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 monthly close for a business with UK and Nigerian money works best in a fixed order: lock bank balances in each currency, record conversions at the rate actually received, reconcile intercompany balances, then run payroll and tax remittances against each country's deadlines. In Nigeria, PAYE is due to the state tax office by the 10th of the following month and pension remittances within seven working days of salary, so the close calendar has to be built around those dates.
A company that sells in pounds and pays staff in naira lives with two sets of rules, two banking systems and an exchange rate that can move between the day an invoice is raised and the day the money lands. A month-end close is where those differences either get resolved or quietly pile up. The checklist below puts the steps in the order that stops one mistake leaking into the next.
Before you start: fix the calendar
Write down the dates that do not move, then work backwards. On the Nigerian side, PwC's summary (reviewed May 2026) says employers remit PAYE on or before the 10th day of the month after salaries are paid, and that every employer files an annual return of emoluments by 31 January. Under the Pension Reform Act 2014, as ThisDay reported, the employer remits contributions not later than seven working days after the employee is paid. Withholding tax deducted from suppliers is filed by the 21st of the following month with the Nigeria Revenue Service (NRS), according to PwC. If your Nigerian company is VAT-registered, the Nigeria Tax Administration Act sets the 21st as the VAT return date.
On the UK side, put your PAYE, VAT and Corporation Tax dates from your HMRC online account into the same calendar. A single page that shows both countries prevents the classic failure where the UK finance lead closes on working day five and the Lagos payroll is already late.
The checklist, in order
- Cut-off. Agree the last day for invoices, expenses and payroll changes in both offices. Anything after it goes into next month.
- Bank balances in each currency. Download statements for every GBP, NGN, USD and EUR account and match the closing balance to the ledger. Do not convert first; reconcile in the account's own currency.
- Conversions at the rate received. For each swap or transfer between currencies, record the amount that left and the amount that arrived. The difference is your real exchange cost, including any margin, and belongs in the books as such.
- Revalue open balances. Customer and supplier balances in a foreign currency are restated at the month-end rate your accounting policy uses. Keep the source of that rate with the working.
- Intercompany. If a UK company funds a Nigerian subsidiary or branch, both sides must show the same balance. Differences usually come from timing (money in transit) or from using two different rates.
- Payroll. Reconcile gross pay, PAYE, pension, any voluntary NHF deductions and net pay to the bank. Check each remittance went to the right state tax office and pension fund administrator.
- Withholding tax and VAT. List WHT deducted from Nigerian supplier payments and match it to receipts issued. Prepare VAT workings for each country separately.
- Accruals and prepayments. Rent paid a year in advance in Lagos, annual software licences and diesel bought in bulk all need spreading across the months they cover.
- Evidence. Every material payment should have an invoice or receipt filed against it before the month is locked.
- Review and lock. A second person reviews the trial balance and the reconciliations, then the period is closed in the software.
Where UK–Nigeria closes usually go wrong
Money in transit
A transfer sent from London on the 30th may land in Lagos on the 2nd. If one ledger records it and the other does not, intercompany will not balance. Use a clearing account for transfers in transit and clear it when the money arrives.
Two rates for one transaction
The UK bookkeeper uses one published rate; the Lagos accountant uses the bank's rate on the day. Agree in writing which rate each type of transaction uses, and record the rate source with the entry. Never type a rate from memory.
Cash and informal spending
Petty cash, fuel and fixes paid in cash are where Nigerian records most often thin out. Insist on a receipt, or a signed petty cash voucher where none exists, and count the float at month end.
Worked example: one month's naira payroll
Example only, with round figures. A UK company's Nigerian subsidiary pays five staff a total gross of ₦4,000,000 for September. PAYE calculated under the Nigeria Tax Act bands comes to ₦380,000 (example figure), employee pension at 8% is ₦320,000 and employer pension at 10% is ₦400,000, on pensionable pay assumed equal to gross for simplicity.
| Item | Amount (example) | Deadline used in the close calendar |
|---|---|---|
| Net pay to staff | ₦3,300,000 | Payday, 30 September |
| PAYE to state tax office | ₦380,000 | On or before 10 October |
| Pension (8% + 10%) to PFAs | ₦720,000 | Within 7 working days of payday |
| Total cash out | ₦4,400,000 | Gross ₦4,000,000 plus employer pension ₦400,000 |
Check: net pay ₦4,000,000 − ₦380,000 − ₦320,000 = ₦3,300,000. Total cash ₦3,300,000 + ₦380,000 + ₦720,000 = ₦4,400,000. If the UK parent funded this from pounds, record the pounds sent, the naira received and the difference as exchange cost.
Records to keep
GOV.UK says a UK limited company must keep records including bank statements, receipts and invoices for six years from the end of the last financial year they relate to, and HMRC can fine a company £3,000 for not keeping them. In Nigeria, PwC notes the NRS can generally raise additional assessments within six years, and without that limit where there is fraud or wilful default, so keeping Nigerian records at least as long is sensible. More on pay mechanics in running Nigerian payroll from a UK company and the FX budget for a naira payroll.
Where Pryme fits
A Pryme Business Account holds NGN, GBP, USD and EUR in one place with local account details for each, so every currency can be reconciled from one set of statements (business multicurrency). The Finance agent prepares reconciliations and remittance schedules for a person to approve (Finance agent), and conversions show the rate and fee before you approve them. Naira deposits are held by a licensed Nigerian microfinance bank; outside Nigeria, Pryme's activities are carried out through regulated partners.
Questions people ask
What order should I close the books in for a UK and Nigerian business?
Cut-off first, then bank reconciliations in each currency, conversions at the rate received, revaluation of open balances, intercompany, payroll, WHT and VAT, accruals, evidence, then review and lock.
When is PAYE due in Nigeria?
PwC's summary (reviewed May 2026) says on or before the 10th of the month after salaries are paid, to the relevant state tax office.
When must pension contributions be remitted?
Within seven working days of the day the employee is paid, under the Pension Reform Act 2014 as reported by ThisDay.
How long should a UK company keep its records?
Six years from the end of the last financial year they relate to, per GOV.UK, and longer in some cases such as an HMRC compliance check.
Sources
- PwC Worldwide Tax Summaries: Nigeria, individual tax administration (reviewed 29 May 2026) · accessed Oct 2026
- ThisDay: CPS, what you should know about employees' rights (20 Mar 2023) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, withholding taxes (reviewed 29 May 2026) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- GOV.UK: Running a limited company, company and accounting records · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate tax administration (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.