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
A corporate client in Nigeria usually pays only when three things line up: you are registered as an approved vendor, there is a purchase order (PO) for the work, and your invoice matches the PO and the delivery record. Payment then follows the client's own cycle, often stated as 30, 60 or 90 days from receipt of a correct invoice, less any withholding tax it deducts.
Winning a contract with a bank, telco, manufacturer or multinational feels like the hard part. For many small suppliers the harder part is getting paid. Corporate accounts teams do not pay because a manager is happy with the job; they pay because a set of documents matches. If one is missing, the invoice sits in a queue and the clock you thought had started has not.
Step 1: vendor registration
Most large companies keep an approved vendor list. Before your first invoice can be paid, you will be asked to complete a vendor or supplier form, often through a procurement portal. Requirements vary by company, so ask for the list in writing. Items commonly requested include:
- Certificate of registration from the Corporate Affairs Commission and your registration documents.
- Tax Identification Number (TIN) and, where you charge VAT, evidence of VAT registration.
- Bank account details on a letter from the bank or a recent statement in the business name.
- Recent tax clearance or evidence of filings, if the company asks for it.
- Signed acceptance of the company's supplier code of conduct and standard terms.
Read the standard terms. They usually fix payment terms, the documents needed with each invoice, and penalties for late delivery. Those terms are what you are agreeing to, whatever was said in the meeting.
Step 2: the purchase order
A PO is the client's formal commitment to buy. It states what is being bought, the quantity, the agreed price, the delivery address and date, and a PO number. Do not start work or ship goods on a verbal instruction or a WhatsApp message if the client uses POs. Without a PO number, your invoice often cannot be entered into their system at all.
Check the PO against your quote before accepting it. If the price, quantity or description differs, ask for an amended PO rather than invoicing the figure you expected.
Step 3: deliver and get it acknowledged
Corporate accounts teams commonly match three documents before paying: the PO, a goods received note or service acceptance from the department that used the goods or service, and your invoice. Get a signed delivery note or a written sign-off from the named contact on delivery. Our guide to proof of delivery explains what to collect.
Step 4: the invoice that matches
Your invoice should quote the PO number, use the same descriptions and unit prices as the PO, and go to the address the client specified (often an accounts payable mailbox, not the person who ordered). Include your TIN and bank details exactly as registered. If you charge VAT, show it at 7.5%, the rate retained under the Nigeria Tax Act 2025 according to Forvis Mazars (March 2026).
Forvis Mazars also reports that the NRS's Merchant Buyer Solution (MBS) e-invoicing system is being phased in, starting with large taxpayers with turnover of ₦5 billion and above. A large client may ask that your invoices pass through or meet the requirements of that system. Ask its accounts team what format it needs.
Step 5: the payment cycle and deductions
Terms of 30, 60 or 90 days are common, and the count usually starts from receipt of a correct invoice, not from delivery. Many companies also run fixed payment days, so an invoice approved just after a run waits for the next one. Ask when the payment runs are.
Expect withholding tax to be deducted. Under the Withholding Tax Regulations 2024, as summarised on Mondaq (July 2024), companies must deduct at rates such as 2% for supply of goods and other services and 5% for consultancy, professional, management and technical fees, and must give you a receipt showing the amount deducted and your TIN. Stamp duty may also apply to some contracts; see our planned guide to stamp duty.
Worked example
Example only. A VAT-registered consultancy invoices ₦2,000,000 plus 7.5% VAT (₦150,000), total ₦2,150,000, on 60-day terms. The client deducts 5% WHT on the fee: ₦100,000. It pays ₦2,050,000 and issues a WHT receipt for ₦100,000. Check: ₦2,150,000 minus ₦100,000 equals ₦2,050,000. Whether WHT is computed on the amount before or after VAT can vary by client practice, so agree it in advance.
What to check first
- Ask for the vendor form, the standard terms and the invoice address before quoting.
- Price in the working capital: on 90-day terms you may fund materials and staff for three months or more.
- Agree a deposit or milestone payments for large jobs; see milestone billing.
- Get a PO number before starting work.
- Diarise the due date and follow up a week before it; our planned invoice reminder schedule gives a sequence.
- Collect every WHT receipt so you can claim the credit.
Where Pryme fits
A Pryme Business Account supports invoicing and can hold NGN, USD, GBP and EUR with local details for each, through the business multicurrency account. The Finance agent prepares work for a person to approve, and actions are recorded.
Questions people ask
Why has my corporate client not paid my invoice after 30 days?
Often the invoice is not yet in their system because a document is missing: no PO number, no goods received note, or details that do not match vendor registration. Ask accounts payable whether the invoice is logged and approved, and when the next payment run is.
Do I need a purchase order before invoicing a company in Nigeria?
If the company uses POs, yes in practice. Most large companies match the PO, a delivery or service acceptance and your invoice before paying. Without a PO number your invoice may not be processed.
Why did the company pay less than my invoice?
Usually withholding tax. Under the 2024 WHT regulations, companies deduct at rates such as 2% for goods and 5% for professional fees and should give you a WHT receipt for the credit.
When does 60-day payment term start?
It depends on the contract. Many corporate terms count from receipt of a correct invoice, not from delivery. Check the standard terms you signed at vendor registration.
Sources
- Mondaq (Udo Udoma & Belo-Osagie): An overview of the Nigerian Withholding Tax Regulations of 2024 (11 Jul 2024) · accessed Oct 2026
- Forvis Mazars: VAT and Nigeria's 2025 tax reforms, key changes for businesses (16 Mar 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.