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60 Must-Ask Chat GPT Prompts for Accounting (GPT-4)

As the world becomes more digital and automated, many industries are turning to artificial intelligence to streamline their processes and improve their bottom line. Accounting is no exception, and the use of AI chatbots like ChatGPT is becoming increasingly common in the field.

ChatGPT is an AI-powered chatbot that can help accounting professionals with a variety of tasks, from bookkeeping and tax preparation to financial analysis and forecasting. To get the most out of this powerful tool, it’s important to know what questions to ask. Here are 60 must-ask prompts for accounting that can help you get the most out of ChatGPT.

Chat GPT prompts for Finance

Act as an Accountant

I want you to act as an accountant and come up with creative ways to manage finances. You’ll need to consider budgeting, investment strategies and risk management when creating a financial plan for your client. In some cases, you may also need to provide advice on taxation laws and regulations in order to help them maximize their profits. My first suggestion request is “Create a financial plan for a small business that focuses on cost savings and long-term investments”.

Act as a Financial Analyst

As a financial analyst, you have been hired to provide market predictions for a specific industry or sector. Your client is interested in investing for the long-term and wants your help in identifying which companies or assets are likely to provide the greatest returns based on current market conditions. Your task is to analyze macroeconomic factors, industry trends, and technical analysis tools to develop an informed prediction for the future of the market. Your report should include a detailed analysis of the current market conditions, including economic indicators, political events, and technological advancements that may affect the industry or sector. Additionally, your report should include specific recommendations for companies or assets that you believe are poised for growth based on your analysis. Finally, your report should provide a clear and concise verdict for your client, outlining the risks and potential rewards associated with each investment opportunity.

Act as an Investment Manager

As a financial advisor, you have been hired to help a client invest their money in a way that will provide them with the best return on their investment over the short-term. Your task is to analyze the current financial market and provide recommendations for the safest and most profitable investment opportunities available. You will need to take into account factors such as inflation rates, return estimates, and market trends to develop a comprehensive investment plan that meets your client’s short-term investment goals. Additionally, you may need to provide guidance on asset allocation and diversification to minimize risk and maximize potential returns. Your report should include specific recommendations for investment opportunities based on your analysis, along with an explanation of the risks and potential rewards associated with each option. Finally, your report should provide a clear and concise verdict for your client, outlining the best way for them to invest their money for the short-term while balancing risk and potential reward.

Act as a Personal Shopper

As a personal shopper, you have been hired to assist a client in finding items to purchase within a specified budget and according to their preferences. Your task is to recommend items that fit their criteria, without providing any explanations or additional information. Your client’s first request is for a new pair of shoes within a budget of $50.

General Accounting Prompts

  • Explain the accounting equation.
  • What are the main types of accounts in accounting?
  • Describe the double-entry bookkeeping system.
  • What is the difference between accrual and cash accounting?
  • Explain the concept of depreciation.
  • What are the main financial statements used in accounting?
  • Describe the matching principle.
  • Explain the concept of materiality in accounting.
  • What is the difference between a debit and a credit?
  • Describe the importance of internal controls in accounting.

Taxation Prompts

  • What is the difference between tax avoidance and tax evasion?
  • Explain the concept of progressive taxation.
  • Describe the main types of taxes levied in the United States.
  • What are the key deadlines for individual income tax filing?
  • Explain the concept of tax credits and tax deductions.
  • What is the purpose of a W-4 form?
  • Describe the alternative minimum tax (AMT).
  • Explain the concept of tax-loss harvesting.
  • What are the main considerations for tax planning?
  • Describe the process of filing a tax extension.

Financial Statement Prompts

  • What are the main components of a balance sheet?
  • Describe the purpose of an income statement.
  • Explain the concept of the statement of cash flows.


  • What are the key differences between the cash basis and accrual basis of accounting for tax purposes?
  • How can I minimize tax liability for my clients?
  • What are the most common tax deductions for small businesses?
  • Can you provide a comprehensive guide on tax credits available for individuals and businesses?
  • How do I navigate the tax implications of international transactions?
  • What are the most recent changes to tax laws and regulations?
  • How can I effectively use tax planning strategies to maximize client benefits?
  • What are the tax implications of different business structures, such as sole proprietorships, partnerships, corporations, and LLCs?
  • How do tax treaties affect multinational corporations and their tax obligations?
  • What are the best practices for tax compliance and avoiding penalties?

Financial Reporting and Analysis

  • What are the key components of financial statements and their importance in financial reporting?
  • How do I perform a comprehensive financial statement analysis?
  • Can you provide an overview of the International Financial Reporting Standards (IFRS) and their application in different countries?
  • What are the main differences between IFRS and US GAAP?
  • How can I effectively use financial ratios to assess a company’s performance?
  • What are the best practices for creating and presenting financial reports to stakeholders?
  • How do I identify red flags and potential issues in a company’s financial statements?
  • How can I use financial modeling to make informed business decisions?
  • What are the key elements of an effective budgeting process?
  • How do I evaluate the financial health of a company for investment purposes?


  • What are the main objectives of an audit and the roles of internal and external auditors?
  • Can you provide an overview of the different types of audit engagements?
  • What are the key components of the audit process and their importance in achieving audit objectives?
  • How do I assess the effectiveness of a company’s internal controls?


How can ChatGPT benefit the accounting industry?

ChatGPT can help automate repetitive tasks like data entry, invoicing, and report generation, freeing up time for accountants to focus on more complex tasks. Can serve as an on-demand resource for accountants, answering questions about accounting principles, regulations, and best practices.

Will ChatGPT replace accountants?

ChatGPT is unlikely to replace accountants entirely. Instead, it will act as a complementary tool, enhancing accountants' capabilities and helping them work more efficiently. Accountants will still be needed for their expertise, judgment, and ability to provide personalized advice and services to clients.

How can ChatGPT assist in tax preparation?

ChatGPT can help with tax preparation by providing general tax information, assisting with tax calculations, and offering guidance on tax deductions and credits. However, it's essential to verify the accuracy of the AI-generated information.

Can ChatGPT help with bookkeeping?

ChatGPT can assist with bookkeeping tasks such as categorizing expenses, reconciling accounts, and generating reports, but it's crucial to monitor the AI's output to ensure accuracy and compliance with accounting standards.

Is ChatGPT suitable for financial planning?

ChatGPT can provide general financial planning insights, but it's not a substitute for professional financial planning advice. Users should always consult a financial expert for personalized guidance.

Can ChatGPT help with auditing?

ChatGPT may assist in identifying potential issues or discrepancies in financial records, but it cannot replace the judgment and expertise of an experienced auditor who is well-versed in industry-specific regulations and standards.

How secure is ChatGPT in handling sensitive financial data?

While ChatGPT developers strive to maintain high security standards, users should exercise caution when sharing sensitive financial data with any AI system. It's essential to understand the platform's security measures and data handling policies before using it for confidential tasks.

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