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  • What Expectations Should You Have of Your Accountant?

    What Expectations Should You Have of Your Accountant?

    Has your company grown, or do you feel that everything related to accounting is becoming overwhelming? If so, it may be the right time to work with an accountant. An accountant can help ensure that your financial records are accurate, up to date, and provide a solid basis for making business decisions.

    When outsourcing accounting to an external provider, it is important to clarify expectations from the beginning. A good collaboration starts with clear agreements about what will be delivered, how the work will be carried out, and what it will cost.

    What Can You Expect from an Accountant?

    Many people think of accounting as simply recording income and expenses. In reality, an accountant can assist with much more than that—from payroll and reporting to authorities to advice on financial management and internal routines.

    For that reason, it is important to understand which services are included in the collaboration and what you are actually paying for.

    Clarify the Pricing Model

    Before entering into an agreement, you should receive a clear explanation of the pricing structure. Accounting firms often use different pricing models, such as:

    • fixed monthly fee
    • price per voucher or transaction
    • hourly billing

    Ask for clear explanations of what is included in a fixed or per-transaction price and what may be billed separately. Lack of clarity in this area is a common cause of misunderstandings and disputes later on.

    The better you understand the pricing model in advance, the easier it will be to control costs.

    Which System Will You Use?

    Another important question concerns which accounting systems will be used in the collaboration.

    Some accountants work in systems where only they have access, while others use collaborative systems where both the accountant and the client work in the same platform.

    Today it is common for responsibilities to be shared between the parties. Many businesses issue invoices themselves in the system, while the accountant handles bookkeeping, reconciliations, and reporting.

    Having access to the system yourself also gives you better insight into your company’s finances and allows you to follow the financial development more closely.

    Ask for a Review of the Services

    The accountant is the professional expert and should be able to explain which services may be relevant for your business.

    Ask for a review of:

    • which services they offer
    • which services your company actually needs
    • how the work is carried out in practice

    This is particularly important for services billed hourly, so you understand what may influence the cost.

    Statutory Compliance and Controls

    Accountants are subject to regulations related to, among other things, regulatory compliance and risk-based customer due diligence.

    For you as a client, this means the accountant must carry out certain checks related to your business. If your company operates in a high-risk industry, additional follow-ups during the year may also be required.

    These controls are required by law, so it is helpful to understand what they involve and how they may affect the invoices you receive.

    Set Clear Expectations for the Collaboration

    Once you understand the pricing model and how the accountant works, the next step is to define expectations for the collaboration.

    A successful partnership requires effort from both sides. The accountant depends on receiving documentation on time and in good quality in order to perform their work correctly.

    When these conditions are in place, you can also set clear expectations for the services you receive.

    Expectations You Should Set

    Up-to-Date Accounting

    The accounts should be kept continuously updated. Clarify how often the accounting will be updated and how quickly transactions will normally be recorded after documentation is received.

    Up-to-date accounts make it easier to follow the financial development of your business and provide a better basis for financial decisions throughout the year.

    Knowledge

    An accountant should have solid professional expertise and stay up to date with regulations related to accounting, tax, and VAT. At the same time, it is beneficial if the accountant also understands the industry your company operates in.

    This makes it easier for them to provide relevant advice and identify factors that may affect the company’s finances.

    Professionalism

    Professionalism includes structure, clear communication, and reliable delivery.

    You should expect your accountant to respond within a reasonable time, provide clear feedback, and follow agreed deadlines.

    A professional working relationship creates trust and reduces the risk of misunderstandings.

    Proactivity

    A good accountant does more than record historical numbers. They also help highlight factors that may affect your business.

    This may include changes in regulations, suggestions for improved routines, or observations in the accounts that should be followed up. When an accountant works proactively, accounting becomes an active management tool rather than just historical reporting.

    It can also be valuable to schedule regular financial review meetings during the year. In these meetings, the accountant should review the profit and loss statement and the balance sheet, explain what the numbers actually mean for the business, and highlight how the company has developed since the previous period.

    Such discussions can help you better understand operational performance, identify cost developments, and evaluate whether profitability is moving in the right direction. For many businesses, this type of insight forms an important foundation for better decision-making.

    If your accountant is unable to meet these expectations, it may be necessary to reconsider the collaboration to ensure the company is not spending money on services that do not provide sufficient value.

