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blog post

14 ChatGPT Prompts For Busy Accountants (December 2023)

Gerrard + Bizway AI Assistant
Last updated: 
December 1, 2023
5 min read

ChatGPT with Code Interpreter enabled is a godsend for analyzing files and producing well-known document formats... kind of useful for many accounting tasks, right? So, if you're an accountant or solo business owner who's in charge of filing your own accounts; here are 14 ChatGPT prompts for accountants to streamline their workload, including specific instructions on how to use them.

By the way: you can also create custom GPT Assistants for each and every one of these tasks, directly in Bizway. Just saying.

1. Invoice Automation with GPT-4

  • The Prompt: "Generate a monthly invoice for each client from the uploaded billable hours and expenses file."
  • Example Output: A completed invoice PDF with all necessary details.
  • Files to Upload: CSV or Excel file with billable hours and expense reports.
  • When to Use It: At the end of each month or billing cycle.

2. Smarter Expense Classification

  • The Prompt: "Classify my expenses in the uploaded receipt folder by category."
  • Example Output: A sorted list of expenses by category in a spreadsheet.
  • Files to Upload: Folder with scanned receipts or expense statements.
  • When to Use It: When preparing financial statements or tax returns.

3. Financial Statement Drafting from Files

  • The Prompt: "Draft the financial statements using the uploaded trial balance."
  • Example Output: Balance Sheet, Income Statement, and Cash Flow Statement drafts.
  • Files to Upload: Trial balance spreadsheet.
  • When to Use It: End of financial year, or for quarterly reports.

4. Quick Tax Calculations from Data Sheets

  • The Prompt: "Calculate estimated taxes from the provided income and expense summary."
  • Example Output: An estimated tax due amount for the provided period.
  • Files to Upload: Summary of income and expenses.
  • When to Use It: For quarterly estimated tax payments.

5. Compiling Client Financial Summaries

  • The Prompt: "Summarize the key financial metrics from each client's quarterly reports."
  • Example Output: A document highlighting critical financial performance indicators.
  • Files to Upload: Client's quarterly financial reports.
  • When to Use It: Preparing for client meetings or performance reviews.

6. Personalized Reconciliation GPT Assistant

  • The Prompt: "Create a reconciliation report between bank statements and ledgers."
  • Example Output: Reconciliation report detailing discrepancies.
  • Files to Upload: Bank statements and corresponding ledger entries.
  • When to Use It: Monthly reconciliation process.

7. Debt Management GPT Assistant

  • The Prompt: "Update the debt schedule with recent loan transactions."
  • Example Output: Updated debt schedule with all current liabilities mentioned.
  • Files to Upload: New loan agreements and transaction history.
  • When to Use It: After any new borrowings or changes in the debt.

8. Audit Trail Entries for Finance Transactions

  • The Prompt: "Generate this month's audit trail entries for the finance department."
  • Example Output: Audit trail report with detailed entries.
  • Files to Upload: Financial transactions log.
  • When to Use It: During audit preparation or monthly reviews.

9. Revenue and Expense Forecasting

  • The Prompt: "Forecast next quarter's revenue and expenses from historical data."
  • Example Output: Projection report with revenue and expense forecasts.
  • Files to Upload: Historical financial data files.
  • When to Use It: Strategic planning or budgeting sessions.

10. Maintaining Fixed Asset Register

  • The Prompt: "Integrate the latest asset acquisitions and disposals into the fixed asset register."
  • Example Output: A current fixed asset register with updated entries.
  • Files to Upload: Documentation of asset acquisitions and disposals.
  • When to Use It: After procuring or disposing of significant assets.

11. Depreciation Schedule Updates

  • The Prompt: "Revise the depreciation schedules as per the new guidelines."
  • Example Output: Updated depreciation schedules reflecting new depreciation rates.
  • Files to Upload: Previous depreciation schedules and new tax guidelines.
  • When to Use It: When tax laws change affecting depreciation rates.

12. Accounts Payable/Receivable Management

  • The Prompt: "Provide an aging report of all payables and receivables as of today."
  • Example Output: A detailed aging report outlining overdue payments and receivables.
  • Files to Upload: Current accounts payable and receivable records.
  • When to Use It: For cash flow management and financial health checks.

13. Journal Entry Formulation

  • The Prompt: "Compose standard journal entries for recurring accruals."
  • Example Output: Prepared journal entries ready for review and posting.
  • Files to Upload: List of usual monthly accruals.
  • When to Use It: Periodic closing of the books.

14. Conducting Break-even Analysis

  • The Prompt: "Perform a break-even analysis for the new product line."
  • Example Output: A report showing break-even points, margins of safety, and other relevant data.
  • Files to Upload: Cost structure and pricing strategy for the new product.
  • When to Use It: When considering investment in new product lines or services.

Armed with these prompts, GPT-4 capabilities, and Bizway's custom assistant creation, accountants can not only tackle their regular tasks but also can anticipate and plan for financial events with greater accuracy and efficiency. This approach to accounting work unleashes the true potential of AI in the financial sector.

Author

Gerrard + Bizway AI Assistant

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