Summit 2025 Recap #4: Microsoft Copilot for CFOs: Real Workflows That Save Hours Every Week

If you're drowning in 20-page annual reports, spending hours building nested Excel formulas, or wasting Monday mornings sorting through calendar chaos, you're not alone.

David Fortin, founder of the Piggy Bank Accountant YouTube channel, recently led a hands-on CFO Connect Summit webinar that cut through the AI hype to show exactly what Microsoft Copilot can do for busy finance leaders right now. No fluff, just results.

With over 400 CFOs and finance directors in attendance, David demonstrated practical workflows that save hours every single week. Whether you're using the free version or considering the paid license, this session delivered immediately actionable strategies for financial statement analysis, Excel automation, and weekly planning.

👉 Watch the full webinar

Featuring:

• David, CPA: Founder, Piggy Bank Accountant; Microsoft MVP; full-time Copilot instructor with experience in Series B fundraising and FP&A management.

👉 Follow David on LinkedIn and subscribe to his YouTube channel to become a Copilot expert.

In this recap:

• How to analyse financial statements using the GCES prompt framework

• What Copilot in Excel can do (free vs. paid versions)

• How to plan your entire week in 8 minutes with the Researcher Agent

• Where Excel automation is heading with the new Agent Mode

What's the Reality Check? Most CFOs Aren't Using Copilot Properly

When David polled the audience, the results were telling: most attendees were beginners or light users of Copilot, with few daily power users.

Translation? Most finance leaders have either skipped Copilot entirely or tried it once without getting useful results.

The problem isn't the tool—it's the prompting.

"I see this all the time in live trainings," David explains. "People just type 'analyse this PDF' and hit enter. That's not going to work. You need context, structure, and specificity." 

The solution? A proven prompt framework that works every single time.

Action takeaway: If you've tried Copilot before and walked away disappointed, the issue is likely your prompt structure—not the AI.

The Framework That Actually Works: Goal-Context-Expectation-Source (GCES)

How do you get reliable results from Copilot?

Use the GCES prompt framework every time you interact with the tool. This four-part structure ensures Copilot understands precisely what you need—and delivers it.

Here's the breakdown:

1. Goal (Red): What do you want to achieve? Example: "I need help finding key financials from an annual report."

2. Context (Blue): Who are you, and what's the situation? Example: "Position yourself as the CFO of this company. I need to make a summary to the board of directors about where we should invest in the next two years based on previous performance."

3. Expectation (Pink): How do you want the answer formatted? Example: "I want a concise summary in a tabular format."

4. Source (Green): What data should Copilot use? Example: "Use the attached PDF as a source. Make sure to analyse it before giving me any recommendations."

David tested this live using Starbucks' 2024 annual report. Within 20 seconds, Copilot delivered:

• Financial performance drivers

• Risk analysis

• Strategic investment recommendations—all in tabular format

"Always double-check the results," David warns. "AI can hallucinate. But this framework dramatically reduces errors and gets you 95% of the way there."

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How to Use the GCES Framework for Financial Statements

Step-by-step workflow:

1. State the Goal: Clearly define what you want (e.g., "Summarise Q3 financials for board presentation")

2. Provide Context: Specify your role (e.g., "I'm the CFO preparing for a strategic planning session")

3. Set Expectations: Define format, scope, and constraints (e.g., "Table format with max 5 key metrics")

4. Attach Sources: Upload the PDF or link the document; clarify "use attached as primary source"

5. Add Guardrails: Tell Copilot to avoid hallucinations and ask clarifying questions if needed

6. Request Outputs: Specify deliverables (e.g., "Provide a table + 3-bullet narrative summary")

7. Ask for Executive Summary: Request a 1-paragraph TLDR at the top

Pro tip: If you change just one word in your prompt—like switching "CFO" to "CEO"—Copilot will prioritise different insights. The model is highly sensitive to context.

What Can Copilot in Excel Do? Free vs. Paid Breakdown

Which Excel features can I access without paying?

Microsoft is rolling out a free version of Copilot in Excel for all Microsoft 365 users—no paid license required. Here's what you get:

Free Copilot in Excel (Chat Pane):

• Answer basic questions about your data (e.g., "Which salesperson had the most sales in Q3?")

• Generate Python-based charts

• Build formulas using natural language

• Works on datasets with 10,000+ rows

David demonstrated this live with a 2,000-row sales dataset from "Piggy Beans Cafe." He asked:

"Which salesperson has the most sales in Q3 of 2023?"

Copilot's answer: "Mocha Mic with $330,400 of sales. If you need a breakdown by month or want to see how other salespeople perform, just let me know."

