30 Best Chatgpt prompts for accounting consulting services

ChatGPT has taken the world by storm, providing professionals across industries with an AI assistant capable of generating human-like responses to natural language prompts. For accountants, ChatGPT offers enormous potential to automate routine tasks, freeing up time for more strategic work. Crafting effective prompts is key to unlocking ChatGPT’s potential. This article provides 30 creative Best Chatgpt prompts for accounting consulting services specifically tailored for accountants to boost productivity and efficiency.

By the way, have you heard about Arvin? It’s a must-have tool that serves as a powerful alternative to ChatGPT. With Arvin (Google extension or iOS app), you can achieve exceptional results by entering your ChatGPT prompts. Try it out and see the difference yourself!

Best chatgpt prompts for accounting consulting services

Managing accounts payable can be tedious. ChatGPT can help generate payment summaries, track outstanding invoices, and create payment schedules. Let’s discover some of the best Chatgpt prompts for accounting consulting services.

Prompt Examples:

  • “Provide a summary of outstanding accounts payable for Company XYZ as of July 28, 2023 including total amount owed and list of vendors.”
  • “Create a 12-month payment schedule for Company XYZ’s accounts payable based on their cash flow projections and vendor payment terms.”
  • “Generate a report detailing all outstanding invoices over 30 days past due for Company XYZ to share with vendors.”

Automate Monthly Close Processes

Monthly closes involve repetitive reconciliation tasks that ChatGPT can automate. Prompt the AI to compile trial balances, reconcile accounts, and generate closing journal entries.

Prompt Examples:

  • “Reconcile the accounts receivable subsidiary ledger to the general ledger for Company XYZ as of the month ended July 31, 2023. Prepare a reconciliation report detailing any discrepancies.”
  • “Compile a trial balance for Company XYZ as of July 31, 2023 based on the attached list of general ledger accounts and balances. Organize in account number order.”
  • “Generate closing journal entries as of July 31, 2023 for Company XYZ to accrue liabilities, adjust prepaid expenses, record depreciation, and recognize revenue.”

Create Financial Statements

ChatGPT prompts for accountants can instantly generate financial statements formatted to your specifications. This frees up hours otherwise spent on manual formatting.

Prompt Examples:

  • “Prepare a classified balance sheet for Company XYZ as of December 31, 2022 in proper accounting format. Use the attached trial balance.”
  • “Generate an income statement for the year ended December 31, 2022 for Company XYZ in proper accounting format based on the figures provided.”
  • “Create a statement of retained earnings for Company XYZ for the year ended December 31, 2022 including beginning and ending retained earnings and dividends paid.”

Automate Tax Preparation

Tax preparation involves synthesizing volumes of financial data. Let ChatGPT do the heavy lifting by prompts to calculate taxes or populate tax forms.

Prompt Examples:

  • “Use the attached income statement and balance sheet for Company XYZ to calculate estimated corporate income taxes owed for the year ended 12/31/2022.”
  • “Complete Form 1120 for Company XYZ using the figures provided in proper IRS format. Leave blank any fields that require additional information.”
  • “Prepare a journal entry to record income tax expense and income tax payable for Company XYZ based on the calculated tax liability of $500,000 for 2022.”

Generate Client Deliverables

ChatGPT can instantly create client-ready reports, letters, and presentations tailored to a client’s specific information.

Prompt Examples:

  • “Write a client transmittal letter to accompany Company XYZ’s 2022 tax return summarizing key findings and next steps in plain business language.”
  • “Create a 5-page executive summary presentation for Company XYZ analyzing their 2022 financial performance including key charts and graphs.”
  • “Prepare a customized engagement letter for a compilation engagement for small business client John Smith CPAs based on the provided background information.”

Improve Communication Efficiency

ChatGPT can generate clear, professional emails and memos on demand. Use it to compose routine client communications or internal memos.

Prompt Examples:

  • “Draft an email to the controller of Company XYZ requesting additional information needed to complete their 2022 audit.”
  • “Write a client memorandum explaining a recent IRS notice received by small business client John Smith CPAs and recommended next steps.”
  • “Compose a professional email to vendors of Company XYZ requesting reissuance of an outstanding invoice that has not been received.”

Enhance Research Capabilities

Leverage ChatGPT Prompts for accountants to instantly research accounting standards, tax codes, and industry trends. It can summarize key takeaways and findings.

Prompt Examples:

  • “Provide a summary of the key changes in lease accounting standards under ASC 842 including their potential impacts on clients.”
  • “Research the latest IRS guidance on tax deductibility of PPP loan expenses and summarize the implications.”
  • “Find the current sales tax rates for New York City and summarize in a bulleted list by borough.”

Generate Content and Thought Leadership

ChatGPT can instantly create content for your firm’s website, blog, newsletters, and social media.

Prompt Examples:

  • “Write a 500 word blog article about the top 5 tax law changes accountants should know for the 2023 tax season.”
  • “Draft a LinkedIn post summarizing key takeaways from a recent accounting industry report in an engaging narrative style.”
  • “Create a list of 10 value-added advisory conversation starters accountants can have with small business clients.”

Improve Workflow Documentation

ChatGPT can create process documentation, client onboarding checklists, and how-to guides for improved efficiency.

Prompt Examples:

  • “Outline the step-by-step workflow for onboarding a new accounting client including integration points with various software platforms.”
  • “Develop a schedule of monthly closing procedures for an accounting department including reconciliation tasks and responsible parties.”
  • “Write a how-to guide for accountants on using Excel pivot tables to analyze financial data including steps and examples.”

Boost Training and Development

Leverage ChatGPT as a virtual mentor to train new hires or upskill teams on new accounting standards and technology.

Prompt Examples:

  • “Create a training module explaining the key functions of an ERP accounting system like NetSuite, Workday, or Dynamics 365.”
  • “Outline best practices for auditing revenue recognition accounting under ASC 606 including testing procedures.”
  • “Develop a cheat sheet explaining top Excel formulas, shortcuts, and functions accountants should know with examples.”


ChatGPT provides transformative potential for accountants to work smarter and focus on high-value activities. Crafting precise prompts is key to unlocking its benefits. Use these 30 creative best Chatgpt prompts for accounting consulting services as a launchpad to speed up your accounting workflows. With some experimentation, you can automate routine tasks, unlock new efficiencies, and elevate your advisory role.

If you want to find other types of prompts, please visit allPrompts. We can help you to find the right prompts, tools and resources right away, and even get access to the Mega Prompts Pack to maximize your productivity.

FAQs about best Chatgpt prompts for accounting consulting services

What accounting activities are best suited for ChatGPT automation?

Accounts payable, financial statement preparation, tax preparation, client reporting, communication drafting, research, and content creation represent areas where ChatGPT can provide the most productivity gains for accountants.

What precautions should accountants take in using ChatGPT?

Validate any financial data, calculations, or recommendations ChatGPT produces. Review outputs for accuracy and accounting compliance. Use ChatGPT to augment human expertise, not replace it.

Can ChatGPT help accountants improve client advisory services?

Yes, by automating repetitive tasks, ChatGPT provides bandwidth for accountants to focus on more strategic services like scenario planning, forecasting, and data-driven insights.

What’s the best way to get started with ChatGPT as an accountant?

Start small by prompt automation for a few repetitive workflows. Iterate and refine prompts over time. Identify larger opportunities once comfortable with ChatGPT’s capabilities and limitations.

What’s the best way to get started with ChatGPT as an accountant?

Analyze daily workflows to identify opportunities, leverage example prompts, break activities into discrete steps, and don’t be afraid to experiment!