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.
There are now many good accounting systems with in-built assistance and automated guides. Many systems are constructed around different modules that enable you to avoid having to pay for more than what you require. For example, if you have no employees then you do no require payroll functions. Search online and contact different providers before making a decision.
SAF-T (Standard Audit File-Tax)
From 1 January 2020, 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.
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.