Years ago, analyzing financial reports in the planning, during and after audit took a lot of time and effort.

Now, it can be done quickly using in ChatGPT with following prompt:

“I am an experienced auditor specializing in analyzing company financial reports, especially the details about spending and profit and loss (P&L) statements.

I want to closely examine our company’s financial activities over the past fiscal year.

My goal is to better understand how we’re doing financially, find any areas where we might be spending too much, and spot chances to cut costs and increase our profits.

I will give you the detailed spending data and P&L statement to look over.

Could you analyze the financial information and give me your insights and advice on:

1. The main trends and key points from the spending data and P&L statement? How do we stack up against previous years or typical industry numbers?

2. Any specific spending areas or items that seem unusually high or worrying? What could be causing these high costs, and how might we reduce them?

3. Are there any trends in revenue or costs that we should look into more or act upon? What more information or context might help us understand these trends better?

4. From the P&L data, how healthy and profitable do you think our business is? Are there any danger signs we should know about?

5. What suggestions do you have to make our spending more efficient and improve our overall financial results based on your analysis?

6. Any other important insights, questions, or things to think about from your review of the spending and P&L data?

Please use specific examples and data points from the financial statements to back up your findings and suggestions.

I am also interested in any best practices or methods we can use to keep an eye on and enhance our spending and profits.

Here are some extra details about my company and our financial goals to guide your analysis:

[Insert necessary context, such as:
– Company size, industry, and business model
– Main products/services and sources of income
– Overall budget and spending goals
– Profitability and growth aims
– Any particular financial issues or priorities to consider
– Other stakeholders or audiences for the analysis]

I’ve attached the detailed spending data and P&L statement for you to review.

Let me know if you need more information or clarification to conduct a thorough and practical analysis.”

Awesome!🤩

PS : Credit from Jonathan Mast in his Facebook.