Post on 21-Mar-2018
Prophix: Financial consolidation
In the new global economy, with
the world growing increasingly smaller
and with businesses expanding
across borders, finance and accounting
teams seek applications that will
raise the value that they offer to their
organizations. In order to meet the
changing needs of the marketplace,
new technologies have emerged,
easing the challenges of
precisely consolidating
company financial
results across business
units and territories.
Prophix: Financial consolidation
In the new global economy, with the world growing increasingly
smaller and with businesses expanding across borders, finance
and accounting teams seek applications that will raise the
value that they offer to their organizations. In order to meet the
changing needs of the marketplace, new technologies have
emerged, easing the challenges of precisely consolidating
company financial results across business units and territories.
Many organizations rely on spreadsheets for consolidation—only
to find that these programs lack the specialized functionality to
meet their business needs. Without access to a system built on a
centralized database, companies encounter problems in their
attempts to combine information from disparate sources. How would
these organizations benefit from using a centrally-controlled solution
that automates financial processes, including consolidation?
Businesses innovate with the help of advanced softwareProphix provides the leading financial consolidation, reporting, and
analysis solution for companies with multiple entities. Expedite the
consolidated reporting process and increase control with the help
of journal entries, flexible report writing, auditing, support for multiple
currencies, and straightforward management of approval processes.
By combining data from multiple ERPs into a unified data source,
Prophix provides the basis for a system of record, multiple reporting
requirements, insight into a company’s true financial position, and
a centralized data repository for planning and budgeting.
Software from Prophix: pre-configured to automate important financial processesAvoid manually entering and validating data. Ensure the consistency,
accuracy, and timeliness of financial consolidation processes.
Consolidate data from multiple sources and adjust the information in a
secure and auditable environment—without the need for IT support.
Prophix: Financial consolidation
Easy data integration from multiple sources
• Collect, map, and cleanse data from disparate data centers,
charts of account, calendars, and organizational structures
• Automate currency conversion using centrally-managed exchange
rates with automatic calculation of exchange rate differences
Accounting standards and regulatory compliance
• Manage consolidations across multiple accounting standards
• Comply with Sarbanes Oxley, GAAP, and IFRS
• Monitor, approve, and audit consolidation activities
• Utilize industry-leading OLAP technology to support multiple
reporting types (e.g., management, statutory, segmented) with
full slice-and-dice and drill-across-to-transaction capabilities
Journal adjustments
• Adjust data using journal entry templates with support
for recurring and auto-reversing entries
• Allocate amounts based on any measure, including revenues,
fixed percentages, headcounts, or square footage
• Create intercompany elimination journal entries to
automatically eliminate balances at the correct
consolidated levels and generate matching reports
Prophix: Financial consolidation
Highlights• Regain control and easily audit your data
• Experience a more consistent and accurate closing
process
• Collaborate with other stakeholders and track
financial closing adjustments
• Simply manage complex consolidation processes
involving multiple currencies, multiple levels, and multiple reporting requirements
• Rapid implementation through the use of existing
Prophix business models and a familiar user interface
Highlights• Regain control and easily audit your data
• Experience a more consistent and accurate closing
process
• Collaborate with other stakeholders and
track financial closing adjustments
• Simply manage complex consolidation processes
involving multiple currencies, multiple levels,
and multiple reporting requirements
• Rapid implementation through the use of existing
Prophix business models and a familiar user interface
• Integrate consolidations with planning
and forecasting processes
Data security• With role-based security, limit user access to certain tasks and specific
data views
• Control submissions and approvals of consolidated data with a
powerful workflow engine and automatic email notifications
Head office350 Burnhamthorpe Road W.Suite 1000Mississauga, OntarioCanada L5B 3J1Telephone: 1-905-279-8711Toll-free: 1-800-387-5915Email: info@prophix.com
Prophix UKGrove HouseLutyens CloseBasingstokeHampshireRG24 8AGEnglandTelephone: 01256 338611
Prophix EuropeWinghouseØrestads Boulevard 732300 CopenhagenTelephone: + 45 7023 2375
© 2012 Prophix Software Inc. All rights reserved. Prophix and the Prophix logo are registered trademarks of Prophix Software Inc. in Canada and other countries. All company names and logos shown are the exclusive trademarks of their respective owners.