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Review financial statements

About

ChatGPT can be a valuable resource for reviewing financial statements, providing insights and analysis that can help identify potential areas of improvement or concern. By utilizing ChatGPT, users can input financial data and receive detailed reports and recommendations based on industry best practices and benchmarks. Whether you're an agency owner, accountant, or financial analyst, ChatGPT can help you gain a better understanding of your financial statements and make informed decisions.

Prompts

"Can you provide a breakdown of [COMPANY]'s revenue [YOUR REVENUE] by product/service category for the past [TIME PERIOD]? Please include total revenue and percentage of revenue by category."

"What are the [COMPANY]'s largest expenses [YOUR EXPENSES], and how have they changed over the past [TIME PERIOD]? Please provide a detailed breakdown of each expense category."

"How does [COMPANY]'s financial performance compare to its competitors in terms of [FINANCIAL METRIC]? Please provide a comparative analysis of [COMPANY] and its top three competitors."

"What are the major drivers of [COMPANY]'s financial performance, and how do they impact the company's overall profitability? Please provide a detailed analysis of revenue and expense trends over the past [TIME PERIOD]."

"Can you identify any financial risks or opportunities that [COMPANY] should be aware of? Please provide insights on potential risks, such as economic downturns or regulatory changes, as well as potential opportunities for growth and expansion."

Tips

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Use ChatGPT to compare financial ratios against industry benchmarks. This can help identify areas where your company may be underperforming and provide guidance on how to improve.

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Utilize ChatGPT to perform forecasting and scenario analysis. This can help you make more informed decisions about future investments or business strategies.

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Take advantage of ChatGPT's ability to analyze large data sets quickly and accurately. This can save time and provide valuable insights into your company's financial performance.