ChatGPT For Finance

ChatGPT for Finance Copyright Nicolas Boucher
By Nicolas BOUCHER
Copyright:
This publication is protected by EU, US and International Copyright Laws.
Reproduction and distribution of this publication without written permission of the author (Nicolas
Boucher) is prohibited.
© Nicolas Boucher 2023
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INTRODUCTION
ChatGPT, short for "Chat Generative Pre-trained Transformer," is a powerful language

model developed by OpenAI that is revolutionizing the world of natural language
processing. As a finance professional, you may be wondering how ChatGPT can help you in
your work. The answer is: in many ways.
As an accountant, CFO, or financial analyst, you need to process vast amounts of

information and make informed decisions quickly. ChatGPT can assist you in this task,
enabling you to ask complex questions and receive accurate, human-like responses in
seconds.
This document is a practical guide for finance professionals who want to use ChatGPT to
enhance their analysis, decision-making, writing and productivity skills.
With this guide, you will gain a deep understanding of how ChatGPT works and how it can
be applied to finance.
Throughout the guide, we will provide examples and case studies that illustrate how
ChatGPT can be used in finance. By the end of the guide, you will have the tools and
knowledge needed to apply ChatGPT to your work, helping you make informed decisions
and improve your performance.
Let's explore the exciting possibilities of ChatGPT and finance together!
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TABLE OF CONTENT
INTRODUCTION 3
TABLE OF CONTENT 4
ABOUT ME 6
WHY I MADE THIS GUIDE 7
HOW TO USE THESE GUIDE 7
HOW TO START WITH CHATGPT 8
GENERAL TIPS FOR CHATGPT 11
CHATGPT FOR PRODUCTIVITY IN FINANCE 13
1. Teach you Excel/Google Sheets and write formulas for you 13
2. Create checklists 15
3. Teach you how to use PowerBI 17
4. Write emails (to your manager, colleagues, clients, etc) 19
5. Create Standard Operating Procedures (SOP) 22
6. Create agenda for a meeting 25
CHATGPT FOR ACCOUNTING 27
8. Dunning email / letter 27
9. Dunning process with 3 levels 29
10. Impairment memo 33
11. Write notes to Financial statements 36
12. Understand accounting principles 38
13. Explain accounting principles to non finance professionals 41
14. Teach you how to use SAP 44
CHATGPT FOR FINANCIAL ANALYSIS 47
15. Analysis of financial figures 47
16. Scenario analysis 51
17. Write commentaries 54
18. Prepare a financial presentation 59
19. Conduct cost reduction initiatives 65
20. Set up action plan 70
CHATGPT FOR BUSINESS PARTNERING 74
19. Write email to request input from other departments 74
20. Prepare budget timeline 77
21. Build a business case 81
22. Prepare the structure for an interview with an operational business partner 86
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BONUS: links to learn more about ChatGPT and other AI tools 88

SPECIAL DISCOUNT ON MY COURSE FOR FINANCE PROFESSIONALS 89
SPECIAL DISCOUNT ON MY GUIDE “50 Questions and Answers for Finance Interview
Jobs” 90
LAST WORD 91
DISCLAIMER 92
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ABOUT ME
My name is Nicolas Boucher and I am a Finance thought leader with more than 14 years
experience in Finance.
I have coached and trained more than 300 Finance Professionals online and on premises.
Living in 5 different countries across 3 different continents (France, USA, Luxembourg,

Singapore and Germany) gave me the capacity to integrate myself quickly and understand
different local and working cultures.
The last 7 years I worked for Thales Germany and held several different roles: Head of
Finance Transformation, Head of Finance and Controlling as well as Senior Manager in
Business Controlling.
Before that I worked for PwC in Luxembourg and Singapore. My 7 years’ experience as a
consultant and auditor for a Big 4 company helped me develop a goal oriented mind-set as
well as a high sense of commitment and responsibility.
I am married and a happy father of 2 daughters. We both learn from each other and we
enjoy reading french books together, go outside and when we can go on holidays to
discover the world!
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WHY I MADE THIS GUIDE
Along my career I always used technology as a lever to deliver more valuable work in an
efficient way.
This helped me get promoted faster than my peers.
With this ChatGPT guide for Finance, I hope to help you be more productive and deliver
more value to your company, which at the end should help you get the promotion and
salary increase you target.
HOW TO USE THESE GUIDE
This guide is made to help you with real case uses of ChatGPT in Finance.
It gives you different problems you can solve using ChatGPT. For each one, I will give you
the exact prompt I use and an example of the result you can get.
You also get the transcript of the result which you can copy and tailor for your own use.
Important: ChatGPT might give you different results than disclosed in this guide. This is due
to the fact that the model is dynamic and is always training itself based on the feedback of
its users. You can see yourself that if you ask the same question twice or just change one
word, you might get different responses.
I recommend adapting these use cases to your own needs. Make sure you are specific and
you try different iterations to get the most out of ChatGPT.
Use your experience, your education, your ethics and your professional skepticism to
review and adjust the results of ChatGPT. This is how you, as a professional, bring value
and make yourself relevant.
If you find other ways to use ChatGPT for Finance or if you see any mistake in this guide,
feel free to send me an email : nboucher.pro@gmail.com and I will add it to the guide to
allow all the other finance professionals to benefit from your findings.
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HOW TO START WITH CHATGPT

To start using ChartGPT follow these 5 steps:
1. Navigate to chat.openai.com/chat in your web browser.
2. If it’s your first time, you will need to sign up for an OpenAI account (it’s free).
You will need to provide your email address and create a password.
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3. If you already signed up, you just need to log in by providing your email address and
password
4. Once you're logged in, you will see a text box at the bottom where you can type in
your message to ChatGPT.
You can ask ChatGPT any question or provide any input in natural language.
5. After typing your message (for example “How does ChatGPT work?”), press the
"Enter" key to send it to ChatGPT.
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6. You will then see the response generated by the ChatGPT model. The response will
appear directly below the text box where you entered your message.
7. If you want to continue the conversation, you can type another message and send it
to ChatGPT. ChatGPT will respond with a new message each time you send it input.
That's all there is to it! You can use ChatGPT to ask questions, get answers, or engage in
casual conversation.
Keep in mind that ChatGPT's responses are generated based on its training data and may
not always be perfect. However, it can be a valuable tool for generating ideas, exploring
concepts, or having fun with natural language processing.
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GENERAL TIPS FOR CHATGPT

1. What is a prompt?
In the context of ChatGPT, the prompt is the initial message or question that a user inputs
into the chatbot to initiate a conversation or request information. The prompt is important
because it determines the direction and scope of the conversation, and provides the
context and focus for the responses generated by the chatbot.
A well-designed prompt can help the user to get a more accurate and relevant response
from ChatGPT. It can also help the chatbot to understand the user's intent more effectively,
which is important for generating appropriate and useful responses.
When creating a prompt for ChatGPT, it is important to be clear and specific about the
information or response that the user is looking for. The prompt should also be phrased in
a way that is easy for ChatGPT to understand, and that provides the necessary context for
generating a useful response.
Some examples of prompts that one can use for ChatGPT include asking for information or
clarification on a specific topic, requesting a definition or explanation of a concept, seeking
advice or recommendations on a particular problem, or asking for assistance with a task or
project. The key is to provide enough context and detail in the prompt so that ChatGPT can
generate a response that is relevant, accurate, and helpful.
2. Be clear and specific in your questions:

