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
There is no official fee scale you can rely on, so accountants in Nigeria quote by the size and state of your records. As labelled examples, monthly bookkeeping for a small trader may be quoted in the tens of thousands of naira, while annual accounts and tax filing for a small limited company are often quoted as a yearly fee several times that; an audit, where required, costs more. Get three written quotes that list exactly what is included.
Paying for accounting help is easier to justify when you know what you are buying. The price depends less on the size of your business than on how many transactions you have, how tidy your records are, and which legal filings apply to you. This guide sets out the services, example price ranges for budgeting, and when software alone will do.
The services, and example ranges
| Service | What it covers | Example budget range |
|---|---|---|
| Monthly bookkeeping | Recording sales, purchases and expenses; bank reconciliation | ₦30,000 – ₦150,000 a month |
| Monthly management accounts | P&L, balance sheet and cash summary each month | ₦50,000 – ₦200,000 a month |
| Annual financial statements | Year-end accounts for a business name or small company | ₦150,000 – ₦800,000 a year |
| Company tax return | Preparing and filing the annual self-assessment | Often bundled; ₦100,000 – ₦500,000 if separate |
| Payroll | Payslips, PAYE and pension schedules | Per employee per month, or a flat fee |
| Statutory audit | Independent audit by a licensed auditor, where required | From several hundred thousand naira upward |
| CAC annual returns | Filing the company's yearly return | Small service fee plus the CAC fee |
What drives the price up or down
- Transaction volume. A shop with 3,000 small sales a month costs more to keep books for than a consultant with 10 invoices.
- Record quality. Shoeboxes of receipts and mixed personal and business accounts mean hours of clean-up, often billed separately. See separating business and personal money.
- Stock. Businesses holding inventory need stock counts and valuation, which add work.
- Staff. Payroll and statutory deductions add a monthly task.
- Legal form and size. A limited company has more filings than a business name; whether an audit is needed changes the bill most.
Do you need an audit?
Section 402 of the Companies and Allied Matters Act 2020 exempts a company from the audit requirements for a financial year if it is dormant, or if it is a small company as defined in section 394, unless during that year it was a bank, an insurer or another company type the CAC has prescribed. PwC's Nigeria tax administration summary (reviewed May 2026) lists audited financial statements among annual company tax filings, and some lenders and large customers ask for audited accounts regardless. Ask a prospective accountant to explain, in writing, which applies to your company; this point alone can change a quote by a large margin.
On the tax side, section 11 of the Nigeria Tax Administration Act 2025 requires every company to file a yearly self-assessment return whether or not tax is due, and allows a small company to submit a statement of accounts attested by the taxpayer instead of audited financial statements. Section 31 requires books and records sufficient to work out tax liability to be kept for at least six years after the year of assessment. Both points affect how much accountant time you need. See small company tax under the Nigeria Tax Act 2025.
Hire, outsource or use software?
| Situation | Usually enough |
|---|---|
| Sole trader, few transactions, no staff | Software or a spreadsheet you keep yourself, plus an accountant once a year |
| Small shop with stock and 1–5 staff | Software for daily records, an outsourced bookkeeper monthly, accountant for year end |
| Limited company with lenders or investors | Monthly management accounts from an outsourced firm or part-time accountant |
| Several branches, 20+ staff, credit customers | An in-house accounts person, with an external firm for year end and tax |
Software reduces the hours an accountant bills for, but it does not decide tax treatment or sign accounts. For a comparison of approaches see accounting software options and can AI do your bookkeeping?.
Steps to hire well
- Write down what you need: monthly books, year-end accounts, tax filing, payroll, CAC returns.
- Ask at least three firms or individuals for a written quote covering exactly those items.
- Confirm professional membership (for example ICAN or ANAN) and, for an audit, that the person is licensed to sign audits.
- Ask what is not included, and the hourly rate for extra work such as clean-up or tax queries.
- Agree deadlines, such as management accounts by the 10th of each month.
- Make sure you, not the accountant, keep login access to your software and copies of all filings.
A budgeting example
Example only. A small limited company with one shop and three staff budgets ₦60,000 a month for bookkeeping and payroll (₦720,000 a year) plus ₦400,000 for year-end accounts and the tax return: ₦1,120,000 a year in total, or about ₦93,000 a month. If clean record-keeping cuts the bookkeeper's time by a third, the monthly fee might fall to ₦40,000, saving ₦240,000 a year.
Where Pryme fits
Every Pryme Business Account comes with a Finance agent and Compliance agent that prepare work, with a person approving anything above a set ceiling and every action recorded. That can reduce the routine preparation an accountant bills for, but it does not replace professional sign-off.
Questions people ask
How much do accountants charge small businesses in Nigeria?
There is no official scale. As illustrative examples, bookkeeping may be tens of thousands of naira a month and annual accounts several hundred thousand a year. Get three written quotes.
Does a small company in Nigeria need an audit?
CAMA 2020 s.402 exempts small companies (as defined in s.394) from audit unless they are banks, insurers or a prescribed type. Lenders or tax filings may still call for audited accounts.
Can I do my own bookkeeping?
Yes, many small businesses keep their own records with software or a spreadsheet and use an accountant for year-end accounts and tax.
How do I know an accountant is qualified?
Ask for professional membership, for example ICAN or ANAN, and check it with the body. For audits, confirm they are licensed to sign.
Sources
- Companies and Allied Matters Act 2020, section 402 (LawGlobalHub text) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy), sections 11 and 31 · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate tax administration (last 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.