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
Revenue says to keep the original documents used to work out your Income Tax, Corporation Tax or Capital Gains Tax, such as receipts, sales invoices, ledgers and accounting books, for six years. For Nigerian transactions that means the invoice or receipt, proof of payment, the exchange rate used and any contract. If you also have a Nigerian company, the Nigeria Tax Administration Act 2025 separately requires its records to be kept in English for at least six years after the year of assessment.
Revenue's rule in plain terms
Revenue's keeping-records page (published 20 October 2025) calls the documents behind your tax figures "linking documents". It lists receipts for expenses and purchases, sales invoices, nominal ledgers and accounting books, and says you must keep the originals for six years. It also says records should be kept continuously for all transactions, should clearly show the accounting process, and remain your responsibility even if an accountant keeps them for you. In a partnership, the precedent partner is responsible.
None of this changes because a transaction is in naira or with a Nigerian party. What changes is how much extra you need to connect the pieces: a naira invoice, a euro bank debit, a conversion at some rate, and perhaps a payment through a third party.
What to keep, by type of transaction
| Transaction | Keep | Why it is needed |
|---|---|---|
| Sale to a Nigerian client | Contract or purchase order, your invoice, proof of receipt, rate used, any withholding tax credit note | Shows income, its euro value and any Nigerian tax deducted |
| Purchase from a Nigerian supplier | Supplier invoice, proof of payment, rate used, delivery or service evidence | Supports the deduction and the euro cost |
| Import of goods | Commercial invoice, customs declaration, freight bill, VAT treatment | Links the goods to stock, duty and VAT |
| Payment to a Nigerian contractor | Agreement, contractor's invoice, transfer record | Shows a business cost and the nature of the relationship |
| Funding a Nigerian subsidiary or payroll | Intercompany invoice or loan record, transfer, payroll summary | Keeps parent and subsidiary books in agreement |
| Currency conversion | Provider confirmation with rate and fee | Evidence for exchange gains and losses |
Withholding tax is a frequent gap. Nigerian clients may deduct tax from your fees; the credit note is what lets you account for it later. See recovering Nigerian withholding tax on fees.
Paper, digital and the six-year clock
Revenue says you can store a digital copy of receipts through ROS using its Receipts Tracker. Its page talks about keeping originals, so if you plan to scan and discard paper generally, ask your adviser what Revenue accepts for your records before you shred anything. The page does not say exactly when the six years start; a cautious approach is to count from the end of the period the record relates to, and longer if a return is still open or under review.
If you also run a Nigerian company
A Nigerian subsidiary or a Nigerian company you own has its own duties. Section 31 of the Nigeria Tax Administration Act 2025 requires every person, including exempt ones, to keep books and records with enough information to determine tax liability, in English (with a certified translation on demand), for not less than six years after the year of assessment. Section 57 lets the tax authority require records held on computers, devices or cloud services, with at least seven days' notice. Plan so that both sets of records can be produced in either country.
A filing system that works
- One folder per financial year, and inside it one folder per currency account.
- Name every file the same way, for example 2026-11-14_SupplierName_NGN850000.pdf.
- Attach the conversion confirmation to the transaction it funded.
- Reconcile each account monthly and save the reconciliation.
- Back up off the device, and give your accountant read access.
- Write down your exchange rate policy once; see which exchange rate to use.
Worked example (illustrative)
In November, a Cork design studio invoices a Lagos client ₦4,000,000, receives ₦3,600,000 after the client deducts ₦400,000 (10%) in withholding tax, converts ₦3,600,000 at an illustrative ₦1,600 to €1, receiving €2,250, and pays a Lagos illustrator ₦480,000. Its November file holds six documents: the client contract, the invoice, the credit note for ₦400,000, the receipt of funds, the conversion confirmation, and the illustrator's invoice with the transfer record. Each figure in the ledger can be traced to one of them.
Where Pryme fits
Statements from a Pryme Business Account show euro and naira movements separately, and each conversion shows its rate and fee. You can download receipts and statements, including verifiable ones made with VerifyDoc.ai that anyone can check are unaltered. The Finance agent can prepare a monthly reconciliation pack for a person to review. See also receipts for costs paid in Nigeria.
Questions people ask
How long must an Irish business keep records?
Revenue says to keep the original documents used to calculate your tax for six years.
What records does Revenue want for Nigerian transactions?
The same linking documents as for any transaction: receipts, invoices, ledgers and accounting books. For naira items, keep proof of payment and the exchange rate used as well.
Can I keep receipts digitally for Revenue?
Revenue says you can store digital copies of receipts through ROS using Receipts Tracker. Check with your adviser before discarding originals more widely.
How long must a Nigerian company keep records?
The Nigeria Tax Administration Act 2025 says at least six years after the year of assessment, in English.
Sources
- Revenue: Keeping records (published 20 Oct 2025) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · 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.