Instead of asking "How are the numbers looking?", ask "What is the current revenue for Q4
of FY 2022?"
3. Use proper grammar and punctuation:

Use correct grammar and punctuation when typing your questions. For example, "What is
the percentage change in revenue from Q3 to Q4?" instead of "whats the % change in
revnue from q3 to q4"
4. Avoid using slang or jargon:

Use finance-related terminology and avoid using slang or jargon that ChatGPT may not
understand. For example, use "EBITDA" instead of "earnings".
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5. Provide context:
If your question relates to a specific company or industry, provide that context in your
question. For example, "I am an accountant, I need to write a letter to my client for
overdues, can you write a letter that politely asks for payment of the invoice from January
12th, 2023 for an amount of $34,761 which is due since 30 days".
6. Ask focused questions:

Ask questions that can be answered with a specific piece of information. For example,
"What is the net income for the first quarter of FY 2023?" instead of "How is the company
doing financially?".
7. Avoid asking multiple questions at once:

Ask one question at a time to help ChatGPT focus on providing a single, accurate response.
For example, "What is the net profit margin for Q1 of FY 2023?" instead of "What is the net
profit margin for Q1 of FY 2023 and how does it compare to the previous year?".
8. Use keywords:
Use specific keywords related to your question to help ChatGPT better understand what
you are asking and generate more relevant responses. For example, use "EBITDA" instead
of "earnings".
9. Ask ChatGPT to behave like an expert:

When you ask ChatGPT, you can tell him to act as tax expert or a consultant or a CFO. This
helps ChatGPT respond more like an expert and give him context.
10. Reformulate your prompt and add more context: If you are not happy with the
response, try reformulating your question and providing additional context to help
ChatGPT generate a more accurate response.
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CHATGPT FOR PRODUCTIVITY IN

FINANCE
1. Teach you Excel/Google Sheets and write formulas for you
Goal:
It can be hard to know how to write in Excel because it requires knowledge of the
program's functions and formulas.
ChatGPT can help by providing step-by-step guidance on how to use Excel functions,
troubleshooting errors, and suggesting alternative methods to achieve desired results.
Prompt:
I have two sheets. In the first one, I have my sales volume by sales order and in the second one i
have a list of sales orders with the name of customers and the date of sales order. How can I get
the name of the customer in my first sheet for each line of sales order?
Result:
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Transcript of the result:
To get the name of the customer in your first sheet for each line of sales order, you can use the
VLOOKUP function in Microsoft Excel or Google Sheets. Here's how:
1. In the second sheet, make sure the sales order column is in the leftmost column, followed
by the customer name column and the date column.
2. In the first sheet, add a new column next to the sales order column where you want to
display the customer name.
3. In the new column, use the VLOOKUP function to search for the sales order in the second
sheet and return the corresponding customer name. The formula would look something
like this:
=VLOOKUP(A2,Sheet2!A:C,2,FALSE)
Here, A2 is the first sales order in the first sheet, Sheet2!A:C refers to the range of the
sales order, customer name, and date columns in the second sheet, and 2 indicates that
you want to return the value in the second column (which is the customer name).
4. Copy the formula down to all the rows in the new column, and you should have the
customer name for each sales order in the first sheet.
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2. Create checklists
Goal:
Creating checklists for finance professionals can be challenging due to the complex and
constantly evolving business requirements, which may require time, knowledge and
experience.
It can be difficult to identify all the necessary steps and potential pitfalls in financial
processes and this can lead to incomplete or ineffective checklists.
ChatGPT can provide guidance and expertise to help you create comprehensive checklists
by offering insights on financial regulations and procedures, and by suggesting best
practices based on its extensive knowledge and experience.
Prompt:
I am working in finance and need an extensive checklist for the booking of accruals in the
context of the monthly closing.
Result:
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1. Review and confirm all invoices received during the period for goods and services that
have been delivered but not yet invoiced.
2. Ensure that all accrued expenses from the previous month have been booked and no
accruals have been double-counted or missed.
3. Review all contracts and agreements to ensure that all service obligations have been
performed and any expenses incurred have been recognized.
4. Verify that all payroll expenses, bonuses, and benefits have been recorded accurately,
including any adjustments made for new hires or terminations.
5. Confirm that all revenue earned during the period has been recognized in accordance
with accounting standards and company policies.
6. Ensure that all prepaid expenses have been appropriately amortized, and any new
prepayments have been recorded.
7. Review and confirm all bank transactions and reconciliations for the period to ensure
that all accruals related to interest and bank fees have been properly recorded.
8. Verify that all non-standard accruals have been recorded and supported with
appropriate documentation and approvals.
9. Review and reconcile all balance sheet accounts related to accruals, such as accounts
payable, accounts receivable, and prepaid expenses.
10. Confirm that all required journal entries have been posted to the general ledger and that
financial statements have been properly prepared and reviewed.
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3. Teach you how to use PowerBI
Goal:
Creating measures in Power BI using formulas can be challenging for someone without a
lot of experience in Power BI for several reasons:
1. Syntax: Creating measures in Power BI requires writing formulas using the DAX
(Data Analysis Expressions) language, which has its own syntax and functions. This
can be difficult for someone who is not familiar with programming languages.
2. Logic: Creating measures requires understanding the logic behind the calculation
and selecting the appropriate DAX functions to achieve the desired result. This can
be challenging for someone without a lot of experience with data analysis.
3. Debugging: When creating measures, it is common to encounter errors, and it can

be difficult to determine the cause of the error and how to fix it.
However, ChatGPT can help in several ways:
1. Guidance: ChatGPT can provide step-by-step guidance on how to create measures in

Power BI using formulas, including the syntax and logic behind the calculations.
2. Examples: ChatGPT can provide examples of common measures and formulas used
in Power BI, which can help someone without a lot of experience to understand the
logic and structure of the calculations.
3. Debugging: If someone encounters errors when creating measures, ChatGPT can