David followed up: "Please break it down by month."

Copilot instantly delivered a monthly breakdown—no pivot tables, no manual filtering.

"If you're a busy CFO who doesn't have time to build pivot tables at 7 PM when your CEO calls asking for hiring numbers, this is a game-changer," David notes.

Action takeaway: The free version is ideal for quick data queries and formula building. Check if it's available in your Excel Online account today.

How to Test the Excel Chat Pane on Your First Dataset

Step-by-step workflow:

1. Format your data as an Excel table (required for Copilot to work)

2. Click the Copilot button at the top right of Excel

3. Ask a simple question (e.g., "What are my top 3 products by revenue?")

4. Validate the formula or output Copilot provides

5. Request a chart: "Create a sales chart for Q3 2023"

6. Click "Insert" if using the paid version; otherwise, screenshot the preview

7. Iterate: Keep the conversation flowing—Copilot learns from your follow-ups

Known limitations:

• Cannot insert charts or formulas directly with the free version (view-only)

• Struggles with highly complex multi-sheet models

• Dates can be inconsistent—always validate

What's the Evolution? Paid Copilot Unlocks 'App Skills'

What changes when I pay for Copilot?

The paid version ($360 USD per user per year) unlocks App Skills, which enable Copilot to take actions in your workbook—not just answer questions.

Paid Copilot in Excel (App Skills):

• Create pivot tables automatically

• Extract data with complex formulas (e.g., nested IF + AND statements)

• Insert columns with calculated fields

• Build conditional formatting rules

Example David showed:

Prompt: "Create a column with the regional area code of each phone number. It corresponds to the three numbers to the left of the phone number."

Copilot instantly generated the =LEFT() formula, explained the logic, and inserted the column.

For nested formulas:

Prompt: "I need a column with a formula that enters 'Downtown over 500' for sales over $500 if the region is Downtown, and 'Uptown over 800' if the sales in the Uptown region are over $800."

Copilot built a nested IF and AND formula in 96 seconds—a task that typically takes David 8-10 minutes manually.

"There are always some small errors, but Copilot gets you 99% of the way there. And it never misses a parenthesis or comma—which I definitely used to do," David jokes.

Action takeaway: If your finance team spends hours on formula-heavy models, the paid license pays for itself in saved time.

👉 Join CFO Connect Pro for hands-on events and tutorials to master AI tools for CFOs.

What's the Innovation? Plan Your Week in 8 Minutes with the Researcher Agent

How can the Researcher Agent help me manage my schedule?

David calls this "probably the best agent already made by Microsoft." The Researcher Agent (paid license required) uses OpenAI's O3 model to scan your entire Microsoft 365 environment and create a prioritised weekly plan.

What the Researcher Agent does:

✅ Scans all your Outlook meetings and emails

✅ Reviews Teams messages and meeting notes

✅ Analyses OneDrive and SharePoint documents you've worked on

✅ Prioritises tasks based on strategic impact and deadlines

✅ Generates prep checklists and agenda drafts

David's real example (September 15):

He ran this prebuilt prompt:

"Help me prepare for my meetings for the upcoming week, including asks on me, recommendations for clear actions to prepare, and suggestions on which items to prioritise over others. Focus on the presentation that I have this week and client meetings."

What happened:

• The researcher took 13 minutes (sped up to 2 minutes in the demo)

• Analysed 10 meetings, including 2 major presentations

• Created a visual timeline of the week

• Listed top priorities: "Dedicate the most prep time to the Copilot webinar and the CPA of Ontario keynote because these two events build your reputation and require polished content."

• Generated action items for each meeting with links back to Outlook

"Every Monday, I run this prompt. It tells me exactly what to focus on. It's honestly wild," David shares.

Action takeaway: If you have a paid license, run the Researcher Agent every Monday. It's available under "All Agents" in Copilot.

How to Run the Researcher Agent for Weekly Planning

Step-by-step workflow:

1. Open Copilot and navigate to the Researcher Agent tab

2. Click the "Meeting Prep" prebuilt prompt

3. Customise the prompt to add specific focuses (e.g., "Focus on client meetings and board prep")

4. Confirm Copilot has access to Outlook, Teams, OneDrive, and SharePoint

5. Let it run (usually takes 10-15 minutes)

6. Review the priority rankings and action items

7. Export summaries and tasks to your project management tool or calendar

8. Review for sensitive content before sharing externally

Pro tip: The Researcher Agent is only as good as your calendar and email hygiene. Keep meeting titles descriptive and action-oriented.

👉 Join CFO Connect Pro for hands-on events and tutorials to master AI tools for CFOs.

