AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Schedule client payments so that money always arrives before you owe vendors: a booking deposit at signing, a large instalment before the main vendor deposits fall due, and the balance a set number of days before the event. Hold client money for each event separately, pay vendors only against signed terms, and never fund one client's event with another client's deposit. Pay vendors by transfer rather than cash; Nigerian law caps large cash payments outside financial institutions.
The cash-flow problem every planner has
An event planner sits between a client who wants to pay late and vendors who want to be paid early. Venues ask for deposits months ahead, decorators want money to buy materials, and caterers want most of their fee before the day. If your client's schedule does not match your vendors', you end up financing the event yourself, or using the next client's deposit to pay this client's vendors. That second habit works until a client cancels.
A deposit schedule that matches your costs
Start from the vendor side. List every vendor, their deposit and balance dates, and then set client payment dates a week or two earlier. A common shape (example only):
| Client payment | When | Share of package | What it funds |
|---|---|---|---|
| Booking deposit | At signing | 20% | Planning time, securing the date, venue deposit |
| Second instalment | At least 2 weeks before main vendor deposits | 50% | Caterer, décor, entertainment and rental deposits |
| Balance | 14 days before the event | 30% | Vendor balances due before or on the day |
The balance date matters. If vendors expect full payment on the day, a client balance due 'after the event' leaves you exposed. Set the balance date before your own largest outgoing payment, and say in the agreement that services may be scaled back if a payment is late. Our guide to taking deposits and part-payments covers wording for invoices.
Vendor contracts that protect you
Every vendor should sign or accept written terms before you pay them. The minimum:
- Exactly what is supplied: quantities, menu, hours, number of staff, setup and teardown times.
- Price, deposit, balance and dates, and what happens to the deposit if the event is cancelled or postponed.
- Who pays for breakages, overtime and transport.
- Substitution rules if the named vendor cannot attend.
- Payment by transfer to an account in the vendor's business or personal name, matching their invoice.
Match vendor cancellation terms to your client terms. If your client gets 50% back at 60 days but your caterer refunds nothing, you carry the gap. Our event vendor contract template and cancellation and refund terms are written to fit together.
Keeping each event's money separate
Track each event as its own small ledger: money in from the client, money out to each vendor, and your fee. The simplest way is a separate account or sub-account per large event, or at least a reference on every transfer. At any moment you should be able to say how much of the client's money is unspent and how much you have earned.
Worked example (illustration only)
A ₦10,000,000 corporate dinner. Planner's fee is ₦1,500,000; vendor costs are ₦8,500,000.
| Date | Movement | Event balance |
|---|---|---|
| Day 1 | Client deposit ₦2,000,000 in | ₦2,000,000 |
| Day 3 | Venue deposit ₦1,000,000 out | ₦1,000,000 |
| Day 30 | Client instalment ₦5,000,000 in | ₦6,000,000 |
| Day 35 | Caterer, décor, sound deposits ₦4,000,000 out | ₦2,000,000 |
| Day 76 | Client balance ₦3,000,000 in | ₦5,000,000 |
| Day 90 | Vendor balances ₦3,500,000 out | ₦1,500,000 |
The ₦1,500,000 left is the planner's fee, and at no point did the balance go below zero. If the client balance had been due after the event, the planner would have been ₦1,500,000 short on day 90 (₦2,000,000 in hand against ₦3,500,000 owed).
Cash, tax and paperwork
- Avoid big cash payments. The Money Laundering (Prevention and Prohibition) Act 2022, as quoted by TheCable, prohibits cash payments above ₦5,000,000 for an individual or ₦10,000,000 for a company except through a financial institution, and bars splitting payments to avoid this.
- Transfer stamp duty. From 1 January 2026, a ₦50 stamp duty applies to electronic transfers of ₦10,000 and above, deducted from the sender, according to Techeconomy's report of the Nigeria Tax Act changes. Budget for it when paying many small vendors.
- Withholding tax on vendor payments. If your business is a company, you may have to deduct WHT from some vendor payments. PwC's Nigeria summary, reviewed in May 2026, notes a small company need not deduct where the transaction is below ₦2 million and the vendor has a valid tax ID. Larger planners should check the rate for each type of service.
- Receipts. Collect a receipt or invoice for every vendor payment and file it against the event.
Where Pryme fits
A Pryme Business Account can open several sub-accounts so each large event has its own balance, and bulk payouts pay a list of vendors in one approved batch. The Finance agent can prepare each event's ledger and flag vendor payments due before client money arrives, for you to approve.
Questions people ask
How much deposit should an event planner collect in Nigeria?
There is no fixed rule. Many planners use a booking deposit of around a fifth of the package, then a larger instalment before vendor deposits fall due, and the balance before the event. Set it from your own vendor dates.
When should the client pay the balance for an event?
Before your largest vendor payments fall due, typically one to two weeks before the event, so you are never funding vendors yourself.
Can I pay event vendors in cash?
Small payments yes, but the MLPPA 2022 prohibits cash payments above ₦5 million (individual) or ₦10 million (company) outside a financial institution. Transfers also give you a record.
Should I keep client deposits in a separate account?
It helps. A separate account or sub-account per event shows how much client money is unspent and stops one event's deposit being used for another.
Sources
- TheCable: Falana on CBN cash withdrawal policy, quoting MLPPA 2022 s.2 (12 Dec 2022) · accessed Oct 2026
- Techeconomy: Stamp duty replaces EMTL, sender to bear ₦50 charge on bank transfers (1 Jan 2026) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate withholding taxes (reviewed 29 May 2026) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.