help to identify the cause of the error and suggest ways to fix it.
Prompt:
I want to create a measure in powerbi which is the difference of my actuals vs my budget, how
can i create it?
Result:
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1. Open the Power BI report or dashboard where you want to create the measure.
2. In the Fields pane, find the table that contains the actuals and budget data.
3. Click on the table name to expand it and see the columns.
4. Right-click on an empty area within the table and select "New measure."
5. In the formula bar, enter the following formula:
Difference = SUM(Table[Actuals]) - SUM(Table[Budget])
Make sure to replace "Table" with the actual name of your table, and "Actuals" and
"Budget" with the names of the columns that contain the actuals and budget data.
6. Click on the checkmark icon or press Enter to save the measure.
7. Rename the measure to something more descriptive if necessary.
8. Drag and drop the measure onto a visual or table to see the difference between actuals
and budget.
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4. Write emails (to your manager, colleagues, clients, etc)
Goal:
Writing professional emails can be challenging due to the need to strike the right tone, be
concise, clear and organized, avoid errors, and remain respectful.
One way to improve your professional email writing is to use a tool like ChatGPT to help
you identify errors, suggest alternative phrasings, and provide feedback on the tone and
clarity of your message.
You can also ask ChatGPT to draft emails based on key information you will provide. See a
specific example below.
Prompt:
I am working in finance. My manager asked me to give the management team a status on the
comparison of sales between actuals and budget and to identify where the differences come
from. The results are the following: sales beat budget by 4k$ and increased by $15k vs last year.
The main driver comes from the increase of the number of customers (mainly from marketing
campaigns) vs budget by 10% and accounts for $5k but was offset by for $0.8k the decrease in
product price vs budget (mainly due to more discounts given). Can you write a professional
email using bullet points? At the end suggest some areas to explore and ask which one I should
start working on.
Result:
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Dear [Manager],
I hope this email finds you well. As requested, I have prepared a status report on the comparison
of sales between actuals and budget, along with an identification of the key drivers of the
differences.
Here are the main findings:
Sales performance:
● Actual sales beat budget by $4k.
● Sales increased by $15k compared to last year.
Key drivers of sales performance:
● Increase in the number of customers vs. budget by 10%, which accounts for $5k of the
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increase in sales.
● Decrease in product price vs. budget (mainly due to more discounts given), which offset
the sales increase by $0.8k.
Moving forward, I suggest exploring the following areas:
● Analyzing the effectiveness of the marketing campaign that led to the increase in
customers.
● Reviewing the pricing strategy to mitigate the negative impact of discounting on revenue.
● Assessing the impact of competitors' pricing on our product pricing strategy.
Please let me know which area you would like me to start working on. I am available to discuss
this further at your convenience.
Thank you for your time and consideration.
Best regards,
[Your Name]
Other prompts you can use:
I need a [type of email] that will overcome objections and concerns my [stakeholder persona]
may have about my [proposition] and convince them to take [desired action].
I'm looking for a [type of email] that will explain the features and benefits of my [proposition] to
[stakeholder persona] in a clear and concise manner, leading them to agree with my proposal.
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5. Create Standard Operating Procedures (SOP)
Goal:
SOPs (Standard Operating Procedures) are written instructions that describe how to
perform a task or process in a consistent and efficient manner.
They are important because they help to ensure consistency, quality, and safety in a wide
range of industries.
However, writing effective SOPs can be challenging for humans due to the need to be clear,
concise, and comprehensive, which is where ChatGPT can help by providing guidance on
best practices and helping to identify areas for improvement.
Prompt:
I am an accountant, I need to write a SOP about the bank reconciliation. I am using quickbook.
Can you provide me with a step by step SOP which complies with standard internal controls for
a traditional company?
Result:
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Sure, here is a step-by-step Standard Operating Procedure (SOP) for bank reconciliation using
QuickBooks that complies with standard internal controls for a traditional company:
1. Set a regular schedule for bank reconciliation, ideally monthly, and ensure that all
transactions from the previous month are recorded in QuickBooks.
2. Access the "Banking" tab from the QuickBooks home page and select "Reconcile."
3. Select the bank account that you want to reconcile.
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4. Enter the ending balance from the bank statement in the "Ending Balance" field.
5. Enter the ending balance of the bank account in QuickBooks in the "Ending Balance"
field.
6. Check off all transactions on the bank statement that are listed in QuickBooks by
comparing the transaction date, amount, and payee.
7. Record any outstanding checks or deposits that do not appear on the bank statement,
and add them to the reconciliation as adjustments.
8. Compare the total amount of outstanding checks and deposits with the difference
between the ending balance on the bank statement and the ending balance in
QuickBooks.
9. Make sure that the difference between the bank statement and the QuickBooks ending
balance is zero. If it is not, double-check that all transactions have been entered correctly
and that there are no missing transactions or errors in QuickBooks.
10. Print the reconciliation report, and save it for your records.
11. Sign and date the reconciliation report, and file it with the supporting documents.
12. Notify management of any issues or concerns that you identified during the
reconciliation process.
13. Review and document the internal controls and procedures in place for bank
reconciliation to ensure they are being followed and are effective.
14. Finally, ensure that all access to the bank reconciliation process in QuickBooks is limited
to authorized personnel and that there is adequate segregation of duties between the
individuals who reconcile the bank accounts and those who handle cash or other related
accounting functions.
Remember to maintain adequate supporting documentation, such as bank statements and

cancelled checks, to back up your reconciliation process. By following this SOP, you can ensure
that your bank reconciliation is accurate, reliable, and compliant with standard internal controls
for a traditional company.
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6. Create agenda for a meeting
Goal:
Having an agenda in a meeting is important because it increases efficiency, improves

preparation, encourages participation, and increases accountability.
If you need help drafting an agenda for a meeting, ChatGPT can assist you by generating a
list of suggested topics based on the meeting's purpose and attendees.
Prompt:
I want to create an agenda for a meeting with the IT team about pending issues in SAP that are
not getting resolved. Can you give me some examples of what should be included?
Result:
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1. Overview of the current state of SAP: Give an overview of the current state of SAP,
highlighting any ongoing issues, as well as the impact of these issues on the business.
2. List of pending issues: Provide a detailed list of the pending issues in SAP that have not
been resolved. This should include a brief description of the issue, the severity of the
issue, and the expected resolution date.
3. Review of the priority of each issue: Review and prioritize the pending issues in SAP to
ensure that the most critical issues are being addressed first.
4. Review of the progress made on each issue: For each pending issue, review the progress
that has been made so far, and identify any roadblocks or challenges that need to be
addressed.
5. Action plan to resolve the issues: Develop an action plan to address the pending issues in
SAP, including identifying the responsible parties, outlining the steps that need to be
taken to resolve the issues, and establishing timelines for completion.
6. Roles and responsibilities: Clearly define the roles and responsibilities of each team
member involved in resolving the pending issues.
7. Communication plan: Develop a communication plan to keep all stakeholders informed

of the progress being made on the pending issues.
Follow-up and review: Set a timeline for follow-up and review of the progress being made on
resolving the pending issues to ensure that the action plan is being executed effectively.
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CHATGPT FOR ACCOUNTING

8. Dunning email / letter
Goal:
A dunning letter is a notification sent to a customer, stating that it is overdue in paying an

account receivable to the sender.
If you don’t have any template for your dunning process and you want to create letters to
your clients that don’t pay you, this is the fastest way to create a dunning letter.
Prompt:
I am an accountant, I need to write a letter to my client for overdues, can you write a letter that
politely asks for payment of the invoice from “date” for an amount of $XXX which is due since XX
days.
Result:
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Transcript of the results:
Dear [Client Name],
I hope this letter finds you well. As your accountant, I would like to bring to your attention that the invoice
for the services rendered on January 12th, 2023, in the amount of $34,761, is now overdue for 30 days.
I understand that sometimes there may be unforeseen circumstances that could cause a delay in the
payment process. However, we kindly request that you settle the outstanding balance as soon as possible.
Please note that timely payment is crucial for maintaining a healthy financial record for your business. In
addition, the timely settlement of invoices allows us to continue providing you with our professional
services without any disruption.
If there are any issues or concerns regarding this invoice, please do not hesitate to contact us. We are
always willing to work with our clients to come up with a mutually agreeable solution.
Thank you for your prompt attention to this matter.
Sincerely,
[Your Name]
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9. Dunning process with 3 levels
Goal
Here the goal is to create templates for aserie of dunning letters with 3 different levels: first
letter, second letter as a reminder and last letter before legal action.
Prompt
Write 3 different dunning letter templates. First the first dunning letter, second a reminder, third
a last letter before legal actions. In each template, make sure there is a placeholder for the
invoice number and the amount due. The severity of the tone in the letters should increase at
each new letter.
Result:
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Template 1: First Dunning Letter
Dear [Customer Name],
We hope this letter finds you well. This is a friendly reminder that we have not yet received
payment for invoice [Invoice Number] in the amount of [Amount Due].
As a valued customer, we understand that occasional oversights can occur. However, we kindly
ask that you take immediate action to settle this outstanding balance as soon as possible.
If you have already made the payment, please ignore this letter. Otherwise, we ask that you
make the payment by [Due Date] to avoid any further actions.
Thank you for your prompt attention to this matter.
Best regards,
[Your Name]
Template 2: Reminder Dunning Letter
We regret to inform you that we still have not received payment for invoice [Invoice Number] in
the amount of [Amount Due]. This payment is now past due, and we urge you to settle this
outstanding balance immediately to avoid any further complications.
We understand that unforeseen circumstances can arise that may prevent timely payment, but
we kindly request that you prioritize this obligation and take action promptly.
If the payment has already been made, please provide us with the payment details so that we
can rectify our records accordingly.
We look forward to your immediate attention to this matter.
Sincerely,
[Your Name]
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Template 3: Last Dunning Letter Before Legal Action
Despite our previous reminders, we still have not received payment for invoice [Invoice Number]
in the amount of [Amount Due]. This payment is now significantly overdue and has become a
serious concern for our business.
We have made several attempts to reach you regarding this matter, but we have yet to receive a
response or payment. We urge you to take immediate action to settle this outstanding balance
before we are forced to take legal action.
Please note that we are prepared to pursue all legal avenues available to us to collect this debt,
including hiring a collection agency, taking legal action, or reporting the delinquency to credit
bureaus.
We hope that we can resolve this matter amicably, but we must insist on prompt payment. If you
have any questions or concerns, please do not hesitate to contact us immediately.
Regards,
[Your Name]
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10.Impairment memo
Goal:
As an accountant, it is necessary to make a memo for impairment to document and

