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
Use one written procure-to-pay process for both countries: every purchase above a set amount needs a purchase order approved before ordering; invoices are matched to the order and to proof of delivery before payment; the person who sets up a supplier or changes its bank details is never the person who approves payment; and approval limits are set in each currency. On Nigerian supplier payments, deduct and remit withholding tax where it applies.
When the person ordering generator diesel in Lagos reports to a director in Birmingham, informal approval by WhatsApp soon becomes the control system. It works until a supplier is paid twice, a price doubles without anyone noticing, or a fraudster changes a bank account. A light but written procure-to-pay process fixes most of this.
The five controls that matter most
- Purchase orders before ordering. Above a threshold, nothing is ordered without a PO stating supplier, item, price and currency, approved by the budget holder.
- Three-way match. Pay only when the invoice agrees with the PO and with evidence that the goods or service arrived (a goods-received note, a signed delivery note, or a photo with a date).
- Segregation of duties. Different people raise the PO, set up suppliers, approve invoices and release payments. In a small team, at least split supplier set-up from payment approval.
- Approval limits by currency. Write limits in naira and in pounds separately, and review the naira limits when the exchange rate moves sharply so they still mean what you intended.
- Supplier master control. New suppliers and any change of bank details are verified by calling a number already on file, never one given in the request.
Setting approval limits
Example only. A UK-Nigeria firm might set:
| Amount | Approver |
|---|---|
| Up to ₦500,000 or £250 | Lagos office manager |
| ₦500,001 to ₦5,000,000 or £251 to £2,500 | Country lead |
| Above ₦5,000,000 or £2,500 | UK finance director |
| Any new supplier or bank change | Finance, plus call-back check |
Pick figures that suit your size. The point is that every amount has an owner, and splitting one order into several small ones to stay under a limit is treated as a breach.
Nigerian tax points in the process
Withholding tax belongs in the payment step, not as an afterthought. PwC's summary of Nigeria's Deduction at Source (Withholding) Regulations 2024, effective 1 July 2024, sets rates such as 5% for residents (10% for non-residents) on consultancy, technical, management and professional fees and 2% (5%) on other services; the customer remits the tax and issues a receipt. The summary says small companies are exempt from deducting where the transaction is under ₦2 million and the supplier has a TIN. Remittance deadlines are set in the regulations; the tax service is now the Nigeria Revenue Service (formerly FIRS). Keep supplier TINs on the supplier record.
The Nigeria Tax Administration Act 2025 requires records sufficient to determine tax liability, kept in English for at least six years. POs, invoices, delivery evidence and WHT receipts are those records.
Making it work across two offices
The process fails when it is slower than the problem it solves. A diesel delivery cannot wait two days for a director in London to wake up and approve. Three design choices help:
- Standing orders for routine buys. Approve a monthly diesel or internet PO once, with a price range, and let the office draw against it.
- Delegated limits for urgent spend, with after-the-event review within one working day.
- One shared record. POs, invoices and approvals in one system or shared folder, not spread across email and chat, so either office can see the status.
Review the process each quarter: which approvals took longest, which suppliers caused exceptions, and whether any limit is now too low or too high after exchange-rate moves. A process that is reviewed tends to be followed.
Payments in two countries
- Release payments in batches on set days, after approval, rather than ad hoc.
- For UK payments, use Confirmation of Payee: Pay.UK says it checks the payee name on Faster Payments, CHAPS and Bacs payments, though international payments are not in scope.
- Require two people to release any payment above your top limit.
- Reconcile supplier statements monthly in both currencies.
Paying in the right currency
Decide at PO stage which currency the supplier will be paid in, and keep it on the PO, the invoice and the payment. A naira PO paid in dollars, or a pound invoice converted at an unrecorded rate, makes the three-way match fail and hides price changes. Where a Nigerian supplier quotes in dollars but is paid in naira, record the agreed rate on the PO so the approver can see what is actually being paid.
Fraud signals to train for
- A supplier emails new bank details, especially with urgency.
- An invoice from a known supplier arrives from a slightly different email domain.
- A request to pay a personal account instead of the company's.
- Repeated orders just under an approval limit.
For the full pattern, see invoice fraud on UK-Nigeria supplier payments.
Where Pryme fits
On a Pryme Business Account, the Finance agent prepares payments and matches, and a person approves anything above a set ceiling; every action is recorded. Bulk payouts help with batched supplier runs. See also WHT on payments to Nigerian suppliers and board approvals for payments.
Questions people ask
What is a three-way match?
Checking that the invoice agrees with the purchase order and with proof of delivery before paying.
How should a small team split duties?
At a minimum, the person who sets up suppliers or changes bank details should not be the one who approves payments.
Do I deduct withholding tax when paying a Nigerian supplier?
Often yes, at rates set in the 2024 regulations, with some exemptions for small companies. Check the current rules with a Nigerian adviser.
Should approval limits be in naira or pounds?
Set both, and review the naira limits when the exchange rate moves sharply.
Sources
- PwC Nigeria: Highlights of the Deduction at Source (Withholding) Regulations 2024 · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- Pay.UK: Confirmation of Payee FAQs (modified 30 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.