14 Best Ways to Use ChatGPT for Finance 

ChatGPT is a generative AI large language model (LLM) that is a natural language processing (NLP) model with chatbot tools. This guide focuses on using ChatGPT as an AI business tool for financial professionals to reduce time-consuming manual tasks and discover and analyze essential information, including metrics, for decision-making. 

Can ChatGPT Be Used in Finance?

Yes. Finance management is one of the many ways businesses use ChatGPT, an AI-based large language model (LLM) and chatbot. How to use ChatGPT in finance includes businesses creating research reports and coding accounts for financial reports, tracking expenses and budgets, and using ChatGPT for financial analysis with data analytics, cash flow projections, M&A, investments, and financing. It helps your business make informed financial decisions.

ChatGPT for finance somewhat overlaps with ChatGPT for accounting because accounting data is used in financial planning & analysis (FP&A) and other aspects of finance. Our ChatGPT accounting article includes an in-depth fundamental explanation of what ChatGPT is and covers the limitations of ChatGPT for finance and accounting. 

Now and in the future, ChatGPT is becoming even more ubiquitous and efficient as an embedded feature in accounting and finance software workflows for invoice processing, spend management business intelligence, and other AI-driven automation software that streamlines processes. 

ChatGPT is a very useful tool for CPAs and business finance professionals. Financial services companies also use ChatGPT. Financial institutions in the finance industry, like banks use ChatGPT for customer risk management, customer service, global regulatory compliance, and loan approval evaluation. 

How Finance Teams Can Use ChatGPT

14 financial GPT real-world use cases by business finance teams are:

1. Financial analysis and decision support
2. Expense management and budgets
3. Creating computer code
4. Cash flow forecasting
5. Researching business financing and investment products
6. Researching economic and industry trends with financial impacts
7. Preparing preliminary research reports complex research reports with ChatGPT deep search
8. M&A and corporate development
9. Researching tax and globalization strategies
10. Creating conference call scripts for investor relations
11. Creating ESG goals and reports
12. Preparing financial analysis reports for the Board of Directors 
13. Business communications
14. Analyzing relevant social media comments

1 – Financial Analysis and Decision Support

ChatGPT can analyze financial data, including expenses and financial statements (income statement, balance sheet, and cash flow statement). ChatGPT will discern anomalies in the data requiring human investigation and follow-up. 

Finance can determine the accuracy of any financial analysis created by ChatGPT. Once finance fact checks and refines the ChatGPT output, it may be used for presenting financial advice as suggestions and making decisions within the company. ChatGPT may be used in this way to enhance operational efficiency, growth strategies, and profitability. 

2 – Expense Management and Budgets

The finance and accounting team can use ChatGPT to code and track expenditures and business-related employee expenses and manage budgets by analyzing spend. Tipalti, which embeds ChatGPT-4 into its AP automation software, efficiently uses ChatGPT to enhance the accuracy of expense coding during automated supplier invoice processing. Tipalti PI also lets you submit questions through its digital assistant Ask PI (with AI and ChatGPT’s help) to use artificial intelligence in accounts payable and gain business intelligence in real-time through Tipalti accounting automation products.

3 – Creating Computer Code 

In finance and accounting, you sometimes need to create and use computer code. For example, according to Hector Garcia, CPA, in his YouTube video, “Advanced ChatGPT Concepts for Accountants,” you can create Excel macro computer code or computer code in other computer languages like Python that you specify in a ChatGPT request to generate computer code for a particular purpose. After creating the computer code through ChatGPT, copy the code into the program where you need it and follow the required software program steps to use the computer code. 

4 – Cash Flow Projections

ChatGPT can help the finance department prepare cash flow projections in financial modeling. The inputs can include up-to-date economic and industry information that you provide. Finance and accounting professionals must ensure the reliability of these projected amounts based on their experience with cash flow projections and refine them to generate better cash flow predictions.

5 – Researching Financing and Investment Products 

As the Chief Financial Officer or Treasurer, you may select financing options and short-term investments. ChatGPT can help you discover and assess the possibilities and prepare a comparison report. Again, be sure to use the search feature to access recent Internet content or add current information about rates and available products in the ChatGPT input to overcome the ChatGPT time chasm barrier. 

6 – Researching Economic and Industry Trends with Financial Impacts

Chat GPT helps you track past and current data on economic and industry trends when you add current information through its Internet “search” tab, a PDF file, or other data feed source for economic and financial news through a ChatGPT API add-on app.  Your ChatGPT research in the area of economic and industry trends will provide information on market data, market trends, economic factors, and potential risks.

With this information, you can gauge financial impacts on your business and respond through proposed new actions and business decision-making. 