    Also read: Annual Financial Statements 2025: How to Make Them a Useful Management Tool in 2026

    2026: The Year You Take Control of Your Accounting

  • Accounting Treatment of Cryptocurrency in a Norwegian Limited Company (AS)

    Accounting Treatment of Cryptocurrency in a Norwegian Limited Company (AS)

    Cryptocurrency has evolved from a niche concept into a real economic asset held by many companies. For Norwegian limited companies (AS), this raises important questions related to accounting, documentation, and taxation. The regulatory framework is largely principle-based, which places a significant responsibility on the company to apply the rules correctly in practice.

    This article provides a practical and structured overview of how cryptocurrency should be treated in a Norwegian limited company, with particular emphasis on bookkeeping, documentation, and tax considerations.

    What Is Cryptocurrency from a Corporate Perspective?

    Cryptocurrency is a digital asset based on blockchain technology. It has no physical form, and ownership is established through cryptographic keys recorded on distributed ledgers. For a company, cryptocurrency may be held for different purposes, such as investment, payment, or value storage.

    From an accounting perspective, it is essential to clarify what cryptocurrency is not. It is neither cash, a bank deposit, nor a financial instrument. This distinction has direct implications for how cryptocurrency is classified, recorded, and documented in the accounts.

    Accounting Classification

    In a Norwegian limited company, cryptocurrency is generally treated as an intangible asset. From a bookkeeping perspective, it falls within the broad category of “goods and services,” meaning that standard accounting rules for assets apply.

    The advantage of this approach is flexibility. The downside is that companies must exercise judgment and ensure consistency, as there are no detailed, crypto-specific accounting rules.

    Bookkeeping of Purchases and Sales

    Purchase of Cryptocurrency

    When a company purchases cryptocurrency, it acquires an asset. The transaction should be recorded at cost, including transaction fees and exchange charges. The purchase must be supported by proper documentation, just like any other asset acquisition.

    Sale of Cryptocurrency

    When cryptocurrency is sold, the asset is realized. The difference between the sales proceeds and the book value results in a gain or a loss, which must be recognized in the profit and loss statement.

    An important practical point is that the crypto exchange typically acts only as an intermediary. The exchange is not the counterparty to the transaction. The actual parties are the buyer and the seller, even though the trade is executed through a platform.

    Documentation – the Critical Area

    Documentation is often the most challenging aspect of cryptocurrency accounting. The general rule is clear: all bookkeeping entries must be supported by verifiable and reliable documentation.

    Documentation should show:

    • what was bought or sold
    • the transaction date
    • the value and currency
    • the parties involved

    In practice, acceptable documentation may include:

    • transaction reports from crypto exchanges
    • trade confirmations and order histories
    • wallet transaction records
    • screenshots, as supplementary evidence

    Documentation quality varies significantly between exchanges. Norwegian exchanges typically provide more structured documentation, while foreign exchanges may require additional effort to ensure sufficient audit trails.

    Cryptocurrency on the Balance Sheet

    At year-end, cryptocurrency holdings must be documented and included in the balance sheet. There are no special rules for this, so the general requirements for balance sheet documentation apply.

    A practical approach includes:

    • documenting holdings through wallet balances
    • supporting valuation with market prices at the balance sheet date
    • documenting any currency conversion to NOK

    This flexibility can be beneficial, but it also increases the importance of consistency and clear documentation.

    Tax Treatment in a Limited Company

    For tax purposes, cryptocurrency is treated as an asset. Gains realized upon sale are taxable income, while losses are deductible. Taxation occurs at the company level in accordance with the ordinary corporate tax rate.

    It is important to note that tax is triggered by realization, not by unrealized value changes while the cryptocurrency is still held by the company.

    Risk, Internal Control, and Practical Considerations

    Cryptocurrency combines technological complexity with relatively straightforward accounting principles. In practice, errors most often arise from weak documentation, unclear routines, and insufficient traceability.

    Companies with a high transaction volume should pay particular attention to:

    • systematic storage of documentation
    • consistency between records, bookkeeping, and balances
    • internal controls and audit trails

    Poor documentation increases risk during inspections, regardless of whether the company has generated gains or losses.

    Final Summary

    Cryptocurrency can be handled correctly in a Norwegian limited company, but it requires conscious choices and well-established routines. The regulatory framework allows flexibility, but it also places responsibility on the company to ensure proper documentation and control.

    Good structure creates confidence. Lack of structure creates risk. This applies to accounting in general – and even more so when dealing with cryptocurrency.

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