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
Under the Revenue Administration Act, 2016 (Act 915), a taxable person in Ghana must keep records of receipts, payments, revenue, expenditure, assets and liabilities for at least six years, according to PwC's Ghana tax summary reviewed in March 2026. GRA can access premises, records and electronic information, so the records must be complete, findable and able to support every figure in your returns.
The legal minimum
PwC's Worldwide Tax Summaries for Ghana, last reviewed on 11 March 2026, summarises the rule in the Revenue Administration Act, 2016 (Act 915): taxable persons must keep records of receipts, payments, revenue, expenditure, assets and liabilities, and keep them for at least six years. The same summary notes that GRA assesses taxpayers regularly and has authority to access premises, records and electronic information.
The Act does not ask for a particular accounting package. What matters is that the records exist, are accurate and can be produced when GRA asks.
What that means in practice
| Category | Typical documents for a small firm |
|---|---|
| Receipts | Sales invoices, E-VAT invoices or receipts, bank and mobile money statements showing money in |
| Payments | Supplier invoices, receipts, payment confirmations, bank and mobile money statements showing money out |
| Revenue | Sales ledger or register, contracts, credit notes |
| Expenditure | Expense claims with receipts, payroll records, rent agreements, utility bills |
| Assets | Fixed asset register, purchase invoices, disposal records, stock counts |
| Liabilities | Loan agreements, director's loan records, unpaid supplier balances, tax due |
If you are VAT-registered, keep VAT invoices issued and received and the workings behind each VAT return. If you run payroll, keep PAYE and SSNIT records per employee. Withholding tax deducted from you, or by you, needs its certificates.
Cross-border records for Nigeria-linked firms
Firms that trade with Nigeria have extra paperwork, and it is often the part that goes missing:
- Naira bank or wallet statements, in full, for every account the company uses.
- The exchange rate used for each naira transaction and its source.
- Invoices from Nigerian suppliers, including any Nigerian VAT or withholding tax shown.
- Withholding tax receipts a Nigerian client gave you after deducting tax from your invoice.
- Intercompany agreements and invoices with a Nigerian parent or sister company.
A naira receipt from Lagos is a valid business record, but GRA may ask how you converted it into cedis. Note the rate on the record, or keep a schedule that ties each one to the rate used. Our guide to matching naira payments to invoices sets out a simple method.
How long six years really is
Six years is a minimum. PwC's summary also says the statute of limitation bars actions to recover tax after 12 years. Many accountants advise keeping core ledgers and year-end packs longer than six years, especially where a year is under query or a loss is being carried forward. Ask your adviser what applies to you.
When GRA asks to see the records
PwC's summary describes how a GRA audit usually runs. GRA normally gives notice before an audit and shares a report of its findings afterwards. Refund requests can lead to an audit, and some sectors, such as mining, upstream oil and gas and financial institutions, are more likely to be selected. Tax from an additional assessment after an audit is due within 30 days of service, although the Commissioner-General may extend this. Late payment carries a penalty of 125% of the statutory rate, compounded monthly, on the amount outstanding.
The practical lesson is that you may have only a few weeks to answer an audit query and pay any extra tax. If your naira statements sit in a Lagos inbox, or the exchange rate behind a figure lives only in someone's head, that time goes on finding paper rather than explaining it. Keep everything for one year in one place, labelled by month.
Paper, software or both
GRA does not require you to buy accounting software, but software makes the six-year rule easier to meet. Whatever you use, check that it:
- Keeps a full history and does not let entries be deleted without trace.
- Exports ledgers and reports in a format you can open in years to come.
- Lets you attach scanned receipts to entries.
- Handles more than one currency if you trade in naira.
- Is backed up somewhere other than one laptop.
If you keep paper, store it by year and month and scan anything on thermal paper, which fades. For the reporting framework your accounts follow, see whether your company must use IFRS for SMEs. For audit trails on payments specifically, see audit trails for cross-border payments.
Where Pryme fits
A Pryme Business Account gives statements for each currency it holds, and any customer can generate a regular or a verifiable receipt or statement with VerifyDoc.ai, which anyone can check is genuine and unaltered. Business agents record their actions, which adds to your audit trail.
Questions people ask
How long must a small business keep records in Ghana?
At least six years, under the Revenue Administration Act, 2016 (Act 915), as summarised by PwC in March 2026.
Does GRA require a specific accounting software?
No official requirement for a particular package was found. Records must be complete and producible; VAT-registered businesses also have E-VAT invoicing duties.
Can I keep records only in digital form?
Many firms do. Make sure scans are legible, complete and backed up, and check with GRA or your adviser if a specific original is needed.
Do naira receipts count as records in Ghana?
Yes, as evidence of the transaction. Keep the exchange rate used to convert them into cedis alongside.
Sources
- PwC Worldwide Tax Summaries: Ghana corporate tax administration (reviewed 11 Mar 2026) · accessed Oct 2026
- GRA: Notice to all VAT registered taxpayers (VAT Act, 2025) · 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.