You can also apply this information to the stock market and potential impacts on your company’s and other companies’ stock prices. The stock price application would be useful if your company is publicly traded, is considering acquisitions, researching competitors, or is an investment firm.

7 – Preparing preliminary research reports

ChatGPT deep research helps the finance team prepare complex, multi-step research reports using AI agents from your domain-specific ChatGPT prompts. The finance team ensures the accuracy of these research reports through human review and the verification of facts to overcome ChatGPT’s inherent limitations. 

8 – M&A and Corporate Development

With ChatGPT, you can research target industries, competitors, and M&A candidates. You can also research valuation techniques used in the industry. After completing the research, you can generate a preliminary report to be finalized by a human member of the corporate development or finance team. ChatGPT in M&A can also be used for due diligence checklists and integration plans, according to Midaxo, an M&A software company. 

9 – Researching Tax and Globalization Strategies

As the CFO or a tax professional in a corporation, you’re responsible for optimizing financial performance. Tax implications of domestic and international expansion strategies and changes in tax laws will impact financial results. Therefore, you can contribute to profitability and global regulatory compliance with a better understanding of taxes and global legislation. 

10 – Creating Conference Call Scripts for Investor Relations

As a public company CFO or investor relations professional, you may be responsible for developing conference call scripts for the CEO and CFO to present when discussing quarterly financial results. ChatGPT can play a role in helping your business prepare for financial analysts’ questions and participate in conference calls. 

11 – Creating ESG Goals and Reports

Companies have begun preparing ESG reports and disclosures for Environmental, Social, and Governance issues. The finance and accounting department may be in charge of preparing these ESG disclosures and reports. ChatGPT can help research ESG. 

12 – Preparing Financial Analysis Reports for the Board of Directors 

To become a trusted CFO, you must have the respect of your company’s Board of Directors. One way to earn their respect is to become a strategic CFO who presents valuable information and financial analysis to the board in formats that are easy to digest. ChatGPT can be your AI accounting and finance digital assistant for this role. ChatGPT will generate preliminary reports from data analysis that you will refine for accuracy, added value, and impact. 

13 – Business Communications

Finance teams use ChatGPT to write emails and prepare other forms of business communications. You can use ChatGPT for meetings, according to the software company Tactiq. 

For meetings, download the transcript from a recorded video call like Zoom and ask ChatGPT to summarize the meeting, identify decisions to make, provide a list of action items, and write an agenda for the next meeting. Or use a software meeting platform that uses the enterprise API connection from OpenAI to accomplish these meeting tasks as an AI tool, without using the meeting information dataset for any ChatGPT machine learning model training purposes. 

14 – Analyzing Relevant Social Media Comments

The finance team may find analysis of social media comments relevant for research, revenue, and cash flow forecasting to augment sales team forecasts and test and fine-tune financial projections. Customer comments analysis could give a heads-up on anticipated product or service demand changes. Social media comments on investor sites could provide publicly traded stock and business insights for investor relations and the executive management team, including the CFO. 

Newer Features of ChatGPT

ChatGPT features introduced in late 2023, 2024, and early 2025 include search, deep research, model 4-o, and voice conversations. These features are very useful for finance professionals working in businesses. Open AI cautions that it is essential to fact-check the deep search results because errors can occur when the search tool doesn’t differentiate between facts and rumors or makes other mistakes that humans can discern better than AI tools. 

ChatGPT Search

ChatGPT search functionality was introduced in October 2024 as a new feature that enables using currently available Internet data for answering ChatGPT queries through effective, prompt engineering to derive the most timely, accurate, and relevant responses. ChatGPT search responses include links to relevant web sources. 

ChatGPT search is currently available for all ChatGPT users. 

ChatGPT Deep Research

ChatGPT deep research was released to Pro users in February 2025 and will be released to Plus and Team users next. It is an AI tool that uses an AI agent to perform logical reasoning and then perform multi-step research by synthesizing (combining into a whole) a vast amount of online information. The result can be a research report prepared by ChatGPT on a domain-specific topic. 

Domain-specific means that ChatGPT understands the context for preparing the report, which might be finance for the medical industry. Specifying the domain helps alert ChatGPT to jargon for the function and industry. ChatGPT prompts for finance can include a series of examples to provide more focus. 

How to Use ChatGPT Deep Research

To use the ChatGPT deep research feature, select the Deep research tab in ChatGPT, next to the Attach and Search tabs. Then, insert your initial deep research parameters in ChatGPT in that Message ChatGPT box. 

ChatGPT may request that you narrow down or clarify the deep research by specifying additional information. The ChatGPT deep research feature will indicate its status with comments during the deep search. 

ChatGPT Model 4-o

ChatGPT model 4-o, which was released in May 2024, processes several data types, including text, image, and audio input. 

