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Accounting for small and newly established companies in Norway

Accounting in Norway

Accounting is base for all financial management both made by shareholders or the management of the company. The accounting process is comprising from several stages. When we get the documents from you they are sorted, the bookeeping accounts are defined and finally they are registred in accounting software.

Norwegian accounting law has a number of requirements, how the documents have to be accounted. It is also has to be kept in mind that accounting should make it possible to calculate various taxes and fees.  The rules and regulations in taxation area are often changing and therefore a constantly renewed competence is required to be sure one is doing right things. This is the reason why Norwegian Financial inspection (Finanstilsynet)  has the requirement for authorisation (licensing) of the public accountants. 

After every accounting period the bank accounts, salary and VAT accounts, debitors and creditors are checked. This will keep the accounting fault free.

When the ongoing accounting is up to date, then it may become a management instrument for the daily financial management and for reporting to the authorities. The shorter accounting period is, the better is this management instrument. The legislation has the minimal requirements, however we recommend you to have the accounting period not longer than two months.

Salary and personnel

One of the most important duties of a company is to make sure that employees get the correct salray at correct time. Accounting of salaries is complicated because of steady changes in tarifs, reporting requirements and new duties to document cost remuneration to employees.

We can take all salary accounting duties for you. That is based on your input we make the calculation of salaries and calculation of salary taxes for you. You either have montly salaries or hourly (time list based) salaries or salaries based on other variables. We shall calculate salaries according to your instructions. Normally salaries are paid at fixed dates, but if you have specific requirements, we will be happy to help you.

So your employees will notice our salary calculation service

When we have agreed for salary payment and when we got information on salary variables, we can perform the calculation of salaries and salary related taxes. Salary slips are sent by e-mail or by regular mail according to your instructions. You choose whether you want us to send salary slips directly to your employees, or we shall send them to you so that you can distribute these to your employees.

So your administration will notice our salary calculation service

You will in good time before the salary payments will  receive a payroll list, which is a breakdown of the coming salary payments. We specify both salary related taxes and the net payment to employees. You choose whether you want to pay via your bank manually, or if you want this salary list exported to your online banking, so that the only thing to do is to confirm the payments via online banking.

In addition to salary payments to your employees we shall also file bi-monthly and annual reports for employer tax (arbeidsgiveravgift ) and tax deductions from payroll (skattetrekk). You will in good time before the official deadlines receive payment instructions for payment of these taxes.

Examples on the salary related tasks which Contus can do for you

  • Salary calculation
  • Bank payment lists
  • Filling of bi-montly reports for salary related  taxes
  • Filling -of bi-montly reports for salary related taxes  
  •  Reporting to social security offices
  • Reporting to statistics
  • Sick leave treatment
  • Absence treatment
  • OTP (Compulsory service pension reports)

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