Accounting in Norway

Generally about accounting in Norway

Accounting is the basis for all financial management, both internally and externally. As everywhere accounting in Norway consists of a number of tasks. Once we receive the documents, they must be sorted, the bookeeping accounts have to be defined and finally the documents have to be bookept.

Norwegian Bookkeeping Law sets requirements for how documents should be bookept having in mind calculation of taxes and fees. Rules and regulations in this area are under continous change so it is required an expertise to ensure that calculation of taxes and fees is correct. It’s also why the Finanstilsynet has requirements for authorization for accountants and accounting firms.

After bookeeping is made then reconciliation of bank accounts, customer and suppliers ledger as well as payroll and VAT is carried. The reconciliation ensures that all transactions were properly recorded.

When the accounts are updated to the actual date, then accounting ledgers become a management system for daily operations as well as for reporting to the authorities. It is good idea to be reconciled as often as possible, faster document delivery gives you a competitive edge by providing a better management tool for your business. The law also sets minimum requirements for how often the accounts should be updated. We warmly recommend that they are updated at least once every bi-month term.

Accounting process

Contus provides accounting services from A to Z and ensure that your accounts are delivered on time both the auditor and the public authorities. We have adopted the latest technological solutions to make accounting as efficient and transparent as possible. Customer accounts are available in our online accounting system as soon as your accountant has completed the work. When we keep accounts, we do like the following activities:

• Writing sales invoices
• Sorting documents and defining of the bookeeping accounts
• Recording of the documents to the accounting ledgers
• Reconciliation of bank statements against ledger
• Calculation of VAT and submission of VAT declarations
• Calculation of payroll and employers tax and and filing of payroll and employers tax declarations
• Preparation of annual tax returns and financial statements
• Delivering of annual or periodic accounts to the auditor and / or public authorities

When you become a customer of Contus Økonomi AS, you get a private accountant who will be your permanent advisor in accounting and finance. Contact us for questions on how to get started with the accounting.