Here’s Why Finance Pros Love ChatGPT

Ever wondered how AI could make your financial life a little (or a lot) easier?

Well, ChatGPT is stepping up to the plate, and it’s not just for tech pros anymore. From FP&A (Financial Planning and Analysis) to audit, compliance, and beyond, finance teams are using AI to:

👉 Eliminate repetitive tasks.

👉 Accelerate insights.

👉 Make faster decisions. 

Let’s explore some real-world use cases, handy prompts, and success stories that’ll have you wondering why you didn’t start using ChatGPT sooner.

Financial Planning and Analysis: Your New Data Whisperer

Imagine asking ChatGPT to analyze last quarter’s sales and getting a neat summary of trends without breaking a sweat. Sounds dreamy, right? FP&A pros like Glenn Hopper, the CFO at Eventus Advisory Group, are already living that dream. 

He built a custom chatbot using ChatGPT that allows his team to query expenses in plain English. They could type something like, “What were our expenses in December?” and get instant, accurate answers.

No more digging through spreadsheets for hours.

Try this prompt:

Boom, instant insights.

Audit & Compliance: Your Tireless Sidekick

ChatGPT can be your secret weapon for spotting anomalies or ensuring compliance. It’s like having an extra pair of eyes that never get tired. Whether it’s flagging potential errors in financial statements or automating compliance checks against regulations like GDPR or SOX, ChatGPT helps you stay ahead of the game.

Try this prompt:

It’s like a compliance cheat code.

Beyond the Basics: Budgets, Research, and More

ChatGPT isn’t just for the big stuff. It’s also a time-saver for everyday tasks.

Need to whip up a budget or research financing options? ChatGPT’s got your back, freeing you up for the strategic work that really moves the needle.

• Budget creation: Analyze last year’s expenses and projected growth to draft a budget.

• Research: Ask it to find the best financing options for a small business expansion.

• Communication: It can even draft emails or summarize earnings calls for you.

Try this prompt:

Watch it work its magic.

Real Talk: Success Stories from the Trenches

Finance teams at places like JPMorgan Chase are already using AI tools (like their IndexGPT) to make smarter investment decisions. 

On forums like Reddit and LinkedIn, professionals are raving about how ChatGPT helps with tasks such as analyzing returns or optimizing portfolios. One finance pro shared how it crunched monthly returns and calculated ratios like Sharpe and max drawdown in minutes.

The Big Question: Will It Take My Job?

Research from Washington State University suggests the answer is still no. They found that ChatGPT still makes way too many errors to replace financial advisors and planners anytime soon.

This is excellent news for you! It also means you should always double-check its answers for hallucinations and other inaccuracies.

Still, this super-smart assistant can handle the grunt work, allowing you to focus on the big picture. As Dominic DiBernardo from Citrin Cooperman puts it, AI makes finance teams “more valuable,” not obsolete. 

Think of it as your trusty sidekick, not your replacement.

Your Turn: Give It a Spin

So, why not give ChatGPT a try? Start small. Pick a task you dread, like summarizing a report or checking compliance, and see how it can lighten your load. Your future self will thank you.

💡 Pro tip: If you’re worried about data privacy, remember to opt out of data storage or use it for non-sensitive tasks. Safety first!

Got a favorite ChatGPT prompt or success story? Hit reply and share it with me, I’d love to hear how you’re using AI in your finance world.

About the Author

Manny Bernabe is an AI evangelist, LinkedIn Top Voice, and educator with a background in startups and finance. He has worked with AI startups and ran his own AI consultancy, helping businesses adopt emerging technologies. Previously, he held roles in the investment management industry, earning his CFA designation and a B.S. in Finance from DePaul University. Follow Manny on LinkedIn!

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