What's Next? The Excel Agent Mode Is Here (And It's Mind-Blowing)

Can Copilot actually build a full financial model?

Yes—and David proved it live.

Microsoft just released Excel Agent Mode (Excel Labs add-in, Excel Online only, paid license required). This is where the hype becomes reality.

David's test:

Prompt: "Create a full three-statement financial model for an accountant. Make sure to include a sheet for the budget and the actual vs. budget analysis."

What happened in 96 seconds:

• Built an income statement with linked formulas

• Created an assumptions sheet (no hard-coded values)

• Generated a cash flow statement (it balanced on the first try—"When does that ever happen?" David laughs)

• Added a budget vs. actuals analysis tab

• Only error: Dates were incorrect (David fixed them in 30 seconds)

"This is where we're going," David emphasises. "For smaller companies or quick scenario modelling, this is already usable. For complex public company models, it's not quite there yet—but give it a year."

The video went viral: 600+ likes, 35,000 views in 24 hours on LinkedIn.

Action takeaway: If you have a paid license, test the Excel Agent Mode in Excel Labs. Start with a simple 3-statement model and stress-test it with 2-3 scenarios.

👉 Join CFO Connect Pro for hands-on events and tutorials to master AI tools for CFOs.

How to Test the Excel Agent on Your First 3-Statement Model

Step-by-step workflow:

1. Install Excel Labs (Excel Online) and enable the Agent feature

2. Start with a simple 3-statement model request: "Create an income statement, balance sheet, and cash flow for a SaaS company"

3. Specify assumptions, period, and structure (e.g., "Monthly for 2024, assume 20% MoM growth")

4. Review and validate formulas and dates—fix incorrect references

5. Request: "Add a Budget vs. Actuals sheet"

6. Stress-test with 2-3 scenarios (e.g., "Show me a 10% revenue cut scenario")

7. Document known limitations in the file (e.g., "Dates required manual correction")

Known limitations:

• Dates often need manual correction

• Complex multi-entity consolidations aren't supported yet

• Requires auto-save to be turned on (doesn't work with SAP connectors currently)

Key Takeaways: What CFOs Should Do This Week

✅ Download the GCES cheat sheet and use it for every Copilot interaction

✅ Test the free Copilot in Excel on a real dataset (e.g., "Who are my top 5 customers by revenue?")

✅ Run the Researcher Agent next Monday to prioritise your week

✅ Validate security settings: Hover over the green shield in Copilot to confirm enterprise data protection applies

✅ Experiment with the Excel Agent Mode if you have a paid license—start with a simple 3-statement model

"Don't rush," David advises. "Take your time to map out your data flows and integrations. Be very clear on the output you want. And always double-check the results—AI is powerful, but it's not perfect."

FAQ: Your Microsoft Copilot Questions, Answered

Q: Are there security concerns with agents accessing all my data? A: Always consult your IT department. Microsoft Copilot has enterprise data protection built in—your data isn't used to train foundation models, GDPR applies, and access controls remain in place. Look for the green shield at the top right of Copilot.

Q: Does the Researcher Agent work with Gmail or other non-Microsoft tools? A: No. Copilot is built for the Microsoft 365 ecosystem and connects via the Microsoft Graph (Outlook, Teams, OneDrive, SharePoint). If you use Gmail, explore Google's Gemini instead.

Q: Can Copilot automate month-end reconciliations? A: Possibly. Nicholas Boucher (AI and finance expert) tested the Excel Agent for credit card reconciliations with a thorough prompt—results were "pretty good." Search for his LinkedIn post on the Excel Agent Mode for examples.

Q: Does Copilot work with Power Query models? A: Not yet. Microsoft is prioritising mass-market features (conditional formatting, pivot tables, formulas). Power Query integration will likely come later. Stay tuned.

Q: Is Copilot better than ChatGPT for Excel? A: For security, yes. Copilot offers enterprise-grade data protection by default. For functionality, they use the same underlying model (GPT-4/5), so answers are similar—but Copilot is integrated directly into Excel. Don't upload confidential financial models to ChatGPT unless you have a Teams or Enterprise plan.

Next Steps: Join the CFO Connect Community

David's session was just one of dozens of expert-led webinars available through CFO Connect. Whether you're scaling finance operations, evaluating new tools, or navigating fundraising, CFO Connect gives you access to:

• Live webinars with finance leaders from Stripe, PayFit, Aiven, and more

• Exclusive reports on finance tools, forecasting, and cash management

• Peer networking via Slack, member matching, and in-person events

👉 Join CFO Connect Pro for hands-on events and tutorials to master AI tools for CFOs.