communicate the recognition of an impairment loss to relevant stakeholders. Impairment
occurs when the carrying amount of an asset exceeds its recoverable amount, which is the
higher of an asset's fair value less cost to sell and its value in use.
When an impairment loss occurs, it is important to document the event to ensure proper
accounting and reporting of the loss in the financial statements. The memo serves as
evidence that the company has recognized the impairment and has followed the required
accounting standards to determine the amount of the loss.
Prompt:
I am an accountant, I need to write an impairment memo for a machine which is XX years old
and is normally depreciated using the linearization method over XX years. But the company does
not need the machine anymore because we will not use the machine as we bought a newer
machine to replace it for productivity purposes.
Result:
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Transcript of the result
To: [Recipient]
From: [Your Name]
Subject: Impairment Memo for Machine
I am writing to inform you that we need to recognize an impairment loss for a machine that we
have been using for the past six years. The machine was purchased in [Year] for [Cost] and has
been depreciated using the linearization method over a period of ten years. However, due to the
recent changes in our business operations, we have decided to replace the machine with a
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newer model.
As a result, we no longer need the machine, and it is no longer expected to generate any future
economic benefits for the company. Therefore, we must recognize an impairment loss on the
machine to reflect its current fair value.
The fair value of the machine can be estimated based on a variety of factors, including its age,
condition, and expected future use. Based on our assessment, we have determined that the fair
value of the machine is [Fair Value]. This amount is significantly less than its net book value,
which is currently [Net Book Value].
Therefore, we must recognize an impairment loss on the machine in the amount of [Impairment
Loss], which is equal to the difference between the net book value and the fair value. This
impairment loss will be recorded as a separate line item on our financial statements.
Please let me know if you have any questions or concerns regarding this matter.
Sincerely,
[Your Name]
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11.Write notes to Financial statements
Goal:
Notes to Financial Statements are required under US GAAP and IFRS to provide additional
information about the company's financial performance and financial position, beyond
what is included in the primary financial statements (balance sheet, income statement,
statement of cash flows, and statement of stockholders' equity). The notes provide
important context and details about the company's accounting policies, financial risks, and
potential contingencies that may affect its financial performance.
If you start from scratch or if you have new types of information to incorporate into your
notes, you can use ChatGPT to generate a draft for some of your notes.
Be careful by reviewing the regulation to ensure that the proposition of ChatGPT is in line
with the last requirements.
Prompt:
Can you provide me with an example of a note to financial statements for property, plant and
equipment under US GAAP. If there is any financial information to provide, please use the table
format. We need a table by category showing the cost, depreciation and net value. We need also
to present the useful lives by category.
Result:
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12.Understand accounting principles
Goal:
Understanding accounting principles is essential for any finance professional who wants to
make informed financial decisions, whether it's for personal or business purposes.
Without a basic understanding of accounting principles, you may have difficulty

interpreting financial statements, creating budgets, identifying financial mismanagement
and explaining them to non finance colleagues.
Use ChatGPT to summarize the main takeaways of some accounting principles and make it
easy to understand.
Prompt:
What is the US Gaap ASC 606 and how does it work?
Result:
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US GAAP ASC 606 is a revenue recognition standard issued by the Financial Accounting
Standards Board (FASB) in 2014. ASC 606 provides a comprehensive framework for recognizing
revenue from contracts with customers, and it applies to all companies that enter into contracts
with customers to transfer goods or services.
The main objective of ASC 606 is to provide a more consistent and comprehensive approach to
revenue recognition across all industries, replacing the previous industry-specific revenue
recognition guidance. The standard requires companies to recognize revenue when control of a
good or service is transferred to a customer, rather than when risks and rewards are transferred
or when the company has completed its performance obligations.
Under ASC 606, companies must follow a five-step process for recognizing revenue:
1. Identify the contract with the customer

2. Identify the performance obligations in the contract
3. Determine the transaction price
4. Allocate the transaction price to the performance obligations
5. Recognize revenue when each performance obligation is satisfied
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The standard also requires extensive disclosures to help users of financial statements better
understand the nature, amount, timing, and uncertainty of revenue and cash flows from
contracts with customers.
Overall, ASC 606 is intended to provide a more principles-based approach to revenue

recognition that better reflects the economic substance of contracts with customers, and
improves comparability across industries and geographies.
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13.Explain accounting principles to non finance professionals
Goal:
Accounting principles are already difficult to understand for finance professionals. For non
finance professionals, it’s even harder.
However, to ensure compliance of the accounting principles, you need to be able to explain
the goals of these principles and what it means for your colleagues.
To help you formulate it in a simple manner and the implications for your colleagues, you
can use ChatGPT.
Prompt:
Explain asc 606 to my colleague from the sales department.
Result:
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Certainly! ASC 606 is a new accounting standard that affects how we recognize revenue from the
sale of our products and services. The purpose of the standard is to provide a more consistent
and comprehensive approach to revenue recognition across all industries, replacing the
previous industry-specific revenue recognition guidance.
The standard requires us to follow a five-step process for recognizing revenue:
Identify the contract with the customer: This step requires us to identify the contract with the
customer, which can be in the form of a written or oral agreement.
Identify the performance obligations in the contract: This step requires us to identify the
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performance obligations in the contract, which are the promises to transfer goods or services to
the customer.
Determine the transaction price: This step requires us to determine the transaction price, which
is the amount of consideration we expect to receive in exchange for transferring the goods or
services to the customer.
Allocate the transaction price to the performance obligations: This step requires us to allocate
the transaction price to the performance obligations in the contract, based on their relative
standalone selling prices.
Recognize revenue when each performance obligation is satisfied: This step requires us to
recognize revenue when each performance obligation is satisfied, which is when the customer
obtains control of the goods or services.
Overall, ASC 606 is intended to provide a more principles-based approach to revenue

recognition that better reflects the economic substance of contracts with customers, and
improves comparability across industries and geographies. This means that we will need to
ensure that our sales contracts are properly structured and documented, and that we accurately
account for the revenue that we earn from those contracts.
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14.Teach you how to use SAP
Goal:
SAP is present in many companies. Unfortunately, you don’t always get proper training on
how to use SAP and there is often a lack of good documentation.
On top, there are not a lot of tutorials available online.
But with ChatGPT, you can get a good step by step tutorial. Based on your prompt,
ChatGPT will tell you which transaction you can use and what to enter to make the
transaction work.
On top you can use it as a help to produce documentations, SOP and training guides.
Prompt:
Tell me which transaction I can use to see the details of a balance sheet account in SAP and
explain step by step how to use it to make it work.
Result:
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In SAP, the transaction code to view the details of a balance sheet account is "FS10N". This
transaction code allows you to display the balance of a particular account at a particular point
in time.
Here are the steps to use the "FS10N" transaction to view the details of a balance sheet account
in SAP:
7. Launch the SAP application and log in to your account.

8. Enter the transaction code "FS10N" in the command field and press Enter.
9. In the "G/L Account" field, enter the account number you want to view the details for.
10. In the "Company Code" field, enter the company code for which you want to view the
account details.
11. In the "Fiscal Year" field, enter the fiscal year for which you want to view the account
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details.
12. Click the "Execute" button or press F8.
13. The system will display the balance of the account at the end of the fiscal year. To view
the transaction details for the account, click on the "Line Items" button.
14. The system will display a list of all the transactions that affected the balance of the
account. You can further filter the list by entering additional selection criteria in the fields
provided.
15. To view the details of a particular transaction, click on the transaction number in the list.
16. The system will display the transaction details, including the posting date, document
number, posting key, and amounts.
17. To return to the previous screen, click on the "Back" button.
18. To exit the transaction, click on the "Exit" button or press Shift + F3.
By following these steps, you can view the details of a balance sheet account in SAP using the
"FS10N" transaction code.
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CHATGPT FOR FINANCIAL ANALYSIS

15.Analysis of financial figures
Goal:
In Financial analysis you need to identify trends, flag outliers, explain variances but also
identify root cause for issues you identify and propose actions to remediate it.
But sometimes this work can be demanding and you might be overloaded with the amount
of information.
On top, summarizing the results into insights is a complicated exercise which requires
experience, business acumen and skills in writing and storytelling.
You can use ChatGPT to help you during this analysis by feeding data into the chat box.
However, you need to review the results carefully. Based on my experience, some of the
responses might not be accurate as ChatGPT mixes some data. But you can easily correct
the answers from ChatGPT by explaining ChatGPT where the mistakes are and ask it to
reformulate.
Then you can quickly get a valid executive summary which you can use for your
presentations, commentaries and email communications.
Prompt:
Here is the set of data of a supermarket, please make a summary for the management. Present
figures in $k and show the weight as a percentage of total. The summary should include only 3
bullet points as well as 3 areas of focus to investigate.
Sum of Sales Region

Category Central East South West Grand Total
Furniture 163,797.16 208,291.20 117,298.68 252,612.74 741,999.80
Office Supplies 167,026.42 205,516.06 125,651.31 220,853.25 719,047.03
Technology 170,416.31 264,973.98 148,771.91 251,991.83 836,154.03
Grand Total 501,239.89 678,781.24 391,721.91 725,457.82 2,297,200.86
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Note:
You can only copy 1000 data items in ChatGPT. If you have bigger datasets, you need to
create your own code in a chatbot platform to run queries on the data.
To copy data from a table which has less than 1000 data items, just copy the data from
your table and paste in ChatGPT using CTRL+C / CTRL+V.
Result:
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Summary:
The total sales revenue for the supermarket is $2,297.2k, with the highest sales coming from the
West region at $725.5k, followed by the East region at $678.8k, Central region at $501.2k, and
South region at $391.7k.
The highest selling category is Technology, which generated a revenue of $836.2k, followed by
Furniture at $742.0k and Office Supplies at $719.0k.
Overall, Technology products contribute the most to the supermarket's revenue with 36% of the
total sales, followed by Furniture at 32%, and Office Supplies at 31%.
Areas of focus to investigate:
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The low sales performance of the South region, which only contributed 17% of the total revenue
despite having the same number of categories as the other regions. Further analysis should be
conducted to understand the root causes of this performance gap.
The high sales of Technology products and its contribution to the overall revenue. The
management should investigate whether there is a demand for more Technology products or if
there are any potential risks in having such a high dependence on one product category.
The profitability of each category, as this data only shows the revenue generated. By analyzing
the profitability, the management can determine which category to focus on to improve the
supermarket's overall profitability.
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16.Scenario analysis
Goal:
As a Financial Analyst you often need to compare the outcome of different scenarios based
on the different assumptions and their variations.
To help you find faster results, you can ask ChatGPT to run different scenarios for you.
Prompt:
I am looking to calculate different pricing scenarios.

Our sales of equipment in January are $183000 for a total number of 8451 units. We want to
know what is the impact of increasing the price by 5% or lowering the price by 5% knowing the
fact that the demand elasticity is -1,3. Bear in mind that the new sales are new price x new
quantity.
Result:
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How to continue to get better results:
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17.Write commentaries
Goal:
Commentaries are important for a financial analyst because they provide insights into the
company's financial performance and identify the key drivers of change in income and
expenses.
ChatGPT can assist by generating high quality and grammar mistake free commentaries
that highlight the significant changes in a company's financial statements.
Prompt:
I am a financial analyst. Help me write commentaries for this P&L. Showing what are the
changes in value and percentages and the main drivers for the change in net income.
Jan 23 Feb 23
Income
4001 Online Sales 30,000,000 36,000,000
4002 Retail Sales 48,000,000 52,000,000
4003 SaaS 45,000 45,000
4013 Services 163,872 167,447
Total Income 78,208,872 88,212,447
Cost of Goods Sold 0 0
5000 Cost of Goods Sold 0 0
5010 T-Shirts 32,060,220 34,060,220
5020 Shoes 38,050,220 40,050,220
5030 Delivery Fees 285,220 295,220
Total Cost of Goods Sold 70,395,660 74,405,660
Gross Profit 7,813,212 13,806,787
Expenses 0 0
6010 Online Marketing 623,330 1,463,220
6020 Subscriptions 52,430 37,320
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6030 Travel Expenses 114,330 79,220

6040 Computers &
Equipment 102,330 72,220
6050 Payroll 1,335,330 1,925,220
6060 Office 168,330 118,220
6070 Professional Services 372,660 254,440
6080 Legal 11,400 11,400
6090 Depreciation 20,000 20,000
6700 Uncategorized Expense 0 0
Total Expenses 2,800,140 3,981,260
Net Operating Income 5,013,072 9,825,527
Other Income 0 0
4020 Interest Earned 750 250
4030 One-Off Income 750 250
Total Other Income 1,500 500
Other Expenses 0 0
9001 Home Office 5,750 750
Total Other Expenses 5,750 750
Net Other Income -4,250 -250
Net Income 5,008,822 9,825,277
Result:
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The Profit and Loss (P&L) statement for the months of January 2023 and February 2023 shows a
significant increase in the company's net income. The company's total income for February 2023
was $88,212,446.92, an increase of 12.8% compared to January 2023, which was
$78,208,872.39. The main drivers for the increase in income were the online sales and retail
sales, which increased by 20% and 8.3% respectively. This shows that the company's sales
performance has been very strong in February, and the trend is positive.
The cost of goods sold increased by 5.7% in February compared to January, which is in line with
the increase in sales. The increase in the cost of goods sold is primarily driven by the increase in
the purchase of T-shirts and shoes. However, the gross profit for February was $13,806,786.92,
which is a significant increase of 76.7% compared to January 2023. The increase in gross profit is
due to the strong sales performance and improved margin management.
The total expenses for February were $3,981,260.00, which is an increase of 42.1% compared to
January. The significant increase in expenses is primarily due to the increase in online marketing
and payroll expenses. Although the company has incurred higher expenses in February, it is
important to note that the company's net operating income for February was $9,825,526.92,
which is a significant increase of 95.5% compared to January.
In addition to the operating income, the company generated other income of $500 in February,
which is a slight increase from $1500 in January. The other expenses were minimal at $750.00 in
February compared to $5,750.00 in January.
The company's net income for February was $9,825,276.92, which is an impressive increase of
95.5% compared to January. The increase in net income is primarily driven by the strong sales
performance and effective margin management. The company has also managed to control its
expenses while investing in marketing and payroll expenses to improve its sales performance.
The company's overall financial position appears to be healthy and strong, and it will be
interesting to monitor the company's performance in the upcoming months.
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18.Prepare a financial presentation
Goal:
Financial presentations can be difficult to create because they require a clear

understanding of complex financial data and metrics, as well as the ability to communicate
that information effectively to a variety of stakeholders. Additionally, financial
presentations must be accurate, transparent, and compliant with relevant regulations and
industry standards.
ChatGPT can help create financial presentations by leveraging its natural language
processing and machine learning capabilities to assist with the analysis, organization, and
presentation of financial data. ChatGPT can help users identify key metrics, trends, and
insights from financial data and provide guidance on how to effectively communicate that
information to stakeholders.
Prompt:
I need to prepare a financial presentation for the closing of March 2023. Can you give me a
structure of what I should present with the slide title and what should be included in the slide.
Please be precise on what should be included (which table, which types of visualisation I should
use and which written information should I add).
Result:
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Sure, here's a potential structure for your financial presentation for the closing of March 2023:
Slide 1: Title Slide
Title of presentation
Date
Presenter's name and title
Slide 2: Executive Summary
Brief overview of key financial metrics and performance during the quarter
Highlights of financial achievements and goals met or exceeded
Major challenges faced and how they were addressed
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Slide 3: Income Statement
Total Revenue: Table/chart showing revenue by product/service, geographical region, or

customer segment
Cost of Goods Sold: Table/chart showing cost of goods sold by product/service or geographical
region
Gross Profit: Table/chart showing gross profit by product/service or geographical region
Operating Expenses: Table/chart showing operating expenses by category
Net Income: Table/chart showing net income or loss
Slide 4: Balance Sheet
Assets: Table/chart showing assets by category, such as current assets, property, plant, and
equipment, and intangible assets
Liabilities: Table/chart showing liabilities by category, such as current liabilities, long-term debt,
and other liabilities
Equity: Table/chart showing equity by category, such as retained earnings and shareholder
equity
Total Assets and Liabilities: Table/chart showing total assets and liabilities for the quarter
Slide 5: Cash Flow Statement
Operating Activities: Table/chart showing cash inflows and outflows from operating activities
Investing Activities: Table/chart showing cash inflows and outflows from investing activities
Financing Activities: Table/chart showing cash inflows and outflows from financing activities
Net Increase/Decrease in Cash: Table/chart showing net increase or decrease in cash for the
quarter
Slide 6: Key Performance Indicators
KPIs related to financial performance, such as revenue growth, gross profit margin, operating
income margin, and net income margin
KPIs related to operational performance, such as customer acquisition cost, customer retention
rate, and inventory turnover
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KPIs related to market performance, such as market share, customer satisfaction, and brand
recognition
Slide 7: Financial Ratios
Ratios related to liquidity, such as current ratio and quick ratio
Ratios related to profitability, such as return on assets and return on equity
Ratios related to solvency, such as debt-to-equity ratio and interest coverage ratio
Slide 8: Conclusion and Future Outlook
Recap of financial performance and key highlights
Discussion of future goals and objectives
Any challenges or risks that may impact future financial performance
Slide 9: Questions and Answers
Open up the floor for any questions or concerns from the audience.
For each slide, consider using clear and concise data visualizations such as charts, graphs, and
tables to help the audience understand the information. Use bullet points to summarize key
points and include brief explanations where necessary. Be sure to include any relevant footnotes
or sources for your data.
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19.Conduct cost reduction initiatives
Goal:
Finance professionals are often expected to lead cost reduction initiatives because they
have the expertise to analyze financial data and identify opportunities to reduce costs. As
financial analysts, they are responsible for managing budgets, monitoring expenses, and
reporting on financial performance. They also have an in-depth understanding of the
company's financial statements and can identify areas where costs can be cut without
compromising the quality of the company's products or services.
ChatGPT can help by providing guidance on cost reduction strategies and tactics, as well as
by answering specific questions related to cost reduction initiatives. ChatGPT can also help
by providing insights into best practices for cost reduction, such as identifying areas where
the company can reduce expenses without compromising quality or customer satisfaction.
Prompt:
I am a financial analyst for a manufacturing company, my manager asked me to draft a plan for
cost reductions. Can you prepare a detailed plan ranked by importance and with action owners?
Result:
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Certainly, I can help you draft a plan for cost reductions for your manufacturing company.
Here's a detailed plan ranked by importance and with action owners:
1. Identify and prioritize cost reduction opportunities:

a) The first step is to identify all areas where the company can potentially reduce costs. This can
be done by reviewing financial reports, analyzing spending patterns, and looking for
inefficiencies in business processes.
b) Prioritize these opportunities by assessing their potential impact on the company's bottom
line, the ease of implementation, and the time it would take to see the benefits.
c) Assign an action owner to each opportunity.
2. Review and negotiate supplier contracts:

a) Review all existing supplier contracts and identify areas where cost savings can be achieved.
b) Assign the responsibility to the purchasing department to negotiate with suppliers to get
better pricing.
3. Implement inventory management practices:

a) Review the inventory management practices and look for areas where the company can
reduce inventory levels without affecting production.
b) Assign the responsibility to the supply chain department to implement just-in-time inventory
management practices and to optimize inventory levels.
4. Reduce energy consumption:

a) Identify energy-intensive operations and processes and evaluate ways to reduce energy
consumption.
b) Assign the responsibility to the maintenance department to optimize equipment maintenance

and adjust operations to minimize energy consumption.
5. Optimize labor costs:

a) Identify ways to optimize labor costs such as increasing productivity, reducing overtime, and
managing absenteeism.
b) Assign the responsibility to the human resources department to optimize employee

scheduling, manage absenteeism and increase productivity.
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6. Implement technology solutions:

a) Evaluate ways to automate processes and reduce manual labor requirements.
b) Assign the responsibility to the IT department to evaluate, implement and maintain

technology solutions.
7. Eliminate unnecessary expenses:

a) Review all expenses and identify areas where the company can eliminate unnecessary
expenses.
b) Assign the responsibility to the finance department to review and eliminate unnecessary
expenses.
8. Monitor and track cost savings:

