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
Run petty cash on a fixed float: give one custodian a set amount, require a signed voucher and receipt for every spend, and top the float back up only by the total of the vouchers. Count it at least weekly. Since 1 January 2026 the CBN limits corporate cash withdrawals to ₦5 million a week across channels, so keep cash for small, unavoidable spends and pay everything else by transfer.
What petty cash is for
Petty cash covers small, everyday spends where a transfer is impractical: a bike to deliver documents, fuel for the generator from the roadside seller, nails from the market, a quick photocopy. It is not for salaries, supplier invoices, staff loans or anything you could pay by transfer. The more you route through petty cash, the more you lose track of.
Cash is also harder to get than before. Under the CBN's revised cash policy, effective 1 January 2026, corporate entities can withdraw up to ₦5 million a week across all channels, with a 5% charge on amounts above that. Individuals are limited to ₦500,000 a week with a 3% charge above, and ATM withdrawals to ₦100,000 a day within that weekly figure. If the owner is drawing cash on a personal account to fund the business, those personal limits apply.
Set up a fixed float
The fixed float, also called the imprest system, is the simplest method that stays controlled.
- Choose the float. Look at a normal month's small cash spends and set a float that covers about one to two weeks of them.
- Name one custodian. One person holds the box and is accountable for it. A second person counts it with them.
- Spend only against a voucher. Each payout gets a numbered voucher: date, amount, purpose, who received the cash, who approved, and the receipt stapled on.
- Top up to the float. When the float runs low, add up the vouchers and replenish exactly that amount, by transfer from the business account to the custodian or by an approved cash withdrawal.
- Count regularly. Cash plus vouchers should always equal the float.
A voucher that holds up
- Voucher number
- Pre-printed and sequential, so missing ones are obvious.
- Date and amount
- In figures and words.
- Purpose
- Specific: 'Diesel, 20 litres, generator' not 'Fuel'.
- Paid to
- Name, and phone number for larger amounts.
- Approved by
- Signature of someone other than the custodian above a small amount.
- Receipt attached
- Or a note explaining why none was available, signed by the recipient.
Worked example
Example: a logistics office sets a float of ₦150,000. Over nine days the custodian pays out: dispatch rides ₦18,500, generator diesel ₦62,000, office water and tea ₦14,800, photocopies and binding ₦7,200, minor van repair ₦28,000. Vouchers total ₦130,500. The count finds ₦19,000 in the box. ₦130,500 plus ₦19,000 is ₦149,500, so ₦500 is missing. The custodian finds a voucher for a ₦500 bus fare that had not been written up. The float is topped up by ₦131,000 back to ₦150,000, and the vouchers go into the month's file.
Spotting a ₦500 gap only works because the system is tight. A loose system would have hidden ₦5,000 just as easily.
Common problems and fixes
| Problem | Fix |
|---|---|
| Float keeps running out mid-week | Move recurring spends such as diesel to transfer payments with a supplier. |
| Lots of 'no receipt' vouchers | Allow them only below a small amount, and require the recipient's name and phone. |
| Staff borrowing from the box | Ban it in writing. Staff advances go through payroll with approval. |
| Several people dip into the box | One custodian only. If the business has shifts, use one box per shift and count at handover. |
| Cash counted only at month-end | Count weekly, and at random once a month. |
Moving spends off cash
Every spend you move from the cash box to a transfer is one less voucher to chase. Review the vouchers each month and look for repeat payees. The diesel seller, the dispatch rider you use every week and the cleaner who comes on Saturdays can usually be paid by transfer, with the receipt or a simple payment note kept on file. Ask market suppliers for their account details on the first visit and save them. Over a few months, many businesses find the float can be cut by half, which means less cash to guard, fewer withdrawals against the weekly limit and fewer disagreements at the count. Keep the box for what is left: the truly occasional, small and urgent.
Petty cash spends belong in your books like any other expense. Post the voucher totals each time you top up, and keep the vouchers with your records; the Nigeria Tax Administration Act 2025 gives the tax authority powers to access books and records. For keeping business and personal money apart more broadly, see payment reconciliation in Nigeria.
Where Pryme fits
You can top up a petty cash custodian by transfer from a Pryme Business Account, which leaves a record of every replenishment. Pay recurring small suppliers directly with transfers instead of cash, and keep shifts or branches separate with multiple accounts. The Finance agent can prepare the top-up from your voucher total for a person to approve.
Questions people ask
How much petty cash should a business keep?
Enough to cover one to two weeks of small, unavoidable cash spends. Anything you can pay by transfer should not go through petty cash.
What is the imprest system?
A fixed float. You top up petty cash by exactly the amount spent, so cash plus vouchers always equals the float, which makes shortages easy to spot.
What is the CBN cash withdrawal limit for businesses in 2026?
From 1 January 2026, corporate entities can withdraw up to ₦5 million a week across all channels, with a 5% charge on the excess.
Can staff borrow from petty cash?
They should not. Put staff advances through payroll with a written request and approval, so they are recorded and recovered properly.
Sources
- Nairametrics: CBN revises cash withdrawal rules effective January 2026 · accessed Oct 2026
- Channels Television: CBN revises cash withdrawal rules effective January 2026 · accessed Oct 2026
- Nigeria Tax Administration Act, 2025 (full text) · 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.