ChatGPT-4o — The Ultimate Guide for Finance

May 14, 2024

Yesterday, OpenAI released their most powerful LLM, and it is free and and truly multimodal.

This means you can now use the most powerful features of ChatGPT — Advanced Data Analysis, GPTs, web browsing, for FREE!

I compiled this guide for finance, FP&A and accounting professionals on the key features of ChatGPT4o!

ChatGPT-4o — The Ultimate Guide for Finance by Christian Martinez, founder of The Financial Fox

TLDR — Key Features of ChatGPT-4o for Finance

Some key features of the guide:

1) Get responses from both the model and the web 🌐

ChatGPT-4o can provide answers by combining its advanced model capabilities with real-time data from the web.

2) Analyze data and create charts 📊

ChatGPT-4o can analyze complex datasets and generate visual representations like charts and graphs.

3) Chat about photos you take

You can take photos of financial documents, charts, or whiteboard notes and discuss their contents, gaining insights and clarifications on the go.

4) Upload files for summarizing or writing

FP&A teams can upload financial reports, spreadsheets, and other documents to get concise summaries or help in drafting comprehensive financial analysis and presentations.

5) Discover and use GPTs and the GPT Store

We can find and use specific GPTs designed for financial modelling, risk assessment, and other finance-related tasks, enhancing our productivity and analytical capabilities.

Now, I’ll give you more details and examples on each one:

1. Get Responses from Both the Model and the Web

ChatGPT-4o integrates real-time data from the web with its advanced model capabilities to provide comprehensive answers.

How Finance Professionals Can Use It:

This feature is invaluable for staying informed with the latest market trends, stock prices, and financial news.

For example, an FP&A professional can query the model about current market conditions and receive data-driven insights combined with real-time updates from financial news sources.

Practical Examples: Market Analysis and Trend Monitoring:

Imagine you are an FP&A analyst that needs to prepare a report on current market conditions to advise the executive team on potential investment opportunities.

You can simply ask “What are the current trends in the technology sector?”

The model will respond like this:

2) Analyze Data and Create Charts

ChatGPT-4o can analyze complex datasets and automaticaly generate visual representations like charts and graphs.

How Finance Professionals Can Use It:

This functionality simplifies the process of data visualization and analysis for finance and accounting teams.

You can input raw financial data, and the model wil produce insightful charts that highlight key performance indicators, trends, and anomalies.

For example you can ask “You are a mckinsey consultant and you have to produce a headcount analysis for the board with the best analysis and visualisations. Go ahead.”

The respond will be a full analysis:

And you can ask for an specific visualization:

You can also ask for the detailed way on how to recreate the analysis in Excel:

Or even in Python!

This is the full code in case you want to try:

# Import necessary libraries
import pandas as pd
import matplotlib.pyplot as plt
import seaborn as sns

# Load the Excel file from Google Colab
from google.colab import files
uploaded = files.upload()

# Assume the uploaded file is named 'headcount.xlsx'
file_name = 'headcount.xlsx'

# Load the data from the 'Headcount_Planning' sheet
headcount_data = pd.read_excel(file_name, sheet_name='Headcount_Planning')

# Plotting the distribution of salaries by department
plt.figure(figsize=(12, 8))
sns.boxplot(x='Department', y='Salary', data=headcount_data, palette='Set2')

plt.title('Salary Distribution by Department')
plt.xlabel('Department')
plt.ylabel('Salary')
plt.xticks(rotation=45)
plt.show()

3) Chat About Photos You Take

This feature alows users to interact with the model using images, interpreting and discussing their content.

How Finance Professionals Can Use It:

Take photos of financial documents, meeting notes, or whiteboard scribbles and discuss their content with the model.

This can be particularly useful during meetings or when reviewing physical documents, enabling quick interpretations and folow-ups.

Or even when a CFO ask you to make a PPT out of a napkin drawing?

4) Upload Files for Summarizing or Writing

You can upload files, and ChatGPT-4o wil summarize the content or assist in generating detailed reports.

How Finance Professionals Can Use It:

Uploading financial reports, spreadsheets, or presentations alows the model to produce concise summaries or aid in drafting detailed financial analyses and reports.

This streamlines the workflow by reducing the time spent on manual summarization and report writing.

For example, you can ask “Give me a concise overview of the main points of this Stocks Earnings Report, including revenue growth, expense trends, and significant changes from the previous quarter.”

And the model will respond: