Toronto, ON (Vocus) May 27, 2009
PROPHIX Software, a leading provider of financial business intelligence and performance management solutions specializing in forecasting, corporate budgeting, strategic planning, consolidation, financial analysis and scorecarding, has announced the release of its Financial Controller, a module that streamlines consolidation cycles. Financial Controller brings speed and internal control to the process of closing the books, and improves the accuracy of consolidated financial information.
Currency conversions, intercompany matching and eliminations, and multiple data sources are some of the challenges that companies face when consolidating their financial data. For many companies with multiple operating entities, the financial consolidations process is largely manual, time-consuming, prone to error, and lacking in the controls required for statutory reporting.
"If you are the head office of a multi-entity corporation, then you are receiving data from multiple sources, sometimes in multiple currencies," explains Geoffrey Ng, Vice President of Product Planning, PROPHIX. "Consolidating this data into a single set of reports can be a lengthy process; a process that lacks transparency and auditability."
PROPHIX Financial Controller provides a complete framework for managing consolidations. This framework includes a single database of information and workflow capabilities to integrate processes and enable collaboration. Financial Controller supports automated currency conversions using centrally managed exchange rates, an integrated journal entry system for adjustments at any level, and strong allocations and intercompany eliminations features. It supports auditable results by logging all transactions and utilizing role-based security.
"There isn’t another solution in the market today that has the integration of PROPHIX," says Paul Barber, President and CEO, PROPHIX. "PROPHIX is a single, integrated solution, so you can use the same information to create similar processes across budgeting, forecasting, consolidations and reporting."
Financial Controller is included in the newly-released version 5.1 of PROPHIX’s industry-acclaimed Performance Management solution. Other features include SmartSwap, an analytic tool that allows power users to make intelligent adjustments to data directly within various modules in PROPHIX, and SmartPortal, a customizable home-screen which allows users to personalize their views.
About PROPHIX Software:
PROPHIX Software is a leader in delivering performance management solutions including budgeting, planning, forecasting, reporting, consolidation, personnel planning and other advanced financial functions. PROPHIX Software maintains an outstanding reputation with its customers by consistently delivering tangible value and exceptional ROI, with a lower total cost of ownership.
PROPHIX maintains Gold Certified status in the Microsoft Partner Program specializing in ISV/Software solutions and Business Intelligence (Data Management Solutions). Gold Certified Partners represent the highest level of competence and expertise with Microsoft technologies and have the closest working relationship with Microsoft. For more information, visit http://www.prophix.com.