a) Assign the responsibility to the finance department to track and report on the cost savings
achieved from the cost reduction plan.
b) Set up a system to monitor and track cost savings on an ongoing basis to ensure that the plan
is working as intended.
By implementing this cost reduction plan, your manufacturing company will be able to identify
and prioritize opportunities for cost savings, assign action owners for each opportunity, and
track cost savings achieved. This will help the company achieve its financial goals and remain
competitive in the market.
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20.Set up action plan
Goal:
Finance analysts are responsible for identifying the financial impact of any issues or
challenges faced by the organization. By proposing action plans to solve these issues, they
can help the organization mitigate financial risks and optimize their financial performance.
ChatGPT can help finance analysts by providing them with access to a vast amount of
information related to best practices, industry trends, and case studies. By using natural
language processing capabilities, ChatGPT can help finance analysts generate creative ideas
and solutions for addressing organizational challenges.
Prompt:
I am an FP&A analyst. I have identified that the actual sales did not meet the budget by 15%,
mainly due to delays in the supply chain. Can you propose an action plan I can discuss with the
management on how to come back to the budget?
Result:
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1. Review the Budget: First, it's important to review the current budget and analyze the
underlying assumptions that were made to create the sales targets. If there were any
assumptions that did not hold true, they need to be identified and adjusted.
2. Identify the Cause of Supply Chain Delays: You've already identified that the main reason
for the shortfall is due to supply chain delays. To come back to the budget, it's important
to identify the root cause of these delays, so you can address them.
3. Work with Supply Chain Team: Work closely with the supply chain team to understand
their challenges, assess the impact of the delays and determine the best course of action
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to improve the situation.
4. Re-evaluate Sales Targets: Based on the supply chain analysis, re-evaluate your sales
targets and set new, achievable targets.
5. Revisit the Marketing Strategy: With the updated sales targets, revisit the marketing
strategy and identify ways to optimize the mix to achieve the revised targets.
6. Monitor Progress: It's important to monitor progress on a regular basis, so you can
quickly identify any deviations from the plan and take corrective action.
7. Create Contingency Plans: It's always a good idea to have contingency plans in place, in
case of unforeseen events that could impact the supply chain or sales targets.
8. Communicate with Stakeholders: Finally, communication is key. Ensure that all

stakeholders are informed of the changes in targets, progress, and any contingency
plans.
By following this action plan, you can work with the management to get back on track and
achieve your budgeted sales targets.
Additional capabilities:
You can even go deeper by asking ChatGPT to elaborate more on some of the action items
proposed.
For example:
(see printscreen of results on the next page)
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CHATGPT FOR BUSINESS PARTNERING

19.Write email to request input from other departments
Goal:
As a business partner, you often need to collect input from different departments. And
what seems simple when you ask information to one contact, can start becoming
demanding and overwhelming when you need to send an email to dozens of departments.
Use ChatGPT to save you time and write an email and a form which you can customize to
your own needs.
Within a few seconds you have your email ready!
Prompt:
I am working in finance. I need the input from other departments to plan their need in external
services for 2024. I need the input by June 30, 2023. Can you help me prepare an email and a
sample form (make it as a table and show an example for a department) for them to fill ?
Result:
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Subject: Request for Input: External Services Planning 2024
Dear [Department Heads],
As we begin our planning for the upcoming year, we need your input in order to effectively plan
for the external services required by your departments. We kindly request that you fill out the
attached form with the necessary information and return it to us by June 30, 2023.
The purpose of this form is to capture your department's projected need for external services in
2024, including any consultants, vendors, or service providers. By gathering this information
now, we can ensure that we have adequate resources and budget in place to support your
department's needs.
Please note that the information you provide is strictly confidential and will only be used for the
purpose of planning and budgeting.
If you have any questions about the form or the planning process, please do not hesitate to
contact me.
Thank you in advance for your cooperation.
Sincerely,
[Your Name]
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20.Prepare budget timeline
Goal:
Preparing a timeline for a budget is not easy when you have never done it. And even if
there is history of the previous budget timeline, you might be biased by the past and have
an over complicated budget process.
Use ChatGPT to get a proposal for a budget timeline and you will be surprised by the
quality of the first draft you get.
Prompt:
I work in finance, I need to prepare a timeline for a budget, can you give me a detailed example
with contributors, deadlines and information to provide. The budget is separated in 6 processes:
the commercial planning, the production planning, the headcount planning, the department
cost planning, the hourly rate computation and the product costing. Then we consolidate
everything in financial statements. The budget process starts in July and ends in October. Make
sure you add reviews in the timeline.
Result:
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Variation:
You can even ask it to present it as a table format if you use the prompt “Can you present it
in a table format?”
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21.Build a business case
Goal:
The finance business partner's role when preparing a business case for investment is to
provide the operational partner with the necessary information and expertise from their
area of the business to ensure that the investment is aligned with the overall goals and
strategy of the organization.
But where to start if you don’t have the experience with building business cases?
You can use the help of ChatGPT to create a checklist of topics to consider when building a
business case.
Here we will see first which information you need to collect from your operational business
partner and then what to consider when building the business case.
You can even be specific by mentioning the type of investment your business case is about.
Prompt:
I work in finance. My business partner who is head of production needs help with a business
case to invest in a new machine. How can I help him? Can you prepare an email with specific
questions to help me move forward on the business case?
Result:
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Subject: Business case for new machine investment
Dear [Business Partner's Name],
I hope this email finds you well. I understand that you need help with putting together a business
case to invest in a new machine. I'd be happy to assist you with this.
In order to move forward with the business case, it would be helpful to have some more
information about the proposed investment. Can you provide me with the following details?
1. What is the purpose of the new machine? What specific functions will it perform, and
how will it improve our production process?
2. What is the estimated cost of the new machine, including any installation or training
costs?
3. What is the expected lifespan of the new machine, and how frequently will it need to be
maintained or upgraded?
4. What are the potential risks associated with the investment, such as market or
technological changes that could make the machine obsolete or reduce its value?
5. What are the expected benefits of the investment, such as increased production efficiency
or reduced labor costs?
6. What is the expected return on investment, and over what period of time?
Once we have this information, we can begin to put together a business case that includes a
detailed analysis of the costs and benefits of the investment, as well as a projection of the
expected return on investment. Please let me know if you have any questions or if there is any
other information you need from me.
Best regards,
[Your Name]
2nd Prompt:
Then help me define how we should build the business case.
Result:
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1. Identify the problem or opportunity: Start by clearly defining the problem or opportunity that
the new machine will address. What specific challenges are you currently facing, and how
will the new machine help solve them? Alternatively, what new opportunities will the machine
create that are not currently possible?
2. Define the objectives: Once you have identified the problem or opportunity, define the
specific objectives you hope to achieve through the investment. For example, you may be
seeking to increase production output, reduce labor costs, or improve product quality.
3. Conduct a cost-benefit analysis: In order to build a compelling business case, you will need to
demonstrate the financial impact of the investment. Conduct a thorough cost-benefit
analysis, including an estimate of the total cost of the machine, any associated installation
or training costs, and ongoing maintenance costs. Then, estimate the potential benefits, such
as increased revenue, reduced labor costs, or improved product quality. Calculate the return
on investment (ROI) and payback period to determine if the investment is financially feasible.
4. Identify risks and challenges: Every investment carries some level of risk. Identify any risks or
challenges that could impact the success of the investment, such as market fluctuations,
technological changes, or unexpected maintenance costs. Develop a plan to mitigate these
risks or challenges, and include this in your business case.
5. Present your findings: Once you have completed your analysis, it's time to present your
findings. Develop a clear and concise report that includes all the key details of your analysis,
including the problem or opportunity, objectives, cost-benefit analysis, and risk mitigation
plan. Be sure to also provide a clear recommendation on whether or not to move forward
with the investment.
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22.Prepare the structure for an interview with an operational business