ChatGPT Voice Conversations

Using the ChatGPT mobile app, users can enable the microphone, select the microphone icon for advanced voice (or the headphone icon in an older operating system version), and then talk to ask questions or have voice chats as conversations with ChatGPT. ChatGPT web and desktop app users can also use voice or speech mode. 

All Chat GPT users can access “standard voice” that uses GPT-4o with GPT-4o mini and includes a transcription step before sending the response (with each prompt counting toward any message limits). Paid ChatGPT Plus, Pro, and Team users can access “advanced voice”, which is natively multimodal, with real-time audio inputs and outputs and more understanding of nuance and emotion. 

Although an early version of ChatGPT voice mode was introduced in September 2023, a better functioning and faster version was released to paid Plus members in August 2024. 

Example ChatGPT Prompts for Financial Professionals

Two ChatGPT prompts for finance follow as examples of how to use ChatGPT. 

ChatGPT Search Feature Example Prompt

When using the search feature in ChatGPT for business finance:

1. Log in to ChatGPT at OpenAI.com or use the ChatGPT app
2. Find the Chat GPT Message composer box, which may be labeled “Ask anything”. 
3. Select the Search tab. 
4. Enter your ChatGPT search parameters in the message box.

The ChatGPT app enables voice to conduct searches. 

To create a preliminary due diligence checklist for your industry, try using this ChatGPT prompt:

Create a due diligence checklist for buying a SaaS software company. 

The image below shows the first part of the due diligence checklist. You can add more prompts in the “Ask anything” box or change the initial query to get improved search results. Notice that the ChatGPT 4o model is used for this search using a paid ChatGPT Plus account and it indicates information source links. ChatGPT enables sharing the search results. 

Example Prompt for Financial Statement Analysis

To analyze a financial statement with ChatGPT, choose a company’s Financial Statement included in a 10-K or other financial report filed with the SEC or upload your company’s financial statement (as a PDF file input) or copy it into the message box. The + button beside Search lets you upload files from your computer, connect to Google Drive, or connect to Microsoft OneDrive to upload files into ChatGPT. 

Try using a prompt similar to this example prompt as an initial query, along with your company’s detailed financial statement for ChatGPT financial analysis. Then, add queries to obtain additional information about the financial statement, such as requesting anomaly detection. 

ChatGPT Prompt: What are the trends in Palantir’s 2024 through 2022 income statement in its 10-K filed with the SEC?”

The Pros and Cons of ChatGPT for Finance

Using ChatGPT for finance has pros and cons.

Pros

• ChatGPT can produce results quickly in the format that you specify
• ChatGPT can generate computer code 
• ChatGPT can perform many types of tasks for finance
• ChatGPT can provide insights for expense management and decision-making

Finance professionals and accountants can use ChatGPT-generated computer code without knowing how to program in a specified computer language. 

Cons

• ChatGPT was only trained on data through 2021
• OpenAI warns of data privacy and security concerns for ChatGPT
• ChatGPT can produce errors or inaccurate “hallucinations.”
• Using ChatGPT may take several attempts to get the output right

To overcome the gap in training data between 2021 and the current year, you need to use the ChatGPT search tool or provide additional inputs to ChatGPT if it is required to achieve an up-to-date answer to your question or task. The ChatGPT search feature lets you use more recent Internet content. 

Don’t use confidential data in ChatGPT inputs to ensure that company data privacy and security are maintained. If software embeds ChatGPT, use it with enterprise security features. 

Fact-check, edit and rewrite ChatGPT-generated content and reports. 

Using ChatGPT alone isn’t always efficient because its effectiveness depends on your prompt engineering expertise and ChatGPT’s understanding of your prompts. To become proficient in understanding ChatGPT, businesses can encourage employees to access training to increase their ChatGPT knowledge through a course to earn the Certified Chat GPT Professional (CCGP) certification. 

The Future of ChatGPT and Finance 

Applications of ChatGPT for finance will continue to expand and evolve. Rather than using ChatGPT exclusively through the ChatGPT computer AI chatbot interface with prompts or Q&A, more software products will access ChatGPT through an API connection. The AI connection combines ChatGPT’s powers with other artificial intelligence/machine learning and robotic process automation (RPA) models, algorithms, and tools. As a large language model that’s part of the natural language processing segment of AI, ChatGPT has limitations when used alone to create finance solutions.

Tipalti has already begun to embed ChatGPT in its products providing finance automation solutions. Tipalti also offers automation software for PO management in procurement. Tipalti software provides enterprise-grade security. 

Tipalti automation software helps you future-proof your business through AI-driven digital transformation, enhancing employee productivity and contributions to business results. Learn more about the human impact of digital transformation on finance.