolidation functionalities.
Understanding the difference between ERP and FPM software?
The main difference between ERP and FPM software is that an ERP system records transactional and historical records, while FPM software uses your data to automate forward-looking processes like planning, reporting, and budgeting.
ERP software is a transactional system that captures individual transactions in an operational process.
- This allows you to accurately maintain records on financial accounting (e.g., general ledger, accounts receivable, accounts payable, etc.) and project management (e.g., job cost, work orders, change orders, etc.).
- An ERP can help your company scale the volume of transactions they process in different operations while increasing accuracy, auditability, and control.
In contrast, FPM software is designed to monitor business performance, plan initiatives, track progress, and analyze the results.
- FPM software can automate finance processes such as budgeting and planning, forecasting, scenario planning, and reporting and analysis.
- These finance processes are not transactional and often require input from multiple stakeholders, which means they are not compatible with ERP software.
FPM software is also sometimes referred to as CPM (Corporate Performance Management) software. Some users even simply call it FP&A software.
How Prophix supports Financial Performance Management
Prophix pulls together data from your systems into a single platform for financial performance management, integrating with your business systems, including:
- Enterprise Resource Planning (ERP)
- Project Management (PM)
- Customer Relationship Management (CRM)
- Human Resources Information (HRIS)
Prophix works with your ERP to give you a holistic view of your business performance, recording transactions and data so that you can use it for better budgeting, planning, and reporting.
Virtual Financial Analyst
Cloud computing has enabled multiple technologies to come together and work cohesively. It also offers organisations the ability to tap into short bursts of computing power to handle sophisticated AI-driven forecasting models.
Prophix’s product offering now includes the Virtual Financial Analyst, an artificial intelligence-powered assistant. It helps the user to identify anomalies and automate FP&A tasks.
This application includes a Task Assistant which leverages natural language AI to enable a more natural method of communication between the user and the application. There are two ways to make a request to the assistant, either via a typed request in the interface or, by simply asking it to complete an action by talking to it. An example may be, asking the Task Assistant to populate a forecast with prior year actuals as a starting point for a forecast.
Using ERP and Prophix software together, to your advantage
Gain a holistic view of your business, improve visibility and collaboration, and make informed decisions so you can drive your business forward.
As Sage and Prophix Partners, SynergERP seamlessly and securely integrates your ERP system with Prophix FPM software.
Prophix’s Financial Performance Platform integrates with almost any ERP, including Sage Intacct, Sage X3 Acumatica, SYSPRO, Microsoft Dynamics 365, Oracle, and many more.
While ERP software serves as a comprehensive database, capturing transactional data and records, Prophix acts as a b platform, allowing you to use that data to analyze, plan, and report on your business performance.
Download our 4 Steps to Better Business Budgeting
A smarter budget process is automated, collaborative, and analytical.
This guide examines the difference between Budgeting & Forecasting and unpacks the 4 steps that lead to better business budgeting.
Find out how Prophix’s Financial Performance Platform elevates budgeting to be smarter, faster and more accurate.