DATA ANALYSIS AND REPORTING
Today's AI chatbots can automate the generation of reports
They summarize large datasets into clearer insights
These tools can highlight trends, outliers, and key metrics
Copilot, ChatGPT and other AI chatbots eliminate the need for manual report compilation, providing finance teams with structured insights quickly (especially if you have already set a process in the same chat/environment)
Example Prompts:
"Given this income statement attached [for example, in pdf format], summarize the financial performance of Q3 by analyzing sales, cost of goods sold, and operating expenses"
"Given the spreadsheet attached, first analyze it and tell me what you recognize in it, then we'll generate a report that highlights the main factors contributing to the increase in overhead costs this year"
FINANCIAL FORECASTING AND MODELING
ChatGPT helps build and refine financial models
It generates projections based on historical data
It can run multiple scenario analyses to stress test assumptions
In this area, ChatGPT allows businesses to evaluate multiple scenarios more efficiently by testing different assumptions, which reduces manual labor significantly and improves the accuracy of projections.
Example Prompts:
"Generate a 5-year financial forecast for our company based on revenue growth trends from the last 10 years and incorporate potential industry changes"
"Run a scenario analysis for a 10% drop in sales next year and provide potential impacts on cash flow and profitability"
"Create a model that predicts operating expenses based on this different inflation rates over the next 3 years: [...]"
AUDIT AND COMPLIANCE
It reviews transactions and flags anomalies
It identifies potential errors and issues before audits
In audit preparation, ChatGPT offers considerable value by systematically checking financial records for any discrepancies, making sure they meet regulatory requirements. Also in this case, it performs very well especially when you have already submitted some examples of internal documents to analyze the patterns... and, if you prefer, after setting the "non-training" option so that the producer of the service can't enter your data
Example Prompts:
"Review the company's Q1 financial statements and flag any discrepancies related to tax compliance in the respective section"
"Check the records for any suspicious activity or errors in the payroll data for the last six months"
TASK AUTOMATION
ChatGPT automates repetitive tasks
It handles activities like invoice processing and account reconciliation
It can integrate with/explain other tools to enhance workflow automation
Also there, if you set a procedure, you can benefit from the potential of automation so that you can focus on high-level financial management, analysis and/or strategies
Example Prompts:
"Automate the reconciliation of bank statements with our internal accounts for the past month"
"Process the attached invoices and categorize them based on department and expense type"
AI CHATBOTS CAN ALSO BE USEFUL FOR...
✦ BUDGETING AND COST CONTROL
✦ EXPENSE MANAGEMENT
✦ TAX PREPARATION AND OPTIMIZATION
✦ CASH FLOW MANAGEMENT
✦ ACCOUNTS PAYABLE AND RECEIVABLE AUTOMATION
✦ DECISION SUPPORT
✦ TRAINING AND SUPPORT
__
FOLLOW US FOR MORE.
CHECK OUT THE FULL PRACTICAL GUIDE HERE
Comments