Prophix Software Delivers Enhanced Capabilities with Financial Consolidation SolutionMarch 7, 2016
As global businesses have more complex consolidation requirements, Prophix’s software enhanced capabilities expedite a faster, accurate close
Prophix Software, a global leader in developing Corporate Performance Management (CPM) software, released its latest version of financial consolidation software. Designed with greater capabilities to address many business challenges faced by growth companies including; multiple entities, intercompany eliminations, regulatory reporting requirements, foreign currency translation, joint ownership structures and mergers and acquisitions.
Feature highlights include:
- Support for Sophisticated Corporate Structures – including multiple reporting entities, partial ownership, and multiple currencies.
- Reduced complicated workflow – provides the structured review and approval process to ensure financial data security.
- Alleviate risk and reduce errors – a financial consolidation audit trail that provides transparency and disclosure throughout the financial consolidation process.
- Increased collaboration between multiple entities – compares the performance of subsidiaries against each other.
- Improved Management Reporting – not restricted to reporting actual historical data, but also for scenario planning that model acquisition, divestiture and other foreseen and unforeseen ownership changes.
- Transparency and increased governance – through sophisticated reporting, with role-based security and detailed auditing capabilities.
According to Anne Moxie, senior analyst, Nucleus Research:
“A key differentiator for CPM success remains in high adoption rates and shorter payback periods. Nucleus took a look at Prophix’s new release and found that its focus on ease of use in financial consolidations, will help reduce the learning curve and accelerate the time to value.”
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