Accounting system
An accounting system must be systematic and transparent. Among other things, it must be designed in a manner that enables you to produce reports which you are obligated to submit to the authorities.
Choosing accounting system
There are now many good accounting systems with in-built assistance and automated guides. For example, many systems can automatically import transactions from bank accounts and suppliers, as well as categorize income and expenses based on previous entries. This saves time and reduces the risk of errors. Digitalization of invoicing and reporting also makes it easier to keep track of tax deadlines and submissions to the authorities.
Many systems are constructed around different modules that enable you to avoid having to pay for more than what you require. Search online and contact different providers before making a decision.
SAF-T (Standard Audit File-Tax)
Anyone who has the accounts available electronically must disclose accounting data to the Norwegian Tax Administration in a given standard format – SAF-T (Standard Audit File-Tax). Check that your accounting system supports the new standard.
Enterprises with turnover of less than NOK 5 million are generally exempt from the requirement to submit accounting data in SAF-T format. However, if the enterprise has accounting information electronically available, this will come under the requirement.
The Norwegian Tax Administration on SAF-T Financial
Spreadsheets for bookkeeping
If the enterprise has fewer than 600 vouchers per year, you are permitted to use a spreadsheet for bookkeeping. However, the use of a manual spreadsheet requires greater knowledge of how bookkeeping must be carried out and it is easier to make mistakes. The Norwegian Accounting Standards Board (NASB) has prepared a standard which deals with the use of word processing and accounting programmes in bookkeeping (NBS 6). It may be advisable to familiarise yourself with this before deciding to compile accounts using a spreadsheet. If you use a spreadsheet for bookkeeping, you are not obligated to be able to submit accounting data to the Tax Administration in the SAF-T-format.
Submission of the tax return from a system
As of the tax year 2023 all businesses must submit the tax return via an accounting system or annual settlement program. Sole proprietorships can deliver via accounting or annual statement software, or directly at skatteetaten.no.
Sole proprietorships/self employed persons with a turnover of less than NOK 50,000 will be able to declare earnings and expenses without further specification. These are not required to submit through an accounting system or annual settlement program.
The Tax Administration on submission of the tax return from a system