partner
Goal:
Preparing for a meeting with operational business partners is important for finance
business partners to make the meeting productive and effective.
Doing so helps build strong working relationships and ultimately contribute to the overall
success of the company.
However, it takes time and experience to know which questions to ask. If you don’t know
where to start or if you need to make sure you don’t forget anything, use the help of
ChatGPT to generate a list of questions you can pick from.
Prompt:
I am working as a finance business partner. Tomorrow I have my first meeting with my business
partner, the head of sales and marketing. Can you give me 10 questions I should ask him to start
a work relationship on a good basis and provide value to the company?
Result:
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1. Can you tell me about your team's goals and objectives for the current quarter/year?
2. How do you measure success for your sales and marketing efforts?
3. What are the key challenges you and your team are facing in achieving your goals?
4. How do you see finance partnering with sales and marketing to achieve these goals?
5. Are there any upcoming product launches or major campaigns that I should be aware of
from a financial perspective?
6. How do you approach pricing decisions and setting product margins?
7. Can you walk me through your sales and marketing budget and how it aligns with the
overall company budget?
8. What are the key performance indicators (KPIs) that you track to evaluate the
performance of your team?
9. How do you ensure that your sales and marketing efforts align with the overall company
strategy and mission?
10. Are there any upcoming industry trends or changes that we need to consider from a
financial perspective?
Page 87
BONUS: links to learn more about ChatGPT and other AI tools
Intro to ChatGPT
https://buildspace.so/notes/intro-to-chatgpt
Free ChatGPT Tutorial - A Crash Course on Chat GPT for Beginners on Youtube
https://www.youtube.com/watch?v=JTxsNm9IdYU
Quillbot: writing tool (Paraphraser, grammar check, summarizer…)

https://quillbot.com/
Alex Hormozi: I Challenged My Team To Replace Themselves with AI

https://www.youtube.com/watch?v=z7X95bn2T6A
10X your Excel skills with ChatGPT

https://www.youtube.com/watch?v=JYtZ2zsdE_s
Bring ChatGPT INSIDE Excel to Solve ANY Problem Lightning FAST

https://www.youtube.com/watch?v=kQPUWryXwag
Page 88
SPECIAL DISCOUNT ON MY COURSE FOR FINANCE PROFESSIONALS
If you want to step up your career and grow your skills in:
● Financial analysis
● Budgeting and Forecasting
● Business Partnering
● Reporting
● Financial Storytelling
This course is made for you: “Become a High Performing Finance Professional”
Use the promo code CHATGPT20 and get a 20% discount.
Page 89
SPECIAL DISCOUNT ON MY GUIDE “50 Questions and Answers for

Finance Interview Jobs”
If you're looking for a new job, the most important step is the job interview.
This is your opportunity to show the employer why you are the best candidate for the
position, and to learn more about the company and the job.
Preparing for the interview can be nerve-wracking, but it's important to take the time to do
it properly. In this guide, we'll help you prepare answers for a job interview and give you
some tips on how to do it effectively.
What is in this guide:
50 interview questions and answers for finance jobs.
For each question you will get:

1. Why the recruiter will ask you this question and what is expected
2. An example on how to answer this question
Types of questions covered:
● Questions for financial analyst
● Questions about technical accounting
● Questions about soft skills
● Questions about Excel
Use the promo code CHATGPT20 and get a 20% discount.
Click here to get your guide.
Page 90
LAST WORD
If you have spent time going through this ChatGPT guide, you will become more efficient
and more valuable than the average finance professional.
I hope this guide will have helped you in your career and increase your chance of success in
getting the promotion and salary increase you target!
If you want to give me any feedback, you can contact me here: nboucher.perso@gmail.com
And if you need my help, you can book a 30 minute one-on-one coaching session here.
You can also access my previous newsletters here (it’s free and you can even subscribe
from there).
Good luck for your interview and thank you for your trust!
Nicolas
Page 91
DISCLAIMER
Note 1: This guide was made in my own capacity and is independent from my employer.
Note 2: This guide does not intend to be exhaustive and does not guarantee you in any
means to always get an accurate response from ChatGPT.
You should review carefully the responses of ChatGPT and do not use them as professional
advice. This is where your experience, your education background, your ethics and your
professional skepticism should add value to the use of ChatGPT.
The results of ChatGPT will depend on the context and information you give and the
prompt you use.
Note 3: All the information in this guide is published in good faith and for general
information purposes only. Nicolas Boucher does not make any warranties about the
completeness, reliability, and accuracy of this information. Any action you take upon the
information you find in this guide, is strictly at your own risk.
Consent
By buying and using this guide, you hereby consent to our disclaimer and agree to its
terms.
Copyright:
This publication is protected by EU, US and International Copyright Laws.
Reproduction and distribution of this publication without written permission of the author (Nicolas
Boucher) is prohibited.
© Nicolas Boucher 2022
Page 92

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ChatGPT, short for "Chat Generative Pre-trained Transformer," is a powerful language

As an accountant, CFO, or financial analyst, you need to process vast amounts of

Let's explore the exciting possibilities of ChatGPT and finance together!

BONUS: links to learn more about ChatGPT and other AI tools 88

Living in 5 different countries across 3 different continents (France, USA, Luxembourg,

WHY I MADE THIS GUIDE

This helped me get promoted faster than my peers.

HOW TO USE THESE GUIDE

HOW TO START WITH CHATGPT

1. Navigate to chat.openai.com/chat in your web browser.

GENERAL TIPS FOR CHATGPT

2. Be clear and specific in your questions:

3. Use proper grammar and punctuation:

4. Avoid using slang or jargon:

6. Ask focused questions:

7. Avoid asking multiple questions at once:

9. Ask ChatGPT to behave like an expert:

CHATGPT FOR PRODUCTIVITY IN

Transcript of the result:

Transcript of the result:

3. Teach you how to use PowerBI

3. Debugging: When creating measures, it is common to encounter errors, and it can

However, ChatGPT can help in several ways:

1. Guidance: ChatGPT can provide step-by-step guidance on how to create measures in

3. Debugging: If someone encounters errors when creating measures, ChatGPT can

Transcript of the result:

4. Write emails (to your manager, colleagues, clients, etc)

Transcript of the result:

Here are the main findings:

● Actual sales beat budget by $4k.

● Sales increased by $15k compared to last year.

Key drivers of sales performance:

Moving forward, I suggest exploring the following areas:

● Assessing the impact of competitors' pricing on our product pricing strategy.

Thank you for your time and consideration.

Other prompts you can use:

5. Create Standard Operating Procedures (SOP)

Transcript of the result:

Remember to maintain adequate supporting documentation, such as bank statements and

6. Create agenda for a meeting

Having an agenda in a meeting is important because it increases efficiency, improves

Transcript of the result:

7. Communication plan: Develop a communication plan to keep all stakeholders informed

CHATGPT FOR ACCOUNTING

A dunning letter is a notification sent to a customer, stating that it is overdue in paying an

Transcript of the results:

Dear [Client Name],

Thank you for your prompt attention to this matter.

9. Dunning process with 3 levels

Transcript of the results:

Template 1: First Dunning Letter

Dear [Customer Name],

Thank you for your prompt attention to this matter.

Template 2: Reminder Dunning Letter

Dear [Customer Name],

We look forward to your immediate attention to this matter.

Template 3: Last Dunning Letter Before Legal Action

Dear [Customer Name],

As an accountant, it is necessary to make a memo for impairment to document and

Transcript of the result