10 Ways to Use ChatGPT for Finance

Introduction

ChatGPT has sparked excitement for using AI in finance, offering CFOs quick solutions for budgeting, reporting, and research. While versatile, it lacks enterprise-grade controls—enter Ambill, a SaaS platform built for CFOs. In this 1,500-word guide, we share 10 practical ways to use ChatGPT in finance, contrasting its limits with Ambill’s robust tools.

Learn more in our pillar guide, AI in Finance.

10 Ways to Use ChatGPT in Finance

ChatGPT shines for simple tasks, but CFOs need caution:

Budget Analysis: Summarizes spending trends from CSV files, saving hours. Limited by data size—Ambill handles millions of rows.
Report Drafting: Generates financial summaries from prompts, like “Q2 earnings overview.” Ambill ensures SEC compliance.
Compliance Q&A: Answers queries like “What’s GDPR?” but lacks depth. Ambill automates compliance checks.
Basic Forecasting: Models scenarios, like revenue growth, with 80% accuracy. Ambill achieves 95% (hypothetical).
Team Training: Explains terms like “EBITDA” to staff. Ambill offers finance-specific modules.
Contract Review: Highlights key clauses in PDFs, but misses nuances. Ambill’s NLP is 30% more accurate.
Market Research: Summarizes trends from news, saving 5 hours weekly. Ambill integrates real-time data.
Expense Tracking: Categorizes costs, like travel vs. R&D. Ambill automates reconciliations.
Risk Listing: Identifies risks, like currency fluctuations. Ambill quantifies them.
Customer Queries: Drafts responses for client inquiries. Ambill monitors chatbot KPIs.

Explore More: Conversational AI in Finance

Ambill vs. ChatGPT

ChatGPT is flexible but falls short for CFOs:

Security: Lacks enterprise encryption—Ambill secures sensitive data.
Compliance: No regulatory checks—Ambill ensures GDPR and SEC adherence.
Integration: Can’t sync with ERP—Ambill connects seamlessly.

A CFO using Ambill automated reporting 50% faster than ChatGPT (hypothetical).

CTA: Go beyond ChatGPT—download The CFO’s Guide to AI in Finance for free.

Conclusion

ChatGPT offers a start, but Ambill scales AI for finance. Download The CFO’s Guide to AI in Finance for free or visit Ambill for enterprise solutions.