Accounting
Prophix Adds Account Reconciliation to Prophix One Platform
The new solution provides relief from disjointed, manual processes that leave room for error and confusion, Prophix said.
Sep. 11, 2024
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Financial performance management software maker Prophix announced on Sept. 10 the general availability of Prophix One Account Reconciliation, a new solution geared toward the financial close management process.
Prophix One Account Reconciliation automates tedious tasks and provides a centralized platform for managing all account reconciliation activities, the company said in a media release. The application builds on a comprehensive suite of tools that ensure consistency, accuracy, and transparency throughout the financial close cycle.
Finance leaders can now standardize the close process with reconciliation templates, transparent controls, robust tracking, integrated break support, and unified close performance analysis.
The new account reconciliation solution has been added to Prophix One, a financial performance platform for mid-market businesses that the Mississauga, Ontario-based company introduced last April.
“With the launch of Prophix One, we’ve already altered the landscape for mid-market finance leaders by providing a truly integrated platform that relies on a single version of the truth. Adding Prophix One Account Reconciliation to the platform shifts that landscape even further with a simple, straightforward application that demystifies a complex process and makes it accessible to just about anyone in the office of finance,” Prophix President and CEO Alok Ajmera said in a statement.
Key benefits of Prophix One Account Reconciliation include:
- Seamless collaboration: Via a comprehensive close management command center, monitor close progress by period and entity, and keep tabs on task completion, overall progress, and the status of every key account.
- Improved data quality: Reduce errors by eliminating manual data entry and reliance on multiple versions of spreadsheets.
- Enhanced visibility into reconciliation process: Ensure a consistent, standardized, repeatable reconciliation process. Ensure visibility and accuracy for informed decision making.
- Real-time updates: Don’t miss a reconciliation ever again. Deploy workflows to receive real-time updates, comments, and visibility into progress. When a reconciled difference nets out and is submitted, an approval request gets automatically triggered.
- Clear progress tracking: Tracking reconciliation progress is crystal clear via built-in process monitoring functionality which provides a comprehensive, bird’s-eye view of the progress of a reconciliation. The application’s close performance analysis capability helps spot bottlenecks, anticipate challenges, and optimize resource allocation.
- Effortless close package generation: Even when audit season approaches, putting together close packages is easy. Choose accounts and the application will compile and export detailed information as an Excel output to provide everything auditors will need.
More information on Prophix One Account Reconciliation can be found here.