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Prophix vs Redwood Software - Finance Automation Edition comparison

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Buyer's Guide
Financial Close Software
March 2024
Executive Summary

We performed a comparison between Prophix and Redwood Software - Finance Automation Edition based on real PeerSpot user reviews.

Find out what your peers are saying about Blackline, Workiva, Oracle and others in Financial Close Software.
To learn more, read our detailed Financial Close Software Report (Updated: March 2024).
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767,995 professionals have used our research since 2012.
Featured Review
Anonymous User
​Areas where you load your CapEx still need a lot of improvements however, it is easy to build a report.
* The products are linked to operational software (SAP) through an ODBC connection, so uploading the data is just on the click of a button *... Read more →
Ram Chenna
Single bot now replaces five associates who previously handled finance processes and eliminates manual errors
Redwood streamlined our financial closing process in two ways. Firstly, we've reduced the number of personnel needed. A single bot now replaces... Read more →
Quotes From Members
We asked business professionals to review the solutions they use.
Here are some excerpts of what they said:
Pricing and Cost Advice
Information Not Available
  • "The licensing was purely based on the number of transactions being processed in production."

    • More Redwood Software - Finance Automation Edition Pricing and Cost Advice →

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    Questions from the Community
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    What do you like most about Redwood Business Process Automation - Finance...
    Top Answer:Redwood has a great feature where it logs every transaction. So, at any point, we can see every step taken for each transaction. It creates an audit trail of the entire process execution. It is a… more »
    Read all 3 answers   →
    What is your experience regarding pricing and costs for Redwood Business ...
    Top Answer:The pricing is very client-specific. It's not a one-size-fits-all price. They don't have a single price for everyone. It's based on the client and the number of transactions. As Vodafone, a large… more »
    Read all 3 answers   →
    What needs improvement with Redwood Business Process Automation - Finance...
    Top Answer:Everything seems to be working well. However, I see value in integrating AI for automation. So, I would like to see AI integration for automation in future releases. Ideally, after I perform postings… more »
    Read all 3 answers   →
    Ranking
    18th
    out of 27 in Financial Close Software
    Views
    207
    Comparisons
    119
    Reviews
    0
    Average Words per Review
    0
    Rating
    N/A
    8th
    out of 27 in Financial Close Software
    Views
    189
    Comparisons
    123
    Reviews
    2
    Average Words per Review
    1,150
    Rating
    8.5
    Comparisons
    Also Known As
    Redwood Business Process Automation - Finance Edition, Redwood Robotics, Redwood Finance Automation
    Learn More
    PROPHIX
    Redwood Software
    Overview

    Prophix Software is a leading developer of solutions designed to automate financial processes including budgeting, planning, reporting, analysis, and performance management for the mid-market. Thousands of finance leaders around the world use Prophix to empower their organization and gain greater insight into business performance. Prophix and its partners deliver the best value by combining high end functionality, low total cost of ownership, and the fastest implementations in its class.

    The volume of repetitive, manual tasks across finance is overwhelming – every day or at the end of every month, quarter or year. Redwood’s finance automation reduces that unnecessary and time-consuming manual effort. We know because our customers tell us that our finance automation solution helps them achieve a much higher degree of back-office process automation compared with alternatives.

    Sample Customers
    Solarcentury, Swan Mill Paper Company, Interstates Companies, First Medical Health Plan, Community Physician Network, AAA Southern New England
    ArcelorMittal, Alliant Energy, Allianz, Arla, Bacardi, CPS Energy, DSM, Faurecia, Genetech, Jabil, Jumbo,
    Top Industries
    VISITORS READING REVIEWS
    Educational Organization38%
    Computer Software Company21%
    Manufacturing Company6%
    Construction Company6%
    VISITORS READING REVIEWS
    Financial Services Firm17%
    Energy/Utilities Company16%
    Computer Software Company9%
    Manufacturing Company5%
    Company Size
    REVIEWERS
    Small Business30%
    Midsize Enterprise30%
    Large Enterprise40%
    VISITORS READING REVIEWS
    Small Business27%
    Midsize Enterprise47%
    Large Enterprise25%
    VISITORS READING REVIEWS
    Small Business18%
    Midsize Enterprise10%
    Large Enterprise73%
    Buyer's Guide
    Financial Close Software
    March 2024
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    Find out what your peers are saying about Blackline, Workiva, Oracle and others in Financial Close Software. Updated: March 2024.
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    767,995 professionals have used our research since 2012.

    Prophix is ranked 18th in Financial Close Software while Redwood Software - Finance Automation Edition is ranked 8th in Financial Close Software with 3 reviews. Prophix is rated 8.2, while Redwood Software - Finance Automation Edition is rated 9.0. The top reviewer of Prophix writes "​Areas where you load your CapEx still need a lot of improvements however, it is easy to build a report". On the other hand, the top reviewer of Redwood Software - Finance Automation Edition writes "User-friendly and enables automation in finance, HR, and SDM". Prophix is most compared with Planful and Vena, whereas Redwood Software - Finance Automation Edition is most compared with UiPath, BlackLine, Blue Prism, Blue Prism Cloud and Automation Anywhere (AA).

    See our list of best Financial Close Software vendors.

    We monitor all Financial Close Software reviews to prevent fraudulent reviews and keep review quality high. We do not post reviews by company employees or direct competitors. We validate each review for authenticity via cross-reference with LinkedIn, and personal follow-up with the reviewer when necessary.